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be Thrifty - Complete Controller

We often hear about the importance of saving and getting advice on investing to contribute to your company’s 401(k). Though all of the professional advice is important, there are other ways you can save money that no financial advisor will suggest. Saving money by being thrifty is easy and can, in some cases, be fun because it involves shopping. Here are five ways to be thrifty and boost your savings. Check out America's Best Bookkeepers

Shop Second Hand for Clothing

Most clothing snobs would never consider buying clothing second-hand, and maybe they can afford to pay full price for new clothing as needed. But every fashionista on a budget will tell you that you can get amazing clothing that looks new and cost you pennies on the dollar. When you are in a clothing shopping mood or need an outfit for a specific event, it’s time to hit the ATM and map out yard sales and swing into thrift stores as you go. This type of second-hand clothing shopping can net some name brand clothing or clothing that, in some cases, was never worn before given up at deeply discounted prices. Often daily thrift stores will have additional savings for certain clothing types or tag colors. You can walk out with brand new, name brand clothing in some cases for less than a dollar.

You may not always find what you are looking for if you have a specific need, but you can find exactly what you need or a better choice in many cases. Not to mention hunting for the perfect bargain outfit can be a fun process. Yard sales often offer a similar treasure trove of great clothing for deeply discounted prices. However, yard sales don’t offer a wide variety of sizes, like a thrift store. Check out America's Best Bookkeepers

Used Furniture

You can shop online or through apps that offer used furniture for a steal. Often the furniture is in great shape for a fraction of the cost. If items are in rough shape, you can generally refurbish or repurpose them for minimal cost and have a great new piece. You can also find great used furniture while you are clothing shopping at the thrift store. Thrift stores have various used items and can be a one-stop shopping experience that will have you fulfilling a variety of needs or wants for a fraction of the cost for new items.

Pawn Shop Treasures

If you have never stepped foot in a pawn shop, you miss out on amazing used items for deep discounts. While you are purchasing everything from electronics to jewelry as is, pawnshops will allow you to try items to make sure they work before you walk out the door. In some cases, if you are good at fixing things, you can get items in need of repair for an extremely low cost. Do yourself a favor and go check out the nearest pawn shop as soon as possible; you will be addicted to the savings and amazing items you leave to take home. Check out America's Best Bookkeepers

Sales

Sales are not a surprise on this thrifty list, but sometimes we need reminding that we should hit up sales as much as possible. It is not suggested you hit up sales for the sake of the sale, but if you need the sale fulfills, you shouldn’t pay full price for that need. The idea behind being thrifty is that you fulfill your needs or wants the least expensive way possible. If you only need one item, take a friend with you to a buy one get one sale and split the total cost for your two items. Being thrifty doesn’t mean you have to sacrifice the enjoyment of shopping. You may even find the challenge of how much you can get for the least amount of fun.

Coupons

Coupons can save you a few dollars on every shopping trip, but if you become a professional couponer, you can end up with many free items that you can save for future use or donate. Many who dedicate themselves to professional level couponing say it is fun and exciting to see how little they pay for many items. Some are so strategic they walk out of the store with multiple baskets of items, having spent less than $100. If you don’t have that kind of dedication, don’t worry. You can still save a lot by using coupons on items you were already purchasing. Many stores have apps that allow you to electronically clip coupons is an easy way to save that can add up.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Winter Vacation - Complete Controller

Winter has arrived! Have you planned to save money for your vacation? If not, here are some savings tips for you to enjoy your days off.

Every plan is based on solid objectives. When you intend to reach a goal, you must draw a road map. Set your goal to save this winter.

If you already know what the holidays are going to cost, for example, $2,000, then calculate how much money you need to reserve each week or month to reach that goal.

If you are looking to save on your vacation without sacrificing quality, the Trade Channel is for you. This service will allow you to enjoy different offers and discounts. We recommend registering to enjoy these advantages. Check out America's Best Bookkeepers

Winter Vacation Savings Tips

1. Reserve part of your salary to your savings

The best practice is to save first. As soon as you receive your paycheck, make a transfer that ranges between 5% and 10% of your overall salary into your savings account. The remainder should be used for your monthly expenses. Make your own budget plan and stick to it religiously. This way, you will never find yourself short on cash. This does not just apply to travel; you can follow this plan for many other saving purposes.   

Most of the time, we may feel that our monthly expenses are daunting. However, using certain strategies will allow you to save while also paying your bills on-time. You can even ask the Department of Human Resources at your job to deposit part of your paycheck into a savings account each month. Check out America's Best Bookkeepers

2. Analyze what your monthly expenses are

Identify what your essential expenses are, such as rent, utilities, and invoices. This will allow you to have an approximate idea at the end of each month about the expenses you can cut or do without.

Make sure you have a sound awareness of how much you are spending. If you are spending extra on things that you don’t quite need, try saving and adding that amount to your traveling budget.

3. Draw a budget

Compare the figures for your entertainment expenses with the essentials and establish a weekly budget. Be realistic and organize yourself in order to refine your plan towards your main purpose: SAVING.

With a solid budget, you will clearly see how much you spend on entertaining yourself each week and how many times you can afford to eat out, etc. This will allow you to optimize your standard of living, even beyond the holidays. This will ensure your money does not go to waste.

4. Start practicing saving right now

We suggest taking care to plan for situations that may arise that will consume your holiday funds.

Resolving these issues will allow you to become more efficient with your money. Addressing these small inconveniences now will ensure they do not interfere with your big plans.   Check out America's Best Bookkeepers

5. APPS to save

There are many apps to help you save money, particularly Let’s Bonus or Groupon. These apps will allow you to entertain yourself on a budget. As far as apps to compare prices between supermarkets, try Your Pantry or Carritus. With these, you can be sure you are getting the best deal with very little effort.  

If you want help to closely monitor your personal finances, as well as prioritize your expenses, utilize apps like Fintonic or Mooverang. These will give you a practical and efficient electronic hand.

All in All

This winter, figure out how much you need in order to travel and draw a savings map. We all deserve a time out; it is natural to get burnt out and take some time to recover. Hit the road, travel, and come back with a fresh and positive mindset. Notice how your productivity improves when you come back home and get back to your career.  

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Boost Your Savings - Complete Controller

Every responsible adult should be focused on savings. Savings for emergencies, savings for retirement, savings for big-ticket items or vacations, and savings for your children’s education are a few motivational reasons people should focus on spending less and saving more. Even though everyone should have a healthy savings account, many don’t, or if they do, it is meager and not worth enough to cover anything significant.

The best way to focus on saving more and spending less is to have a budget. Many people hear that word and believe it is difficult to give up things they enjoy or significantly change their lifestyle. If you are savings savvy and learn to make your money work for you, you can build savings without any significant lifestyle changes, and the few things you have to give up will be worth the sacrifice when you have a healthy and secure financial future. Here are five ways to boost your savings and get on the road to financial freedom. Check out America's Best Bookkeepers

Contribute to Retirement Funds

If your workplace offers a retirement plan such as a 401(k), you should contribute to that account from day one of employment. If you have not been contributing, meet with your human resources department to begin contributing. Most companies have a 401(k) matching program, you should contribute as much as you can afford, but at the very least, you should contribute the percentage of your income that your company will match. That matched amount is free money, and you should take full advantage of it.

Assess Your Expenditures

Having a working budget will make it easy to assess your expenditures. Your luxury, entertainment, or mad spending expenditures should be a small percentage of your spending. If you are spending more than 20% of your income on these expenses, it is time to cut expenditures you can live without. You will still have a fun lifestyle while saving a lot. Check out America's Best Bookkeepers

Smart Investments

Making smart investments in stocks, real estate, bonds, and mutual funds are some ways to earn higher returns on your earnings. However, keep in mind that each of these types of investments is different and carries varying risk levels. When it comes to investing, you should hire a professional financial planner or investment specialist. Though some investors have learned how to invest intelligently because there are risks involved in these investments, you cannot suggest you handle it if you are an amateur. Regardless of hiring a professional to help you invest, you should know and understand your investments on some level.  

Live Debt-Free

The best advice that can be given is to resist owning credit cards. Most credit cards carry high interest and increase the risk on your credit score if you have difficulty paying on time or cannot pay at all. Also, paying minimum payments means you will be paying interest for the first several payments before you pay the principal. Credit card debt is the number one bad debt generating type of credit and should be avoided. If you decide to carry a credit card for emergencies, only use it for true emergencies and immediately pay the balance. However, it would be more beneficial for you to save money for emergencies, as that money will have no interest or risk of bad debt.

If you need to purchase a big-ticket item on credit, such as a car or home, pay more than the minimums as this will save you thousands of dollars on interest. Check out America's Best Bookkeepers

Health Savings Account

Saving accounts are a secure way to save protect your money for the future. They can prepare you financially for emergencies and other plans that require funding. You need to realize that your future financial health and freedom depend on your savings, and for this reason, you need to make saving more and spending less a priority. To save effectively, it is recommended that you use the reliable bucket method by following these three steps:

  • The safe and secure bucket. This bucket should contain at least 50% to a maximum of 70 % of your savings. This savings amount is dedicated entirely to low-risk investments such as mutual funds, real estate, or bonds.
  • The growth bucket. This bucket is focused on rapid growth and is used to invest in higher-risk, higher-return investments. This can be anywhere from 20% to 40% of your savings, depending on the percentage of your safe and secure bucket.
  • The luxury bucket. This bucket should only be 10% of your savings and can be used for entertainment, luxury items, or vacations.

The key to saving more and spending less is to make little changes and be thoughtful in your decisions regarding savings and investments. This mindset will have your future finances healthy while having the least effect on your current spending and lifestyle.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Financial Freedom - Complete Controller

Though every financially responsible adult has the knowledge that they need to budget and save, many don’t know there are some financial strategies to add to their financial plans. These plans could make a huge difference in financial freedom, the ability to make large purchases like buying a home, and having an amazing retirement instead of one full of financial struggles like so many who count on social security.

Whether you have a financial planner or don’t have a penny saved, there are financial strategies you can start implementing today that will give you the boost you need in your savings and on your path to financial freedom. Here are five strategies that will lead you to financial freedom. Check out America's Best Bookkeepers

Vehicle Purchase Strategy

While a vehicle can say a lot about us, the truth is that if you are looking for financial freedom, your vehicle purchase can make a significant difference in obtaining it or not if you are anyone other than a person who can own a car to match any outfit. Realistically, your vehicle purchase should be well within your means, as doing anything outside of that can be disastrous on your financial health and credit.

Never buy payments. You need to know the price they are charging you, final and total. A common sales strategy of recent years is to find out what payment amount you can afford and sell you a car with those payments over a period that, when added up, will, in some cases, be up to three times the value of the car. Also, know the interest rate you are being charged.

Pay as large of a down payment as you can handle. If you are in a dire situation that you need to immediately purchase the car, then it is understandable that you don’t have a large down payment at the ready. However, if you have time, take that time to save to pay as much down as possible.

Do your research on the vehicle you intend to purchase and know the value. Figure the basic payments, know your credit, run your own numbers, and be armed with them before you ever walk onto the lot. Check out America's Best Bookkeepers

Insurance Strategy

Insurance is an unfortunate necessity in every person’s life, and in some cases having insurance is the law. However, just because it is a must does not mean you have to accept what you get. It would be best if you exhausted every money-saving strategy at your disposal.

Shop, shop, and then shop some more. With healthcare, vehicle, homeowners, and other insurances that you may need, there is a lot of competition. Therefore if you are a savvy buyer, you can save hundreds a year in insurance. And don’t use those sites that say they will impartially compare. You do the research. You make the comparisons. This strategy will save you so much money.

Also, take healthy preventative precautions or driver’s education classes to lower your health and car insurance rates. Insurance doesn’t have to break your bank to be good and affordable.

10/10/80 Strategy

There are a few percentage financial strategies out there, but the 10/10/80 is among the most popular and easy to apply. This strategy says to give 10%, save 10%, and spend 80% of your income. This strategy is excellent and simple, but at some point, you will need to readjust those percentages if you want to make a more significant impact on your financial future. Check out America's Best Bookkeepers

50/30/20 Strategy

50/30/20 is another money allocation type of strategy with a similar formula to 10/10/80. The significant difference is that this strategy has savings built-in, but only after debt is paid. This strategy wants you to be at zero when it comes to debt before even thinking about saving. It breaks down as follows 50% goes to bills and necessities. There is no exception to this allocation. 30% towards paying down debt, and once your debt is zero. This percentage would go to savings. 20% goes to wants. This would be anything you pay for outside of bills and necessities or debt relief and savings. This is the lowest percentage on purpose. It would be best if you never were spending on wants and missing bills or leaving debt hanging over your head.

Down Payment Strategy

The down payment strategy was already touched on a bit when discussing vehicle purchases. It doesn’t take a mathematician to understand that your payments and interest rates will be lower if you put more money down on large purchases. It is suggested that you put down at least a 20% down payment, which is a great suggestion. When implementing the down payment strategy, the most important thing is that you put something down. This strategy can pay off big in the end.

 

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Manage Your Finances - Complete Controller

If you have not already experienced it, managing your finances can be a bit of a struggle. It requires close attention to detail, where even the slightest error can become a significant blunder. A helpful strategy may be to keep records of your expenditures, as well as your savings. This concept is referred to as bookkeeping. This practice leads to a more efficient and organized household budget. Consider these tips for managing your household’s finances!

 

  • Pinpoint Your Strengths and Weaknesses

One of the major advantages of efficient household financial management is the identification of risks versus gains. We’ve all most likely been told to consider our strengths and weakness as one. You cannot have one without the other. The idea is to only spend as much as your limitations will allow. Financial management and planning should be an activity that involves all members of a household. They should prioritize organizing finances and cutting down on unnecessary expenses to achieve savings goals in the future.  

  • Set Realistic Goals

Setting goals drives work ethic and productivity, which aids in achieving your desires. These goals will change over the course of a family’s life, both the priorities of individual members, as well as those of the family as a whole. In order to lead a family happily, financial prosperity is of the utmost importance. Proper household financial management leads to identifying and setting goals accordingly, which further motivates you to work harder to achieve these goals.

Certain steps are vital to achieving the perks created by effective household financial management. A few of these steps are mentioned below, which can be followed to see great change and achieve your goals:

  • Make Budgeting a Top Priority

The careful and systematic allocation of all funds available to you and your family is known as a budget of all household activities. Most families know their cumulative yearly, as well as monthly earnings. The family leaders must then carefully allocate appropriate proportions of these funds to each aspect of the family’s functions, such as groceries, repairs, entertainment, etc. This leads to effective budgeting and can be an efficient step for successful household financial management. Budgeting also ensures that the family works towards savings goals after all its expenditures.

  • Ensure You are Saving Enough for the Future

An effective household budget prioritizes savings, as it allows the members of a family to consider future risks and have the appropriate funds to allocate towards these “emergencies.” If a household lacks savings, it may run into difficulties when it comes to loans, deficits, losing jobs, etc. This is especially relevant in a family where only a single earning hand is present. Saving more of their earnings compared to their spending will prove to be vital in the case of crisis.

 

The Bottom Line

Careful budgeting can be an extremely useful tool that aims to properly allocate the income available to a household. Budgeting is vital to effective household financial management, as it is required to analyze your income and expenses, delegate appropriate funds to activities, and save for the future. Moreover, effective household financial management leads to a comfortable and prosperous life for the family.

We may feel that there are not enough hours in the day. This makes proper financial management imperative to achieving our goals. It leads us down the path of financial stability. One good strategy to effectively manage your goals is to use the technology and software available to expedite and organize your budgeting process. Forms of this software are endless and only require a quick google search, so check them out!

Financial Stability - Complete Controller

For many, managing personal wealth may seem like a complex endeavor. Add to this, unforeseen events that may appear throughout the year, and the situation becomes even more intricate. Use these tips to simplify the process and ensure excellent financial management.

How to Save

Allocating a fraction of your monthly income to savings is essential for healthy finances. Consider dividing your savings into three categories:

  • Short Term: Keep these funds in a savings account that, although it provides lower profitability, allows for immediate access.
  • Medium Term: Keeping the horizon in mind, mutual funds or stocks are examples of options that carry some risk, but if used for several years, can serve as viable alternatives to consider.
  • Long Term: A Voluntary Pension Savings is a great alternative as it increases your pension and lowers the tax base on which income tax is calculated. Check out America's Best Bookkeepers

Small Everyday Savings

It is always good practice to keep a daily record of your expenses over a period of at least two months. This allows you to become more aware of exactly where you are spending your monthly income. This practice also facilitates the establishment of a savings goal, which can be contributed to daily.

Sometimes we forget to count the “ant expenses,” those small sums of money that we consider irrelevant given their magnitude. Adding up these ancillary expenses will illustrate how these charges add up to a considerable amount. Awareness of these, as well as all our other spending habits, is gained only through a detailed record of our expenditures. Check out America's Best Bookkeepers

 

How to Take Care of your Money

Are you prepared to face a serious health problem, a long period of unemployment, or any other major inconvenience? To deal with this type of situation, you might consider:

  • Having a source of savings.
  • Allocating a part of your monthly income to unemployment insurance, housing, and/or education.
  • Obtaining life insurance with a refund, which allows beneficiaries a cash amount in case of accidental or natural death of the insured and, in case of survival, delivers a return benefit.
  • Having some anti-theft or anti-fraud insurance on your debit/credit cards. Also, refrain from having your pin saved in your wallet. Check out America's Best Bookkeepers


How to Manage Debt

These types of existing credits differ from each other according to their objective.

  • Mortgage loans: When established with a long-term horizon in mind, these loans require a periodic review to ensure that you are facing the most favorable market conditions.
  • Consumer loans: These loans are set at a lower horizon, so it is important to make sure that you can cover the entire monthly payment.
  • Credit cards: With credit cards, it is critical to pay the total amount of the debt each month. The minimum payment should only be used in cases of extreme difficulty. If you have more than one credit card, consider which one offers the most favorable interest rate and refrain from getting carried away by promotions or associated offers. If your financial situation becomes more complicated and you are at risk of a cancelation fee, evaluate the possibility of repaying the debt.

 

How to Efficiently Handle your Credit Card

In some situations, a credit card may be the only means available to satisfy our basic needs. It is important to be aware of how to use them efficiently so as not to accrue large amounts of debt. To do this, you must pay as much off as you possibly can.

Follow the tips mentioned above to manage your personal wealth and gain financial stability.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Getting Out of Debt - Complete Controller

From student loan debt to credit card loans, most people around us are drowning in some sort of debt. However, with living expenses rising daily, saving money to put towards debt has become more difficult.

The best way to begin tackling overwhelming debt is by having a detailed plan and sticking to it. However, you must keep in mind that there isn’t any best way to go about it. Begin by looking at the complexity of your debt and plan accordingly. Check out America's Best Bookkeepers

Today, we present you with guidelines that can be beneficial in getting you out of debt in no time, especially in this fast-paced new decade.

Don’t Pay Minimum

Most credit cards provide the leniency to pay off a minimum amount every month. However, while this leniency may be convenient during tough times,  it can take forever to pay off your balance. So, to minimize your credit card debt, ensure to pay more than the minimum amount. Even if you pay an extra $50 every month, it can do wonders for your overall balance. Try out a financial calculator if you need help.

Spend Smartly

Ever since our days of childhood, we’ve been told to spend on absolutely necessary things. But, as we grew up, we saw that this is a lot more challenging than it sounds. However, it’s never too late to change and become a smart spender.

Of course, we will have to make sacrifices, but it can be fruitful for a brighter tomorrow. All it really takes is living according to, or below, your means. For example, you can also opt for a cheaper brand than the one you like to save money to pay off your debt. Check out America's Best Bookkeepers

Another way to becoming a smart spender is to pay in cash so that you can hold back. Using a credit card can sometimes feel like “fake money.” When you pay in cash, you can physically see the amount of money you are spending. Try to follow this approach until your finances are back to normal.

Take Out the Big Guns First

We’re talking about huge debts, not huge gunmen. In other words, if you want to lift a heavy load on your debt history, pay off expensive debts first. This is ideal since the largest debt will be charging you with the most interest. If you take out this huge debt first, it will be easier for you to pay off the least expensive ones in the coming months. This strategy is sometimes referred to as the snowball effect and can get you out of debt in no time.

Be Aggressive and Get a Second Job Check out America's Best Bookkeepers

Another common approach to paying off huge debt is to work an extra shift or two or get a part-time job in your free time. However, this approach isn’t for everyone, but if you have the time to pull it off, then go for it! Remember, this is only temporary.

Track Your Spending

It is one thing to be a smart spender; it is also important to cut down on expenses. In other words, keep a close eye on your expenses while you’re trying to pay off your debt. In this way, you can identify areas from which you can save a few bucks every month.

All in all, cleaning off debt is a struggle that many people currently face. However, if you want to live a life of prosperity and dignity, then you have to make sacrifices. Sacrifices today can lead to a promising tomorrow. So, put your credit cards on ice and began your quest for a debt-free life. Good luck!

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
How to Achieve Financial Freedom - Complete Controller

If you are thinking of changing your financial condition, you must begin by defining your money goals. Just like a New Year’s plan, where many people set goals to start fresh and to make better choices, you can set your money goals from a fresh perspective. The best place to start to make these money goals and financial improvements is through financial planning.

You can start a positive direction by making it small and easy to reach objectives. These smaller and easy to reach objectives will help you achieve larger financial goals. Here are four steps you can take to reach your money goals towards financial freedom. Check out America's Best Bookkeepers

Gain Control of Your Budget

Many people do not have a budget or financial plan. Every financially responsible adult must be set a budget and follow it religiously. There is no way to control your budget if you don’t know what your budget is. To make a budget, you need to gather every income source you have and every expense you have. When gathering your expenses, you need to be honest. You need to make sure you account for every penny you spend. This includes small incidentals like buying coffee or grabbing a candy bar when you’re at the convenience store getting gas. These small things add up and can be causing issues within your budget.

Once you set your budget, it is time to assess whether you are living within your means. If you are consistently spending more than you make, there is an issue in your budget. Now it’s time to get real and to tighten your belt. You need to make a list of essentials and nonessentials, and you need to make some decisions on where you can cut. While you may have to do without getting your nails done or watching one of your multiples streaming platforms, sacrifices need to be made to control your budget. You may have to slap your hand when you try to make that impulse buys and stop buying coffee and make it at home. Getting control of your budget is 100% up to you. Check out America's Best Bookkeepers

Get Out of Debt

Getting out of debt is a choice. You made choices that got you in debt; now you need to choose to get yourself out of it. This requires focus and sacrifice. The good news about getting out of debt is this won’t be forever. There can be an end in sight if you focus on the debt with every spare dollar you have. There are a few ways you can quickly get yourself out of debt, depending on its level.

You can do debt consolidation through a professional or on your own. Ways to do debt consolidation on your own are fairly simple. You can get a low-interest personal loan to pay off your higher-interest debts such as credit cards and consolidate those debts into this lower interest loan. You can also make payments on your higher interest credit cards with lower interest cards and again roll all your debt into one payment with less interest.

Increase Your Savings

Even if you’re working on paying down debt or other financial issues such as taxes for back taxes, you should still be saving, as mentioned before. We often spend money on things we don’t need or on impulse buys. Instead of doing that kind of spending, you should be putting money away. Having savings is important for multiple reasons such as emergencies, job loss, college for your kids, wonderful vacation for your family, and retirement, to name a few. Check out America's Best Bookkeepers

When choosing a savings account, you need to look at accounts that will gain you interest as you save. Some banks have savings accounts with higher interest, but the best savings accounts are money market accounts and other savings accounts that gain you much more. Regardless of what kind of account you get, you must have savings.

Get into Investing

Too often, people are afraid to look into investing. This fear can be for multiple reasons, such as not having money to invest or fear of losing money. For the first time and new investor, you should be making low-risk low return investments. As time progresses, you can increase as your lost tolerance increases as well as your income. You can look into crowd lending and crowd investing, both of which lower your risks, have lower by ends, and have great returns on investment. With a little research, you can find the perfect way to invest your money to increase it and meet your money goals to reach financial freedom.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Good Financial Health - Complete Controller

Every financially responsible person needs to concern themselves with personal finances. The control of your personal finances is the key to financial freedom and continued financial health into the future. Here are four areas of personal finances that need your focus for good financial health. Check out America's Best Bookkeepers

Savings

Many financially responsible people don’t have a savings account or understand the importance of having one. Everyone should have three savings accounts, each for vastly different purposes. The overall purpose of savings is to put money away for a specific reason. The money used for these accounts could come from a budgeted allotment from your paycheck or from a specific source of income meant to fund The Savings account. The three types of savings accounts everyone should have are:

Emergency Fund Savings

The emergency fund savings account is specifically designed to cover you when you have an emergency or a sudden loss of income. Of the three savings accounts, this should be the first one you save before saving for the others. It is suggested that you save at least $1,000 in the immediate future and save at least six months of your income in case of job loss. Many take it even further and cover themselves for 12 months of income.

Retirement Savings

Retirement savings is specifically savings for the future once you retire from the workforce. There are several ways to save for a retirement savings account. You can contribute to your 401(k), you can have part of your income put into a retirement plan, or you can have another income source outside of your paycheck to fund your retirement plan. Check out America's Best Bookkeepers

Personal Savings

A personal savings account is generally used when saving for a specific item or reason. The most common reasons are to save the college for your children, to purchase a big-ticket item, or for a family vacation. There are several other reasons people may want to save money, which would all be done under a personal savings account.

Planning

many people have a difficult time planning for tomorrow, let alone the distant future financially. However, it is a mistake to neglect planning for your financial freedom and future. While it is strongly suggested that you hire a professional financial planner, you can plan for your financial future.

The first thing you need to do in planning your financial future is to sit down with everyone in your household with a financial stake in the future and discuss and decide on goals. These goals can be household goals as well as individual goals. Once you have these goals in mind, you’ll need to consider sources of income, expenses, and debts. You will then need to adjust or create a budget with your income, expenses, and debts in mind and your financial goals.

Planning this way will give you an overview of your financial situation and help you adjust your budget to accommodate your goals. This will help you and the entire household reach your financial goals and financial freedom and health.

Investing

The average American worker does not give much thought to investing. This could be for several reasons, such as no income to invest with, fear of investing, or lack of knowledge. With technology and so much information readily available on the Internet, the average person should make investment decisions that they will feel comfortable with. There are also many low-cost, low-risk investments that people can make to boost their income, if only slightly. Check out America's Best Bookkeepers

If you’re looking to make larger investments, you should hire a professional if you have no experience. Figuring out the best investments and how to go about it can be a daunting task, and having a professional on your side will make sure you make sound investments within your loss tolerance if an investment doesn’t work out. Also, an investment expert will be able to help you choose the right investments for you, your income, and your loss tolerance.

Overspending

Overspending is a quite common malady when it comes to personal finances. Almost every financially responsible person at one time or another has overspent and overextended themselves to the point of stress. If this is just an occasional occurrence, there’s nothing to worry about. However, if this is happening every single paycheck that you earn, you have a problem.

Sometimes the overspending is blatant and obvious. You went out and bought something you could not afford. However, more commonly, people overspend and don’t know how they did it because it was in micro amounts. For example, you may make small purchases such as copy or impulse buys while you’re at the grocery store that seems small when, if you did a forensic audit of your finances, you would discover that these added up greatly.

Having a budget will solve this problem. Your budget will give you insight into where you are spending your money if you stay diligent about entering every expenditure. It is suggested that you keep a handwritten diary of everything you spend your money on, including a candy bar at the convenience store. You must get an overview of where your spending money if you are constantly falling short every paycheck.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers