CREDIT BUILDING

CALCULATORS

BUDGETING TIPS

CALCULATORS

WHAT IS A BUDGET CALCULATOR?

 

A budget calendar is a financial tool designed to help you remember all of the important financial dates in your life. 

This type of calendar helps keep pay dates, bill due dates, scheduled payments in order to assist in keeping your financial accounts in check.

Create Your Own Budget in Excel

If you're proficient or willing to learn excel, you can create your own budget without having to pay monthly plans for software use services

MAIN POINTS TO ADD

 

When creating your calendar, the main points of data you should add is:

Pay Dates

Figure what your monthly salary is:

  • Annual Salary | Divide by 12

  • Monthly Salary | Use this total

  • Bi-Weekly Salary | Divide by 52 and multiply by 4

 

Schedule Your Payments

 

Things happen in life and even the most organized person can miss something. 

  • If you're a solopreneur, everything is on you, so even the smallest improvements will help.

  • Scheduling your payments to coincide  with your pay dates will make it easier to stay afloat.

Set Alerts

  • Set reminders on your phone to receive alerts for upcoming bills. 

  • This will help you to stay aware of your finances without having to check the status online

  • If you'd rather use a service for your budgeting needs, here are some resources that will you balance finances.

Budgeting Apps & Online Tools

 

 

Daily Budget | Every Dollar

  • Use online or download the app

  • Zero based budgeting tool

  • Go to EveryDollar.com

Monthly Budget | Smart Asset

  • Enter your net income and calculate your expenses and increases for the month

  • Go to Calculator on Smart Asset

Mint | Free Finance Tracker & Planner

  • Various budgeting tools available

  • Use online or download the app

  • Download at Mint.com

Clarity Money | Savings & Budgeting

  • App uses machine learning to analyze spending habits

  • Free Download

  • Free to use 

  • Visit Clarity Money

YNAB | Savings & Budgeting

  • Zero based budgeting tool

  • App tracks spending and helps you find ways end the "paycheck to paycheck" loop

  • 34 Day free trial

  • Visit YNAB

CALENDARS

BUDGET CALENDARS

 

Pocketsmith 

Online App

Monthly Plans Available

Visit Pocketsmith

Vertex

Free to download calendar templates for Excel

Visit Vertex

BUDGETING TIPS

HOW TOSTRETCH YOUR BUSINESS DOLLAR

 

 

DON'T OVER OR UNDER SPEND

To make the best purchases, you'll need to understand when it's necessary to spend more and when it's ok to buy the cheaper option.

It's ok to get cheaper toilet tissue for the office because you've saved .05 cents, it's not ok to skimp or inventory quality for the same type of savings. 

When saving money on costs, be sure to not skimp on things that effect quality or aspects of the customers' experience.

PRIORITIZE NECESSITY AND BUY AS YOU GO

If you're working with a small budget, every penny counts.  So you'll want to take time to prioritize and ask yourself questions like:

 

  • "What's necessary now"

  • "What can wait?"

  • "How does this purchase impact how I buy other supplies?" 

  • "Does this purchase impact the quality of my products?"

 

Prioritizing will help you to decide what's truly necessary.

CREATE A SEPARATE BUSINESS ACCOUNT

To help keep your finances in order and to keep up with taxes, create a separate account for your business. 

 

Most banks offer business accounts and if you can open an account with your bank, you can skip though a lot of steps required to open an account (they already have your record on file). 

 

If you don't have a bank account, you can also look at alternative options like PayPal or Square (Cash app). 

GET FINANCIALLY EDUCATED

 

Annuity.org 

  • A free informational resource that  educates on the details annuities and varieties of other financial literacy topics.

  • Visit Annuity.org

CREDIT

BUILD YOUR CREDIT

As a small startup, personal credit is big when it comes to approval for business loans. 

 

To get a better picture of how your credit looks, here's a breakdown of scores:

  • Above 740 | Excellent Credit

  • 670 - 739 | Good Credit

  • 580 - 669 | Fair Credit

  • Below 579 | Bad Credit or No Credit Score/Thin File

If your score is on the lower side, it's best to either work on your own credit or get assistance. 

 

To start the repair process on your own, here are some sites that offer information, resources and steps to take for building your credit.

SBA

 

My FICO

 

Nerd Wallet

 
 
 
 
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UP NEXT

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BRANDING

Learn more about delivering a powerful message with effective branding

THE BASICS

Learn what the experts already know...learn industry best practices

INVENTORY

Find inventory for your resale or retail ecommerce store

MARKETING

Need to market for free?  See the best social media apps for small business

COLOR

Learn how picking the right colors for your brand impacts the message of your business

 
 

ZERO BASED BUDGET

HOW TO CREATE A ZERO BASED BUDGET

 

 

WRITE DOWN YOUR INCOME FOR THE MONTH

  • Your total take home pay after taxes

LIST ALL OF YOUR EXPENSES

  • List all of your required expenses, (like rent or your car note)

  • List your irregular expenses (like HOA fees)

  • Calculate other expenses like food and gas and anything else your spend money on for the month

  • Calculate the total of your required expenses, your irregular expenses and your other expenses

SUBTRACT EXPENSES FROM INCOME TO EQUAL ZERO

  • This is called a zero-based budget, meaning your income minus your expenses should equal zero.  (if your total doesn't equal to $0, check your math and re-calculate

TRACK YOUR EXPENSES THROUGHOUT THE MONTH

  • Track your daily spending to get the total of how much you actually spend in the month

  • Read "How to Make a Monthly Budget That Works" - Dave Ramsey (Dave.Ramsey.com)

CREATE A 50/30/20 BUDGET

HOW TO SAVE 20% OF YOUR MONTHLY INCOME

 

 

50/30/20 BUDGET CALCULATOR | NERD WALLET

  • 50% of your income: necessities. Necessities are the expenses you can’t avoid, like rent and your car insurance (for example)

  • 30% of your income: wants. Distinguishing between needs and wants isn’t always easy and can vary from one budget to another. Generally, though, wants are the extras that aren’t essential to living and working.

  • 20% of your income: savings and debt. Savings is the amount you sock away to prepare for the future. Devote this chunk of your income to paying down existing debt and creating a comfortable financial cushion to avoid taking on future debt.

 
 
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CREDIT CARDS

How to choose the best small business credit card for your needs and budget

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