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Steph

7 Business Budgeting Tips

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In order to take control of your business’ finances, it’s a great idea to work on budgeting for your business’ future.

7 Business budgeting tips:

1. Overestimate your business’ operating costs

One of the worst mistakes which you can make, when it comes to creating a realistic, workable budget for your business is to underestimate your business’ operating costs. Remember that it’s always a better idea to slightly overestimate your costs than to underestimate your business’ costs and to run out of funds to run each area of your business effectively.

2. Make sure that your business has an emergency fund available

It’s well worth ensuring that your business has a healthy emergency fund, which is kept seperate from your business’ day to day accounts. Having an emergency fund available, may come in handy if any unexpected costs arise or if you want to upgrade your business and to take your business to the next level.

3. Make sure that you’re not getting overcharged by your current supplier

Even if your business has a long term supplier, who you’re used to dealing with, it’s always a smart idea to get quotes from other suppliers who may be able to provide your business with the same quality product as your current supplier for a much lower price.

4. Try and predict how your sales numbers may change in the next 12 months

One way to create an accurate budget is to try and predict how your sales numbers may change over the next 12 months. As an example, when you look at your business’ sales statistics for the last 12 months you may notice that your sales increase in the months that lead up to Christmas or that you sell more products or services during a particular season such as summer.

5. Save a set percentage of your profit

It’s well worth deciding on a set percentage of your profit, which you’ll save in your business’ emergency fund, each year. If your profits are particularly healthy one year, you may also want to increase the amount of money which you save for a rainy day or to take your business to the next level.

6. Make sure to work on paying off your business loans

Your end goal should be to have zero debt. As you know it’s also wise to pay off your loans as quickly as possible, in order to avoid paying high levels of interest on your business loans. So it’s a great idea to invest a fair amount of your business’ profits in to getting on top of your business debt.

7. Make sure to review your business’ budget on a monthly basis

instead of setting a year long budget and not looking at your budget for 12 months, it’s a wise idea to review your business’ budget on a month to month basis. As you may have to tweak your budget, multiple times over a calendar year.

So if you’re a business owner who is looking to budget for the financial future of your business, it’s a great idea to implement many of the budgeting tips listed above!

Travel and education: Study abroad tips

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If you’re planning a study abroad trip, continue reading to discover a few handy tips that will make your time overseas a whole lot easier!

Travel and education: Study abroad tips

1. Purchase a journal to write about your daily experiences living abroad

It’s well worth going out and purchasing a journal which you’ll be able to pack for your study abroad experience. As while you can write about your daily experiences as an international student using a digital diary, as the years go by, you’ll love being able to read a physical diary of your experiences abroad.

You may want to place trinkets such as ticket stubs to sports game or concerts which you attend as well as polaroid photos of yourself with your new friends in your travel journal.

2. Start a blog to document your experience

In order to keep all of your friends and family members back home updated on your experience, you may want to consider starting a blog about your experience. Just be sure to post plenty of photos to accompany your posts as your loved ones will be excited to see photos of you living abroad and in the years to come, you’ll also enjoy looking back at your blog posts.

3. Set yourself a weekly budget in order to manage your expenses

in order to avoid running out of disposable cash on your study abroad experience, it’s a great idea to set yourself a weekly budget, which you’ll be able to realistically stick to for the duration of your time abroad. As so many international students waste a large portion of the money which they’ve saved for their trip in their first month abroad.

4. Make sure to have digital copies of all of your important documents

It’s well worth scanning or taking clear smart phone photos of your passport, your student exchange documents and your visas as it always pays to be safe, rather than sorry. Especially, when you’re traveling alone to a foreign country, which you’ve never visited before.

5. Use Skype or Face Time to talk to your loved ones back home

If you ever get homesick, simply video chat with your friends and family members back home, to hear familiar voices without having to pay for expensive international phone calls. Just make sure that you know what time it is in your home city, before calling your loved ones to avoid waking them up in the middle of the night or early in the morning.

6. Take a small trinket with you on your adventure, to remind you of home

Another way to fight homesickness is to pack a small item which reminds you of home, during your study abroad experience. As an example, you may want to pack your favorite mug that your best friend brought you for Christmas or your favorite pillow case or blanket.

7. Join a variety of clubs in order to make new friends

As an example, you may want to join a hiking or skiing club that embarks on regular weekends away.

So if you have your heart set on studying abroad in the future, it’s well worth keeping all the tips listed above in mind.