• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • About
  • Privacy Policy
  • Contact
bfwr logo

Free Web Resources

For Smart Internet Users

  • Facebook
  • RSS
  • Twitter
  • Technology
  • Inspiration
  • Photography
  • Business
  • Games
  • More
    • SEO
    • Tutorial
      • Coding
      • WordPress
    • Resume/CV
    • Graphics
      • Logo
    • Wallpapers
    • Freebies

Managing Your Personal Finances as a Digital Startup Founder

July 6, 2019 by Rupesh Kumar

Being a digital startup founder is all about being inspired to create something new, vibrant and exciting. In the course of getting the startup off the ground and running well, it’s easy to end up mixing personal finances with business. This is a mistake. Even though you need to create a financially successful business in its own right and get out of ‘startup mode’ eventually, in the meantime it’s important to run a tight ship on the home-front too. Here’s how you do that.

Get on a Personal Budget

This may not sound glamorous, but it sure helps. When you’re having trouble balancing the checkbook and figuring out where your money is disappearing to, making a plan for every dollar of your salary is a good start.

Finances

Using a software tool like YNAB – You Need a Budget – is successful for many people who have trouble keeping everything in check. Believe me, when running a business, it’s hard to keep all the plates spinning at the same time. Sometimes you drop a few, and usually that’s in the personal finance area.

Found a Cashflow Shortfall? Apply for Payroll Advance Loans

If you have a particularly expensive month and all your savings have already been invested into the business, don’t raid the company. Instead, get an advance loan that will help to resolve the shortfall until you get a cheaper month in order to repay the loan.

Getting a payroll advance is a great short-term solution. It can be up to $2,500 in one go and is repaid through a series of easy installments. Using the budgeting to isolate when you’ll run into a cashflow deficit is useful. Apply for a payroll advance loan before you actually need the money. By submitting an application slightly in advance, the payroll advance online comes through right when you need it. Problem solved.

Find Where You Get the Most Value

Move away from the concept that everything inexpensive or free is low quality or not worth doing. This only leads to higher expenses which forces your company to pay a higher salary to you while it’s in growth mode and needs most of the earnings to be reinvested.

Think about what things you enjoy the most in life. Often, it’s not the expensive trinkets or luxurious vacations, but the little things like spending time with friends or loved ones. Cut back in the areas that don’t bring you as much pleasure as you thought and spend up on fun. It’ll be more enjoyable, and you’ll spend less maintaining your lifestyle too.

When managing your personal life reasonably well, including your money, it avoids problems regularly impacting your business too. Even when you keep finances separate, personal money issues will affect your performance within the company if you don’t keep everything straight. It’ll bleed into everything else and you may end up having to increase your salary just to stay personally above water. Ultimately, this could hurt the sustainability of a new digital business due to paying higher wages to yourself than necessary in the early years.

Related

Filed Under: Featured

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Time limit is exhausted. Please reload CAPTCHA.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

Search

Trending

  • 7 Best Video Chat Websites
    7 Best Video Chat Websites
  • Best Barbie Font for your next project
    Best Barbie Font for your next project
  • Top 10 Best Free Font iPhone Apps
    Top 10 Best Free Font iPhone Apps
  • Birth Certificate Templates
    Birth Certificate Templates
  • 30 Examples Of Shadow Photography Taken at Perfect Time
    30 Examples Of Shadow Photography Taken at Perfect Time
  • 45 Beautiful Examples Of Light Effect Wallpapers
    45 Beautiful Examples Of Light Effect Wallpapers
  • 30 Funny Examples Of Fat Animals
    30 Funny Examples Of Fat Animals
  • 19 Cool One-letter Logo Designs
    19 Cool One-letter Logo Designs
  • 50 Mind-Blowing Fantasy Wallpapers For Free
    50 Mind-Blowing Fantasy Wallpapers For Free
  • 50 Hot Burning And Fire Logo Design
    50 Hot Burning And Fire Logo Design

Footer

EMAIL NEWSLETTER

Get the latest in your Inbox for free.

Recent

  • Bold Interiors: Top Home Decor Ideas for a Vibrant and Inviting Home
  • The Process of Manufacturing Rubber Patches
  • 3 Quality Control Best Practices for Electronic Component Suppliers
  • 3 Tips For Selling To An Older Demographic
  • 3 Popular Genres of Photography on Social Media 

Copyright © 2023 · Free Web Resources