A lot of people have goals of becoming wealthy in their personal finances or through growth in their business. However, are you sure you’re paying attention the right things to measure your growth? Often times, people make a plan of what to save, how much they want to make, how to cut back spending, etc. but they don’t know how to track their progress against these goals. Ideally you would use a budget to actual analysis but if you don’t have that no worries…. below are 10 key number (5 personal savings, 5 business) that you should review monthly to ensure you’re on track and growing!
Personal Savings
If you are seriously trying to budget and save money, these are key numbers you should review each month:
1.       Income
2.       Expenses
3.       Variance in Expenses month over month
4.       Income vs. Expense
5.       Savings Total

Business Finances
Every business should have a balance sheet and income statement (also called Profit/Loss Statement). Here are 5 things to review from these 2 key financial reports:
Balance Sheet
1.       Equity
2.       Accounts Payable and Accounts Receivable
3.       Cash month over month
Income Statement
4.       Net Income
5.       Gross Margin

Even though your monthly review should not be limited to these 5 things, I think this is a really good start! If you don’t even know how to develop or access these numbers in your personal finances or in your business, click the button below to schedule a FREE CONSULTATION call!!
 


Comments

Personal finance and personal savings relates to each other, or you can sat that they are the opposite of each other when it comes to our money and how do we spend it and save it as well.

Reply
12/21/2016 2:55am

I definitely agree with the list you have. Although, I can only relate to the list for personal savings. We need to remember it's not always about what we save after we spend, it's also about what we save before we spend. The key factors to be able to successfully budget your income is by saving early and checking your progress through time. Thank you for sharing your insight regarding this topic. I will definitely share this with my friends so they will feel enlightened. Have a nice day!

Reply
01/11/2017 10:53am

In order for a person to have a successful personal savings, one should be strict in pursuing a goal. I know it’s hard in the beginning but once you’ll get that discipline, everything will be easy. I can’t say if my personal savings was ok or not. But I try my best to keep something from the small money I earned every month. I have to keep for my savings first before I spend on what’s left. I wasn’t taught by my parents about having that personal savings because they’re actually broke than a broken rat. But they’re who inspired me to save because I wouldn’t want to experience the same experiences that they’ve had before and even now.

11/17/2016 3:13am

I'm trying now to find th best way I can save my money! So this information in truly helpful for me!

Reply

I am thankful to this blog for assisting me. I added some specified clues which are really important for me to use them in my writing skill. Really helpful stuff made by this blog.

Reply

Finance and budget management is not an easy step for us its takes some time for the better understanding thanks for sharing this information with us.

Reply



Leave a Reply