Hi gorgeous! Whether you're an entrepreneur and a boss executive for a corporation, money is an important aspect of your career.
Being mindful of your spending choices and setting financial goals is key to living your dream lifestyle and making an impact in your community.
But bookkeeping or anything financially related, can seem like a reallll bore. However, it doesn't have to be! You can make money fun and when you do, you will be more motivated to grow your wealth. It's just like working out- if the treadmill isn't fun for you then maybe you should check out a spin class. Or a kickboxing class. The important thing is that you get your booty in the gym and build up a sweat.
The same goes for your finances. The bookkeeping program or the personal finance tools you use don't matter nearly as much as just making sure that you are keeping your money organized on a consistent basis.
One of the things I recommend is to have a Money & Mimosas date every week with a friend or a group of girlfriends. My date is every Friday. After I review my personal finances, I meet up with a girlfriend or a local non-profit that may be a good fit for one of my philanthropy advisory clients, to chat about money.
So, gorgeous, it's time to set yourself up for success and schedule your Money & Mimosas date. Pull out your calendar and choose one day per week that you will block out one hour to look at your finances. Because if it's not on your calendar, then it's not real!
Then, follow the checklist below to make sure you cover all of your bases during your Money & Mimosas date. I guarantee, you'll be feeling like a BOSS about your money in no time.
Review and Reconcile. First things first, you want to review all of bank account and investment accounts balances. Then review all transactions from the previous week. Lastly, reconcile those transactions. This is a fancy term for “categorizing.” could be categorized to the account named “Internet” or “Computer” or whatever you choose to call it. Whether you are an entrepreneur or executive, you want to reconcile your transactions so that you can keep track of how much you’re spending on things like Lyft for transportation or grocery shopping. This also helps you catch any errors within your accounts!
How much did you make? Review how much money you've made so far this month versus how much you’ve spent. Make a note of how close you are to your monthly goal. This report is called your Profit and Loss Statement and will quickly show you if you are keeping your hard-earned money.
Pay yourself first! Transfer a percentage of your income to your savings account. This is so important. It’s easy to pay your bills first or put yourself last, but boosting your savings is key to being financially independent.
Who owes you and who do you owe? Review who owes you money. This report is called your Aging Accounts Receivable. Make a note of upcoming due dates or anyone who is past due.
If someone is overdue, send them a friendly reminder immediately. If you’ve been entering your invoices into your bookkeeping program (this is explained in step #5), then this report will capture everyone who owes you money.
Then review who you owe. This report is called your Aging Accounts Payable. Hopefully, you're up to date with your expenses. If not, pay your outstanding bills. If you are up to date, make note of any upcoming payments due this week. If you can, go ahead and pay them during your bookkeeping date so you don't have to think about it later in the week. If you’ve been entering your bills into your bookkeeping program (this is explained in step #5), then this report will capture all of your bills.
Enter invoices and bills. I suggest doing this throughout the week. If you have any invoices or bills that need to be entered, definitely make sure it’s completed during your bookkeeping date.
What impact do you want to make in the world? Reflect on the cause(s) that you care most about and how you can you can use your money to make a positive impact!
Party time. Grab a girlfriend, or a few, and meet up for a mimosa this weekend. Chat about your career goals and the impact you all wish to have on the world. Then share how you all can support each other to create the world you all want to live in!
Post your weekly Money & Mimosas date and use the hashtag #MoneyandMimosas so I can say hi!
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