Business financing can be a confusing. The fear of making the wrong decision when it comes to your company’s finances is the main reason people head straight to their bank for advice and guidance.
Things are beginning to change though.
Where banks and finance advisors once held a monopoly on business finance knowledge, the internet has come offer most, if not all, of the support and guidance you need to empower you to take control of your own finances.
No longer do you need to remain at the mercy of your banks and, more often than not, end up with their product, whether it is right for you or not. Use our BETA search tool as a starting point to know about the business finance options available to you and your business.
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Top Five Tips to arrange you Finances in Order
In order for you to afford a certain lifestyle, you need to be in the right financial standing. If your lifestyle consists of buying the latest fashion, then it is clear that you have or should have a certain amount of money. If you don't have enough money to maintain this lifestyle, then you need to stop spending the money.
If you have a vision of what your ideal lifestyle should be, then it is time you made your finances fit that reality. No amount of dreaming will make things come true. There has to be some form of practicality also, as money can go and debt can rise.
1. Arrange Your Debts: It is essential to keep a track of all your debts and list them according to priority levels. Till you get concerned about the debts you currently have, you can never begin to get your financial situation into order. At times we tend to think that our debts are still under control where in reality we are probably beginning to stick our heads in the sand by paying down the minimum amounts. Once you know the exact situation, you can then make an effort to start paying down the most expensive debt first. By paying down the debt that attract the highest interest rate and by paying off the smallest debt, you get encouragement and motivation to keep on with the debt reduction plan.
2. Use Credit Cards carefully: We all know how tempting it is to use our credit card for everyday purchases, with the ease at which credit providers provide us with access to ready credit it is little wonder that most Sri Lankans are heavily burdened with debt. This then tends to keep on mounting your balance and before you know it, things start to get out of control. Start paying above the minimum amount if you want to reduce your debit balance.
3. Plan Your Spending pattern: It is essential to plan your spending accordingly and stick to it. This may help in keeping your finances in order. You should use a debit card so that you do not increase your debts more than what you are comfortable with.
4. Be Careful about the leasing arrangement: Ensure you get the right financial lease on your car, van, motor bike or the like. Don’t try to get the asset just by completing the lease agreements. You need to be ware of the term and conditions of your arrangement. Think very carefully about whether you are comfortable with the lease payments.
5. Make the most of your savings and investments: Consider shifting your savings from your existing provider to a new one if you can get a better deal. Be mindful about the maintenance of a minimum balance, application of charges and penalties on your account by the providers. Some providers in Sri Lanka offer bonus interest on certain balances. It’s worth shopping around at least once a year.
Having a careless behavior towards finances may lead to bankruptcy or adverse credit profile. Not following your budget will have an adverse effect on your financial capability. So in order to keep your finances in order, it is essential to properly plan your budget and seek professional advice to change things in your favor. Try adopting the above-mentioned steps in your daily practice and see what wonders it can bring onto your financial plan.
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