2. How to Be Your Own Business Adviser – The Money

 

2. How to Be Your Own Business Adviser – The Money

Who Are Your Best Customers?

It seems like an obvious question and often people tell me. But when I look at their figures, I find the answer is something different to what they thought!

 

Quite interesting. (see my post on logic and intuition in business for why this happens).

 

Today what I would like you to do is to look at your figures and find out who your best customers are?

 

What I mean by BEST, is the people who pay you the most money, over a period of time.  Whether it is a week, a month or a year.

 

Often I find it is the quiet ones.  The ones you don’t really think about?  They pay you regularly, on time, enjoy what you do and refer you.

 

Those are the customers we are trying to find.

 

Look at your figures and add up how much each customer pays you – you will be surprised at the totals.

 

If you don’t have figures, don’t worry about it.

I have a 15 minutes bookkeeping course, that will talk you through how to set up your books.

 

My name is Jenny Bracelin, thank you for watching.

 

 


Where Does All My Money Go?

Where Does All My Money Go?

Ever wondered why, no matter how much you earn, there is never enough for you?

 

Well I am going to explain that today.

It’s funny, once we set up a standing order or a direct debt, we kind of forget about it.

 

What we actually spend half our money on is what I like to call “essentials”  water, food and shelter.

 

Once we have set up that direct debit for our mortgage or rent.

We come home, transport ourselves somehow magically.  Lay our heads down knowing we have somewhere warm and dry to sleep, somewhere to wash ourselves, wash our clothes, cook a nice dinner, even plug in our phone to charge.

Yes that does take up about half our money, 50%.

 

Personally I think it is a good investment, but I do my best to keep the costs down.

 

In America, that is one of the reasons for ‘Tiny Houses’ where people say no, I don’t want to spend that money on housing, I want to spend it on travel and technology, but it is your choice.

 

What about the rest of our money?

 

Well on one hand, half of that, 25% goes on debt payments or savings, depending on your personality.

 

The other half, 25%, goes on things we get really excited about.

I am talking days out, I am talking delicious food, I am talking getting together with the family, birthday presents, Christmas, holidays, even just a decent phone.

And we are not even talking vices, wine, chocolate, smoking, or whatever else you do?

 

Maybe that explains why, no matter what you do, this is only 25% of your after tax income.

That’s why it never seems to stretch as far as you hope it will!

 

So hopefully that answers the question, where does your money go?

If you would like some help, message me on Facebook, or book one of my workshops on Money Mastery.

 

Thank you for watching, Jenny

 

 


What Do I Need to Do at the End of the Month?

 

What to do at the end of the month?

 

People spend hours worrying about money. It really isn’t necessary.

The first thing to do is to get reality.

 

To find out what is actually happening and that is what we are talking about today.

 

The first thing:

Add up all the money that has come into your business.  All the money in.

The second thing:

Add up all the money out from your business. All the costs.

Yes the third thing:

Take away the money out from the money in, so you are left with the difference.

Hopefully it is profit.

If it is not, don’t panic, at least you know the figures and you are out of denial.

 

Otherwise you are just loitering in denial and suffering!

 

Working out your figures, is the first step.

 

Then if you want to be a bit more sophisticated.

 

  1. Ask yourself what worked this month? What brought the money in?
  2. Or what didn’t work, what did I spend money on, that was more costly than I thought?
  3. You can then decide what you are going to do differently next month.

 

Also the perfect time to make sure everyone has paid you and you have paid all your bills.

 

Plus can you cover your bills for next month?

 

So it is quite simple and usually takes less than an hour.

 

It doesn’t matter whether you are doing it on a calculator and the back of an envelope or you have a sophisticated accounts system.

 

I don’t really mind as long as you know those 3 figures.

 

Your money in, your money out and the difference.

 

That’s it for this month, at the end of the month, enjoy.

For help with simple bookkeeping

 

All the best, Jenny

 

 


Why You Resist Saving Money?

Why do you resist saving money?

An interesting question, that I have had lots of questions on this week, so I thought I would do a blog on it.

It is not just saving money we resist, but we resist change generally.

We are really happy in our comfort zones.

It takes a lot to get us out of those and in to doing something new.

 

For example, I was really happy paying £30 a month for my mobile phone and have done so for many years, more than 10 years.  It was only when I started paying £38 for my new iphone, I was bit uncomfortable.

Then a friend said to me, she only pays £5 and I was “she is tights”, she’s not.

Or “she probably doesn’t have data” she does.

 

Instantly, I didn’t want to admit that maybe I could have got a better deal and it was my loss and not hers.

It wasn’t till I lost the signal on my mobile phone and couldn’t hear people, that I actually did something about it!

 

Even noticing they charged me twice for one month didn’t do it.

In less than an hour, I have managed, with the same supplier to get a better deal, improve the quality of the call, for more data, text and calls that I have ever used for £5 a month.  I was amazed.

Not just that, I got £60 refund, which effectively meant the first year was free.

 

A few years later,  I am still paying £5 a month, saving £300 per year.

 

I haven’t had to review it every year, which is always nice but I realised other people are missing out.

I wanted to let people know that it is possible with the internet changing so fast, to save 100’s of pounds on those bills, you think you have to pay, as opposed to those things you want to pay.

 

So my challenge to you “How much can you save?”

 

I would love to hear how much you have saved.

 

I also know you need to be moved from that state of comfort to discomfort, in order to have it happen!

 

So I have scheduled a workshop in 3 weeks time, on Saturday 15th July.

If you haven’t saved at least £100 by then,  come to the workshop.

I will motivate you and actually help you do it as part of my Money Mastery Workshop.

 

I really want us to spend our money how we choose.

 

Whether that is paying off debt, going on holiday or just a really nice day out?

Save the money on things you are not really interested on buying but you have to!

 

Here’s the link to the Money Mastery Workshop.

Thank you very much for watching, Jenny

 

 


I Have Done My Tax Return, Now What?

I have done my tax return, now what?

 

So the first thing to do is to congratulate yourself.

 

Completing your tax return, or doing the figures, is an accomplishment to be celebrated.

 

So Congratulations.

 

Secondly, grab a nice cup of tea or whatever your prefer, get your figures out and have a look at them.

 

So what we are looking at, is from a numbers perspective.

You know how the year went, you were there.

Now we are looking at, what was the result of all that, in numbers.

 

If you get your figures out and look. What worked? What went well? What made money?

 

Second question, what didn’t work? What didn’t make money? What did you think was going to work but didn’t?

So essentially, What worked? What didn’t work?

 

Lastly, now you know that.

What are you going to do differently this year?

That can be really useful to look and one of the reasons to do your tax return in April.

 

What would you do differently this year, having looked your figures?

 

The very last thing to do, is to take your figures and put them conveniently in a file. I have one here marked tax.

 

The idea is to put your figures somewhere you can find them.

 

The other thing I do for the more advanced users is at the front of my file, I list how much tax I have to pay, so I know in January.

Also so I can look at a glance how much tax I have paid over the last few years. It is really handy.

 

That’s it, Congratulations.

 

Doing this now will save you so much time and money next year.

 

Thank you for watching.

 


Relaxing Tax Returns

 

Relaxing Tax Returns

 

I am always looking for ways to feel good around money.

 

One of the surprising ways I have found is, yes I know, doing my tax return in April.

 

One of my clients turned up and she was so relaxed and calm.

 

I asked her “how come?” and she said “I have just done my tax return.” and I thought yes, I would like that feeling.

 

I have done my tax return in April ever since.

 

Now you could be one of the half a million people who wait until the very last day, 31st January, to do your return.

 

Or one of the 2000 people who do it on Christmas Day – not sure about that.

 

Personally, I like to get to the end of the tax year, gather everything together and do my figures.

 

Then start the new tax year fresh.

 

Not worrying I am going to find a receipt in 18 months’ time and trying to think ‘what on earth was that for?’.

 

Sometimes I pay at the same time, if it is a small amount.

 

Mostly I put a few reminders in my diary, not to spend the money at Christmas and to pay in the New Year.

 

Thank you for watching.

 

 


Is There Anything I Need to Do With My Business Before the End of the Tax Year on 5th April 2017, in the UK?

 

Is there anything I need to do with my business before the end of the tax year on 5th April 2017?  (UK)

 

Now this is the time of year accountants and financial advisers get very excited, they are also quite often busy.

 

It is all to do with Tax Allowances, which I know sounds really boring but it is essentially the government’s way of encouraging us to do things , like savings and pensions and other things like that.

So before you glaze over and switch off.  I have made it as simple as possible.  So you can start your journey of understanding these things, because they are important and will provide for your financial future.

 

Let’s face it, most of us don’t get up in the morning going yeah! Let’s sort out our savings and pensions and tax allowances, how exciting!

 

So simple, so clear, let’s go.

 

If you bring home to you, less than £11,000, from all your jobs and businesses. That’s £11,000.

 

Here are my suggestions to consider.

 

Firstly

Putting some money in an emergency savings account – you know it is important, well now is the time to create or add to your emergency savings.

 

Secondly

To check your eligibility for the state pension, before you go ‘nooo, not relevant’ and dismiss it.

 

You only need 30 years of national insurance now to be eligible and if you are self-employed, it is actually a really good investment.

 

One they are probably going to change in a few years, so worth looking at this year.

 

This is the one thing I recommend you do – get a statement from the government on where you are with your state pension. click here to apply

 

So check out your state pension as it is a very good investment particularly when you are self-employed.

 

Lastly

Married Couples Allowance

I know it sounds archaic but was brought in by David Cameron and not of lot of people know about it.

It will give you £220 a year, so worth considering.  You can just apply online.

You are eligible if one partner is earning less than £11,000 and one partner is earning over £11,000.

Click here to apply.

 

I know, but you want to know these things, don’t you!

So that’s clear, if you are earning £11,000 or less. You can find out more on www.gov.co.uk

 

Let’s look at if you bring home over £11,000?

 

I have a few more tips to include.

 

The more you earn, the more important these things are to look at.

 

Firstly

Back to savings again – it is even more important now, that you have emergency savings.

When you earn over £11,000 you might want to put the money into an Individual Savings Account (ISA).

You will probably see lots of TV advertising and print advertising saying ‘Use your ISA Allowance’.

 

It is a place to put savings where we don’t get taxed, so well worth it if you pay tax, that’s an ISA.

 

In fact, the government has started a new Lifetime ISA if you are under 40 to encourage young people to save.  It is even better than a standard ISA.

http://www.moneysavingexpert.com/savings/lifetime-ISAs

 

Secondly

The second thing is a personal pension.

It is incredibly tax efficient to put money in a pension.

The government actively wants us to do it.

So once you start earning over £11,000 and definitely when you get to £43,000, you want to be putting money in a pension and providing for your future in some way or other.

 

Would recommend a financial adviser here or starting off with one of the simple ones, again check out https://www.gov.uk/personal-pensions-your-rights

 

Lastly

This is a business one

If you are about to make an expensive purchase anyway?  It can be worth consciously deciding which tax year to buy it in, either before or after the 5th of April.

Accountants get quite excited about this.

 

In conclusion

So that is it, not perhaps as complicated as you thought?

 

As I said, we never wake thinking, ‘let’s do the really complicated stuff today’ but it is worth it.

 

On this blog, as well as including the exciting things, I wanted to cover some of the more difficult things, people avoid, put off and generally blank!

 

The action for the end of the year,

well there is nothing you have to do but providing for your financial future is highly recommended.

 

Take one action today towards your future.  Put some money in savings and/or order your state pension statement.

 

Thank you very much for watching this, I have much respect for you watching these videos, particularly when they are about more difficult subjects. 

Thank you.  Jenny

 

 


Get Out of Debt Forever

Get out of debt forever

yes it is possible,

mainly I focus with Money Coaching on bringing money in,

so when someone brings up debt half way through a session, I know it is probably a little more serious than they are letting on,

so I recommend taking dramatic action.

 

My 2 steps are:

Firstly: Dramatically, drastically reduce all your expenses

This does involve having really horrible, embarrassing conversations with people, about getting out of things you have committed to, that are awkward and emotionally yuck.

Remember that yucky feeling is what will stop you going into debt again. Breathe.

I did say they were dramatic.

 

Secondly: Get a part time job

All my clients are in business and we try and get a quick win on their business or schedule a follow up session.

The reality is sometimes businesses go through peaks and troughs or they just take longer to make money that you expect so getting a part time job does at least bring in some income, which does make a difference.

Now these are quite dramatic solutions, and the reason is to try and shock people out of denial, into dealing with their debt.

Often there is someone in their life they can talk to but they haven’t because they are too embarrassed.

After a conversation with me! They are much more likely to do that and come up with a less embarrassing, less awkward situation.

So it is about getting out of denial and into action because once you are in action, the worry and the stress just calms down quite a lot.

It can be done and all my clients who have followed this advice have got out of debt and none of them have got back into debt.

So I know it is a difficult subject and I wish you the best with it.

Thank you for watching.

 


How Much Money is Enough?

How much is enough money?

There is no right answer, only the right answer for you!

What makes you feel happy, contented and feel good about yourself?

Now I am talking personal money here, just for you.

Not charitable contributions or community donations, or for anyone else.  Just for you.

 

 

I have asked 100’s of people this question

(I know, but that is what I am interested in), mostly in the early stages of business.

Generally, the answer is a blank look.

It is very rare for someone to actually have an answer,

ever rarer for someone to have  a money goal,

(which is obviously something I get excited about).

 

Yet happiness surveys tell us “having enough money increases our happiness” but once we have enough, then it is all about our health and our relationships.

 

So it could be interesting to work it out?

You don’t have to do it formally,

just on the back of an envelope, but I wonder what the answer would be?

 

Alternatively, decide you have enough money and enjoy it.

 

Thank you for watching.

 


Can’t Face your Figures? Write a Letter to Money Instead.

Can’t face your figures? Write a letter to money instead.

Yes, we are all human and there are times where we all think ‘ugh’ I can’t face doing my figures or my bookkeeping, or money just got on top of you.

So today what I wanted to do, was provide you with a short, quick tool to use, when you get into that place.

Yes, it is only being human and by doing writing instead of figures, hopefully, it accesses a different part of your brain.

Now many of you might have written a letter to money before but what I am suggesting today, is to just pick one topic to keep it short and sweet.

Why can’t I get on with my books?
Why do I always spend more than I earn?
Why do I … whatever it is that is your thing?

Just pick one topic and write a letter.

Now what you want to do is write it like you are writing to a dear friend.

A dear friend that is never going to read it so you can be as honest as you like!

It is a great place to have a good rant or get anything off your chest that you feel will help.

You can just take a sheet of paper and write it out, do it on your computer. Or if you want some headings to help you along, I have prepared some.

If you go to my website www.jennybracelin.co.uk/dearmoney you will find the headings and the explanations.

The headings for your Dear Money letter are:

I am doing…, so it is Dear Money and then say what you are doing.
I am feeling…and say what you are feeling.
Ask what can you do…what can you do?
Dealing with buts, and’s and I want more’s… they will come up so have that as a topic.
What can I do now? You don’t have to do it but ask the question.
End with a Thank You, that is always a good way to end.

So that is my ‘get yourself unstuck’ little tool so thank you very much for watching.

Next week we are back to practical stuff and it is a Live Q & A on Facebook at 12 noon GMT on Friday 3rd February 2017.

We are talking about now you have done your books, or now you have done your accounts, what now? You can just stick them in a drawer but we are going to provide you with some other useful suggestions.
Thank you for watching.