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7 Effective Money Management Tips During Crisis



7 Effective Money Management Tips During Crisis

Financial stability is a dream of many people, whether they are entrepreneurs or not. But in the face of such an unpredictable economy, we know that it is increasingly difficult to plan expenses and save enough to build wealth, mainly for those who want to start their own business.

In this post, we share some quick  7 simple tips dedicated to those who want to have a healthier financial life, even without a very high budget.

Write down your fixed expenses

Fixed expenses are the ones we pay every month, such as rent, water, electricity, telephone, internet, etc. It is important to note that you must include taxes in the list…. that you will not forget!

Having a record of fixed expenses is important to know how much of the family income is left over each month to invest, save, or even spend on rest and leisure.

Likewise, and if you are an entrepreneur, you must also have control of the fixed expenses of your business, such as rent and production costs.

There are several ways to carry out this control, but we recommend keeping a spreadsheet in Google Drive or Excel since, in addition to being saved, which does not run the risk of losing them, the tool already calculates expenses and costs. subtract from your salary/benefit.

Set aside at least 10% of your income each month

Before paying fixed expenses, try to reserve at least 10% of your income to invest. If you earn a fixed monthly salary, then that means you must separate it, and if you are self-employed, that percentage is separated from all your earnings for the month.

The goal here is not only to save money for a period of time until you can spend it on something superfluous but to apply that value so that it can pay interest and become an asset in the future.

At the beginning it can be difficult to “abandon” that 10%, but if you focus on the long-term result and manage to adapt your lifestyle without making great sacrifices, in less than a year you will begin to see the first results.

Keep your personal expenses separate from your business

This suggestion is valid for those who already have a business or intend to start one. Many small and medium-sized entrepreneurs still struggle to separate personal expenses from business expenses, which can lead not only to lose but even bankruptcy.

This practice is bad because you can’t tell if your business is making a profit, after all, you’re always taking money out of the box. Lack of capital also prevents you from promoting process improvements and improving your disclosure, which restricts the reach of your brand.

And finally, mixing personal accounts with business accounts can give a false impression of “wealth” and motivate you to spend more than you really can at the time.

Therefore, we recommend that you have two separate accounts if you are an entrepreneur. The good news is that you can use the legal person associated with the account to contract corporate plans for your company, such as health, food, etc., which also help save money.

Pay off your debts as soon as possible

If you have already obtained a loan in your name, consider paying more instalments simultaneously to reduce the duration of the contract and, of course, the interest.

But beware, we are not saying that you should adjust to remove your debts faster. The ideal is to use money that is “leftover” to advance the instalments, that is, nothing to move in the fixed expenses or in the cash flow of your business.

An example of money that can be set aside to pay off debt is a payment for a freelance job you’ve done, for example.

Set financial goals

Before going any further it is important to know the difference between goals and objectives. Although we use these two words interchangeably, the objectives represent what we want to achieve in the long term, while the goals, on the other hand, represent the concrete actions quantitatively and with a predetermined term.

Here are some lucky charms for Money, that can improve your financial status drastically.

For example, your goal is to increase the sales revenue of your business. Your goals, in turn, may be to double the number of transactions in the next six months, increase your customers’ average ticket by 50%, etc.

Avoid using your credit card

This suggestion is closely related to the previous item since it encourages cash payment.

Does this mean that you should never use your credit card? Of course not!

Credit cards represent a great convenience for the consumer, as well as being the most common online payment method. Our advice is to try to avoid using it when you have the cash to pay for something. In many different parts of the world, when you make payments (or pay in instalments), you end up paying interest, thus spending more than you would pay if you paid in advance.

Use the Internet to compare prices

If you do a quick search for a product on the Internet you will see that many different sites sell them and at many different prices.

Therefore, every time you are about to make a purchase, find the best price that fits your budget. After all, when it comes to saving money, bargain hunters are great, because every penny counts.

There are some tools like PriceGrabber that search and compare deals, listing the different stores, from the cheapest to the most expensive. Alternatively, you can use the marketplace filters and e-commerce to find the cheapest offers. These two examples apply to physical products.

If you are looking for a digital product, such as an online course or eBooks, it is a good idea to search Facebook groups or subscribe to producer lists, keep up to date with offers and compare prices.

It is important to remember that, in the case of digital products, the price is not the only thing that must be taken into account. The value it provides, the problems it helps to solve, whether it is a high value-added product and the real cost, everything must be taken into account.


If you adopt at least one of the habits to follow, you will see that, over time, your money will yield more and you will be able to invest in the activities that you like the most.

Bhawana Rathore is a passionate SharePoint Architect having around 10 years of IT experience in the industry. She has been recognized by Microsoft as the Most Valuable Professional (MVP) in Office Apps & Services twice. She writes at and helping people to enhance their lives by sharing Feng Shui related information at FengshuiTricks Youtube Channel. She is also a co-founder of , KnifeAndFork.Info