Living Debt Free team takes time to explain how running a business can help you achieve your financial goals. | Living Debt Free NCRDC384 posted on the topic | LinkedIn (2024)

Here at Living Debt Free, we’ve been spending some time digging into how to manage your personal finances by applying business principles.#8: Financial ReportingTake time every month to go through your bank statement and analyse what worked well that month and what was difficult. Keep a record of how your finances panned out so that you can use this information to better plan for 2025.Find out more about Living Debt Free by visiting our website.https://smpl.is/8csk5

The Living Debt Free team has been discussing how applying business financial principals to personal finance is a great way to actively work on better personal financial management. #7: Cash Flow Management Thorough budgeting for the year, the quarter and on a monthly basis will help you to manage regular expenses and unexpected bumps in the road too. Find out more about Living Debt Free by visiting our website. https://smpl.is/8csk4

Here at Living Debt Free, we believe that applying business financial principles to personal finance has great benefit.#6: Capital Value to Cost RatioA capital item, such as your house, is a great long-term investment IF the interest rate on your house is reasonable.There are several steps you can take to improve the interest rate on your home loan.Get in touch with Living Debt Free to find out more.https://smpl.is/8csk2

The Living Debt Free team has been applying business principles to personal finance to assist clients in creating a personal finance plan that helps them achieve their goals.#4: Purchasing DecisionsOutside of your monthly expenses, you will need to buy bigger items occasionally. If you have plans to buy a car or a house in 2024 make sure you leave financial room for interest rates to increase. This way when they do (because at some point they always do) you will be able to absorb the increase. Find out more about Living Debt Free by visiting our website.https://smpl.is/8csjz

The Living Debt Free believes that applying business financial principles to personal finance is a great way to help clients to reach their financial goals.#3: Debt to Income RatioMake a decision on how much debt to income you want to have. Remember, that while debt makes it easy to buy things now, it always ends up costing you more in the long run.If you are unhappy with your current debt-to-income ratio, put a plan in place to pay off the debt with the highest interest rate first and then move on to the next one until you have cleared all unnecessary debt. For great information on Living Debt Free get in touch with us today.https://smpl.is/8csjy

The Living Debt Free team has been discussing how important it is for individuals to have a business minded approach to their personal finances. We’ve been discussing some business principles about money that apply to individuals too.#2: Budgeting Once you have set your financial goals for the year you need to work out a realistic budget. Make sure you include savings, emergency funds and spending money in your budget. Having a ridiculously strict budget that allows for no spending will, like a crash diet, end a week or two in. #budgeting Find out more about Living Debt Free by getting in touch today.https://smpl.is/8csi5