Steps to build up your business savings

[Kubiat-Abasi]

I feel the best way is to invest it. By investing, you could buy a property and put it up for rent, you could also buy shares or engage in a fixed deposit.

 

[Ghost1]

I don't see any reason to save money especially when you are running a successful business, why not invest the money into the business and make it even bigger, which would mean more profits and earnings.

Exactly. I've always had this opinion that the more you invest the more your profit. Why save when you can make more profit. It's just unwise

 

[eLdavis]

Exactly. I've always had this opinion that the more you invest the more your profit. Why save when you can make more profit. It's just unwise

Yes this is true tho, saving would not give you anything. To get more income it would be wise to invest. But I would also advice to also have some savings as well. Like myself I invest and I also save. Incase any issues comes up so I won't be stranded.

 

[ahmedo24]

it is good that way you're doing a business you say that of your profit sign use some to expand your business because it is expected that you make expenses outside your business took it off a yourself and your family which you definitely come from your savings.

 

[Ezekiel]

The plan to help build up your future business savings is to be very cautious of your spending and ability to always pay for every product removed from close relative like children etc

 

[Stnicholaz]

The number one reason why people are still not having their savings whether on work, business or from their freelance habits is that they don't know how to start it up, below is my suggested steps to do it.

a. Offer yourself a goal-your first priority should be to have an emergency fund to fall back on, as it will give you some emphasis. If you're saving for nothing, then chances are you're not saving for anything.

b. If you accomplish the first target, set medium-term savings targets such as for major events such as a marriage, anniversary, house deposit, etc. And look further into the future and build up your retirement pension pot.

c. See your balance of savings rise. When you start, it gets addictive and helps to keep you on track and not dipping in. Whatever works best for you, keep a note on your phone or jot it down in a notebook.

d. At the moment, the savings rates might not be fantastic, but don't let that put you off. Although interest is fine, the main thing is getting a pot of cash set aside.

e. It can seem hard work to put cash away and have another burden on your finances. But every penny you save is a penny that you won't have to borrow if you face an emergency, and with expensive interest rates on top, the loan will reach your wallet even harder.

Please share your thoughts about this is you see this as helpful one. Thankyou

Nice write it will be very useful for on a long run. But sincerely, it is not easy to save in this current situation where inflation rate is high and personal basic expensive is even above your income. One can only save when his or her monthly basic need is met and the remaining can be saved somewhere.

 

[YERUS]

The number one reason why people are still not having their savings whether on work, business or from their freelance habits is that they don't know how to start it up, below is my suggested steps to do it.

a. Offer yourself a goal-your first priority should be to have an emergency fund to fall back on, as it will give you some emphasis. If you're saving for nothing, then chances are you're not saving for anything.

b. If you accomplish the first target, set medium-term savings targets such as for major events such as a marriage, anniversary, house deposit, etc. And look further into the future and build up your retirement pension pot.

c. See your balance of savings rise. When you start, it gets addictive and helps to keep you on track and not dipping in. Whatever works best for you, keep a note on your phone or jot it down in a notebook.

d. At the moment, the savings rates might not be fantastic, but don't let that put you off. Although interest is fine, the main thing is getting a pot of cash set aside.

e. It can seem hard work to put cash away and have another burden on your finances. But every penny you save is a penny that you won't have to borrow if you face an emergency, and with expensive interest rates on top, the loan will reach your wallet even harder.

Please share your thoughts about this is you see this as helpful one. Thankyou

Your post has been very helpful.
Thank you so much.
I like the last point "...every penny you save is a penny that you won't have to borrow"

 

[07Trinity]

The number one reason why people are still not having their savings whether on work, business or from their freelance habits is that they don't know how to start it up, below is my suggested steps to do it.

a. Offer yourself a goal-your first priority should be to have an emergency fund to fall back on, as it will give you some emphasis. If you're saving for nothing, then chances are you're not saving for anything.

b. If you accomplish the first target, set medium-term savings targets such as for major events such as a marriage, anniversary, house deposit, etc. And look further into the future and build up your retirement pension pot.

c. See your balance of savings rise. When you start, it gets addictive and helps to keep you on track and not dipping in. Whatever works best for you, keep a note on your phone or jot it down in a notebook.

d. At the moment, the savings rates might not be fantastic, but don't let that put you off. Although interest is fine, the main thing is getting a pot of cash set aside.

e. It can seem hard work to put cash away and have another burden on your finances. But every penny you save is a penny that you won't have to borrow if you face an emergency, and with expensive interest rates on top, the loan will reach your wallet even harder.

Please share your thoughts about this is you see this as helpful one. Thankyou

Thanks for this insightful article,I was really pondering on why I have not really reap enough benefits from my investment,this came timely.

 

[Lucy ID]

Saving is very important but investment is profitable and better especially in underdeveloped countries, countries where their currency depreciate every now and there and cost of things are relatively high

 

[Ghost1]

I have gone through the article, it's very nice but all this thing really stress on is discipline and consistency. These are two difficult thing to achieve. Maybe next post be on how to be disciplined

 

[Sotherefore]

People should try as much as possible also not to spend beyond the limits of the company especially if it is a small business because this is one of the things that can lead to lack of fund to run the business. Spending extravagantly in a business is not the best.

 

[Roy]

You don't have to run your office full-time from an executive suite to benefit from its services. Many homebased entrepreneurs find executive suites meet a range of needs, including access to a private mailbox and a receptionist to answer or forward calls to your home office.

 

[Toyoabasi]

The number one reason why people are still not having their savings whether on work, business or from their freelance habits is that they don't know how to start it up, below is my suggested steps to do it.

a. Offer yourself a goal-your first priority should be to have an emergency fund to fall back on, as it will give you some emphasis. If you're saving for nothing, then chances are you're not saving for anything.

b. If you accomplish the first target, set medium-term savings targets such as for major events such as a marriage, anniversary, house deposit, etc. And look further into the future and build up your retirement pension pot.

c. See your balance of savings rise. When you start, it gets addictive and helps to keep you on track and not dipping in. Whatever works best for you, keep a note on your phone or jot it down in a notebook.

d. At the moment, the savings rates might not be fantastic, but don't let that put you off. Although interest is fine, the main thing is getting a pot of cash set aside.

e. It can seem hard work to put cash away and have another burden on your finances. But every penny you save is a penny that you won't have to borrow if you face an emergency, and with expensive interest rates on top, the loan will reach your wallet even harder.

Please share your thoughts about this is you see this as helpful one. Thankyou

Your article has been very helpful.
Savings in business is very essential. There may be times you run out on funds, in such cases, it is your savings you would fall back to.

 

[eLdavis]

Your article has been very helpful.
Savings in business is very essential. There may be times you run out on funds, in such cases, it is your savings you would fall back to.

Have you ever found yourself in such a situation before? I once had some losses in a business I went into some months back and I needed fresh capital to startup again. What kept me from being stranded was my savings.

 

[joy101]

Saving money you make from your business is really a nice thing instead of spending it on unnecessary, because business money is not suppose to touch it like that.

 

[tyrim88]

The number one reason why people are still not having their savings whether on work, business or from their freelance habits is that they don't know how to start it up, below is my suggested steps to do it.

a. Offer yourself a goal-your first priority should be to have an emergency fund to fall back on, as it will give you some emphasis. If you're saving for nothing, then chances are you're not saving for anything.

b. If you accomplish the first target, set medium-term savings targets such as for major events such as a marriage, anniversary, house deposit, etc. And look further into the future and build up your retirement pension pot.

c. See your balance of savings rise. When you start, it gets addictive and helps to keep you on track and not dipping in. Whatever works best for you, keep a note on your phone or jot it down in a notebook.

d. At the moment, the savings rates might not be fantastic, but don't let that put you off. Although interest is fine, the main thing is getting a pot of cash set aside.

e. It can seem hard work to put cash away and have another burden on your finances. But every penny you save is a penny that you won't have to borrow if you face an emergency, and with expensive interest rates on top, the loan will reach your wallet even harder.

Please share your thoughts about this is you see this as helpful one. Thankyou

When it comes to the issue of settig aside some money as savings,it could be very difficult at first,but with discipline and dedication yu can acheive that.It just need to start from small input and then you will just have to watch it grow.

 

[Kvngsammy]

The best way to grow your business savings in my opinion is to have a business account that you'd then constantly put your returns into.
Once you're doing like that, you're going to have steady income bank.

 

[tray591]

When it comes to the issue of settig aside some money as savings,it could be very difficult at first,but with discipline and dedication yu can acheive that.It just need to start from small input and then you will just have to watch it grow.

I know that could be more difficult at the start if you want to start saving but with time you will get use to it,planing and proper capital managment is another great tools that could help you improve the quality of your existence business in the right proportion

 

[Godspower]

Well said. Savings from business allows you to use the money for other things that might come up. Savings from business can be really helpful when the business is in a crisis.

 

[kayode10]

Savings you should be approached like you are cultivating an habit. You need to start small and grow big with your savings. You can start with 1% and gradually increases to 10% as Time goes On.