#16: HOW TO BE THE BOSS OF YOUR OWN MONEY

In this short but impactful episode, I’ll share a powerful acronym that will help you take control of your money—whether it’s for your personal finances or your business. The BOSS acronym stands for Budgeting, Organization, Spending carefully, and Saving intentionally. I’ll dive into each step, offering practical tips and encouraging you to be proactive rather than reactive with your money. By following these steps, you'll not only gain control but also set yourself up for long-term success. Tune in to learn how you can be the boss of your own money!

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Recommended payroll software (affiliate link): 

ADP:
http://accountantprogram.adp.com/accept/?EID=5453c160-167e-4c6b-aedc-893d78fb3f87&type=ShareUrl

GUSTO (affiliate link):
https://gusto.com/r/leslie4559

Recommended bank and the one I use in my business (affiliate link): 
https://app.relayfi.com/register?referralcode=leadingledgerbk

QuickBooks Online is my go-to accounting software. Get the best discount possible (30% off for 12 months) when you buy with my affiliate link below, through Complete Business Group. Message me at support@financiallyadjusted.com with any questions regarding signing up. https://completebusinessgroup.com/leading-ledger-bookkeeping-llc/

My favorite budgeting app w/ an amazing free version: https://www.ramseysolutions.com/ramseyplus/everydollar

My preferred business credit card with cash rewards (affiliate link):
If you have healthy behaviors around spending with a credit card, this is a great one to use and earn cash back. It also links up well with QuickBooks Online. If you have unhealthy spending habits with credit cards, please avoid using one! You need to be able to pay it off monthly and not carry a balance. I use this one for my business and it makes paying bills simple.
 https://i.capitalone.com/Jnub3fUEX

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Disclaimer: This content is for educational and informational purposes only. Please consult with an accounting professional for direct advice based on your specific business situation.

Transcript

What is up my entrepreneurial friend? Today my episode is a short one but an important message. Today's podcast is the audio from a short video that I did for YouTube that talks about how you can be the boss of your own money. I created an acronym for the word boss that includes the steps I think are the most important for gaining control of your money whether personally or for your business. And these steps include budgeting, organization, spending carefully and saving intentionally.

They pretty much all center around the concept of being proactive versus reactive with your money. If you can start to wrap your head around these proactive measures in your life and your business, you are absolutely going to level up as an entrepreneur. While you're listening to this video, if you haven't taken action towards any of these steps yet or if you're feeling like you gotten stuck or you're not gaining traction for one reason or another, this is your reminder to just have patience and grace with yourself. But also, it's a bit of a kick in the pants to keep these steps on your radar and top of mind and something that you're intentional about striving towards.

But remember it's about progress, not perfection. Okay, here it is…

Hey there entrepreneurial friend I'm Leslie with Financially Adjusted and today I am going to be talking about how you can be the boss of your own money, which is pretty awesome, right? We all want to be the boss of our own money. So how does that work? The B is for budgeting, and please don't tune me out when you hear this. I know it's cringe worthy for a lot of people but budgeting really is just a money plan. Just a spending plan. You are simply being proactive versus reactive, which you want to do with any area of your life where you have goals. And in your business, I want you to thrive and win; therefore, you must have a budget and be telling your money where to go. So that looks like just forming one and every month you can kind of copy and paste it and tweak it accordingly, but the goal is to know ahead of time how much margin you're going to have potentially for that month and how you can allocate the margin. And the second part to being the boss of your own money is organization. So, we have budgeting and organization. Organization is making sure that you have all of your business documents and receipts saved electronically in a central location so that you feel like you're in control. So, if a bookkeeper or a tax professional you work with need to see documents, you know exactly where they are. You don't have to scramble or if you need to see them or if you get audited. It's just very important to be organized and do that along the way so that you're not having to do it as some big project because we all know how that works out. It's hard to find the time. So, as you get receipts.. as you get documents… save them in one place where you know where they are. And then another part to organization is having master spreadsheets for all of your recurring monthly annual bills and all of your clients and your revenue. That way you can just track this on a real time basis, and you can analyze it and have a go to one stop shop for all of them. Because this actually leads into the next part of being the boss of your own money which is spending carefully. 

When you spend carefully you are really just keeping your finger on the pulse of your expenditures. So you're paying attention to all those auto expenses so all those subscriptions that you have going on autopilot are what I'm talking about. And I need to remind myself of this too because I kind of go month to month and I forget what I'm paying for. So, if you aren't intentional about looking monthly or at least you know every other month at this master spreadsheet and tweaking your budget accordingly, you may be paying for stuff that you're not using. Or, if you have people in your business that, say, buy office supplies and you're not completely checking in with this. There's stuff that maybe they’re buying on autopilot on Amazon. Well, you might be able to find those products or those things that you use in your office on a daily basis for cheaper and nobody's really taking the time to analyze those expenses. So that's super important too. And then the fourth way you can be the boss of your own money is to save intentionally. What that means is looking at the margin that you have every month, and you are allocating that margin according to what goals you have in your life in your business in your personal life. So, whatever that looks like for you for whatever point in time you are at in your business, you are going to allocate accordingly so let's say you really want to attend some amazing educational seminar and that involves the cost of the seminar the travel. You need to make sure that you're intentional about saving for that. And you know you don't just kind of spend it and then think about it later. So, the goal is there again being proactive so you are just being very intentional about what expenses and what savings you need in your business and planning for them in your budget. All of that ties together. And by doing all of these four steps, you will be amazed at how in control you can be with your money. 

So, it's time to be the boss of your own money… budget, organization, save and spend carefully and intentionally. I hope this helped you and gave you some food for thought. Time to get to work on being the boss of your own money .What are you waiting for? Have at it.

I hope this helped you. Have a great day. Talk to you soon.