No I’m not talking about the song by Mase and P. Diddy, its just a catchy title! 🙂
Obviously we need to have money to do things in this world. We need it to live our daily lives and to give to those in need. But the more money you make in your business are you getting into more debt?
To be a complete open book with all of you, once my husband and I started bringing in more money, the more money we spent and our debt started to rise with it! How is that possible you ask? I thought the same thing. I was always wondering why we were still living paycheck to paycheck but bringing in more money. Then I had a flashback of when I was just starting college and worked part time at the local hospital. I made decent money but I wasn’t spending nearly as much. I was content with what I had and budgeted. So what changed?
As moms and entrepreneurs we need to work off of a budget no matter how much or little you make in business. If not, going overboard with spending is bound to happen. For myself, once we started making more it was a great feeling, so we started doing things that we have always wanted to do! Nothing wrong with accomplishing your dreams and goals but I definitely took it overboard with what we were spending our money on. So we decided to sit down and look at our unnecessary expenses or the “FAT” in our budget. Amazing what we found! In ONE month we spent over $1,000 just in out to eat expenses! Geesh! Ridiculous!! No wonder why we were living paycheck to paycheck. We calculated that month we had about $1,500 in unnecessary spending. That money could have been used to pay off school loans faster, given to someone that is in need for it, or saved!
The reason why I wanted to talk about this Mo Money, Mo Problems (with the song by Diana Ross playing in my head) is because if we don’t work off of a realistic budget things can get out of hand. If you are working your business correctly, you WILL be bringing in an income. Now put that money to work for you. Be wise with your spending even if you bring in $5,000 or even $10,000 a month! Have you always wanted to take that week vacation to the tropics? Well budget for that trip. You will be given more if you can handle what you already have. This is true success in finances!
Have debt that needs to be paid off but need a program to follow? Click HERE to access a proven step by step program that teaches you wise vs. foolish spending and how to get your accounts down to ZERO!
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