Sign In
The CEO Views Small logos
  • Home
  • Technology
    Artificial Intelligence
    Big Data
    Block Chain
    BYOD
    Cloud
    Cyber Security
    Data Center
    Digital Transformation
    Enterprise Mobility
    Enterprise Software
    IOT
    IT Services
    Innovation
  • Platforms
    How IBM Maximo Is Revolutionizing Asset Management
    How IBM Maximo Is Revolutionizing Asset Management
    IBM
    7 Min Read
    Optimizing Resources: Oracle DBA Support Services for Efficient Database Management
    Oracle
    Oracle
    9 Min Read
    The New Google Algorithm Update for 2021
    google algorithm update 2021
    Google
    5 Min Read
    Oracle Cloud Platform Now Validated for India Stack
    Service Partner Horizontal
    Oracle
    3 Min Read
    Oracle and AT&T Enter into Strategic Agreement
    oracle
    Oracle
    3 Min Read
    Check out more:
    • Google
    • HP
    • IBM
    • Oracle
  • Industry
    Banking & Insurance
    Biotech
    Construction
    Education
    Financial Services
    Healthcare
    Manufacturing
    Mining
    Public Sector
    Retail
    Telecom
    Utilities
    Gaming
    Legal
  • Functions
    RISMA Systems: A Comprehensive Approach to Governance, Risk and Compliance
    Risma Systems
    ENTREPRENEUR VIEWSGDPR
    9 Min Read
    Happiest Minds: A “Privacy by Design” approach is key to creating GDPR compliant businesses
    Happiest Minds 1
    GDPR
    8 Min Read
    Gemserv: GDPR 2020 and Beyond
    Gemserv 1
    GDPR
    9 Min Read
    ECCENCA:GDPR IS STILL AN UNTAMED ANIMAL
    eccenca 1
    GDPR
    6 Min Read
    Boldon James: HOW ENTERPRISES CAN MITIGATE THE GROWING THREATS OF DATA
    Boldon James 1
    GDPR
    8 Min Read
    Check out more:
    • GDPR
  • Magazines
  • Entrepreneurs Views
  • Editor’s Bucket
  • Press Release
  • Micro Blog
  • Events
Reading: 6 Tips for Staying On Top of Your Personal Finance While You’re Running a Startup
Share
The CEO Views
Aa
  • Home
  • Magazines
  • Enterpreneurs Views
  • Editor’s Bucket
  • Press Release
  • Micro Blog
Search
  • World’s Best Magazines
  • Technology
    • Artificial Intelligence
    • Big Data
    • Block Chain
    • BYOD
    • Cloud
    • Cyber Security
    • Data Center
    • Digital Transformation
    • Enterprise Mobility
    • Enterprise Software
    • IOT
    • IT Services
  • Platforms
    • Google
    • HP
    • IBM
    • Oracle
  • Industry
    • Banking & Insurance
    • Biotech
    • Construction
    • Education
    • Financial Services
    • Healthcare
    • Manufacturing
    • Mining
    • Public Sector
    • Retail
    • Telecom
    • Utilities
  • Functions
    • GDPR
  • Magazines
  • Editor’s Bucket
  • Press Release
  • Micro Blog
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
The CEO Views > Blog > Micro Blog > 6 Tips for Staying On Top of Your Personal Finance While You’re Running a Startup
Micro Blog

6 Tips for Staying On Top of Your Personal Finance While You’re Running a Startup

The CEO Views
Last updated: 2025/01/21 at 2:22 AM
The CEO Views
Share
6 Tips for Staying On Top of Your Personal Finance While Youre Running a Startup
6 Tips for Staying On Top of Your Personal Finance While Youre Running a Startup

If you’re a business owner, you’ll need to get smart about your personal finances. Not only will your personal finance habits rub off on your business, but you’ll need to make better financial moves away from your company to take out loans, purchase property, and save lots of money.

Personal Finance Tips All Business Owners Should Use

The number one rule of business is you should never mix your personal and business finances, but you can’t ignore your personal finances altogether. Use these tips to stay on top of things.

1. Make it Easy to See Your Full Financial Situation

Most banks and financial institutions have their own app that lets you see your current balance. But besides tracking what’s necessary, these apps may not offer credit score monitoring, goal setting features, financial insights, and the ability to soft check your credit score weekly.

With a budget planner application, like SoFi, you can do all of that and more. Plus, it can help you develop better habits because you know what negatively affects your credit score.

2. Build Up a Savings, Rainy Day, and Emergency Fund

The more savings you have, the better, especially if you’re operating as a new startup. Since it can take up to three years for your business to see a profit, you’ll need at least three to six months’ worth of living expenses to stay afloat. However, you’ll also need extra savings.

For example, a rainy day fund should have $1,000 (for wiggle room with your spending), while an emergency fund should have $3,000 to account for unexpected purchases, like car repairs.

3. Manage Your Personal Credit By Staying in the Green

According to Equifax, a “good” credit score ranges from 670 to 739, whereas a very good score is 740 to 799. Anything above 799 guarantees you’ll get a loan or other financial products from the bank so long as you keep your debt low and your credit utilization ratio below 30%.

To make sure your credit stays high, pay your bills on time, use credit frequently (but pay off your bills before the end of the month), and keep a few credit products on your file at all times.

4. Put Money Towards Retirement Savings Plans

It can be difficult to focus on retirement when you have so much on your plate, but contributing to a SEP-IRA or other tax-advantaged savings plans actually benefits your business. Not only will you have money saved when you retire, but you’ll also reduce your tax burden each year.

Depending on your income, you may find it easier to save for retirement as a self-employed person. Plus, you can put the money you save towards other investments, like stocks.

5. Invest Appropriately Based on Your Risk Tolerance

Speaking of investments, self-employed individuals need to start putting money in stocks, bonds, and real estate where possible. Young entrepreneurs should put most of their money towards high-risk investments, like stocks and fill the rest of their portfolio with bonds.

If you can afford to invest in real estate, cut the amount of bonds in your portfolio in half. As a rule, the older you get, the more you should spend on low-risk investments, like bonds.

6. Ask a Financial Advisor or Investor for Help

When you start hiring employees and investing more time in your business, you’ll hardly have time to spend on your personal finances. In these instances, you should talk to a financial advisor for advice. Or, you could hire a personal accountant or bookkeeper if you’re able.

Most bookkeepers are able to track your expenses and prepare your tax statements, but they won’t be able to file your taxes. To get this additional service, you need a registered accountant.

The CEO Views April 22, 2022
Share this Article
Facebook Twitter LinkedIn Email Copy Link
Previous Article Accelerer 1 Accelerer: A Modern Global Change, Project and Leadership Partner for Your Business
Next Article Goodwin Biotechnology Goodwin Biotechnology: Pioneer in Biopharma Manufacturing Services
Understand These 4 Attacks Vectors to Safeguard Your Organizations From Cyber Attacks

Understand These 4 Attacks Vectors to Safeguard Your Organizations From Cyber Attacks

February 12, 2024
stech
ENTREPRENEUR VIEWS

S&techs: Shaping the Future of Construction Management

The CEO Views By The CEO Views February 7, 2024
The Backbone of Construction Industry
Construction

The Backbone of Construction Industry: Leveraging Transportation for Efficient Material and Equipment Delivery

The CEO Views By The CEO Views January 2, 2025
Are Legacy Systems Holding Your Business Back in the Age of Crypto
Cryptocurrency

Are Legacy Systems Holding Your Business Back in the Age of Crypto?

The CEO Views By The CEO Views June 25, 2025
Top US visa policy changes
Editor's Bucket

The Recent Visa Bulletin: 10 Changes in US Visa Policy in 2025 to Learn About

The CEO Views By The CEO Views May 9, 2025

The US Stock Market Today Takes a Surprising Turn as Stocks are Rising and Oil is Tumbling after Iran Launched Missiles at US Bases

June 25, 2025

Redefining Business Success: An Exclusive Interview with Joy Gendusa, CEO of PostcardMania

June 25, 2025

St. Cloud Financial Credit Union: Trailblazing Financial Technology

June 25, 2025

Res Media: Crafting More than Just Applications

June 25, 2025

You Might Also Like

How Visual Direction Shapes Your Brand's Positioning
Micro Blog

How Visual Direction Shapes Your Brand’s Positioning

7 Min Read
How to Choose the Best Parking Lot Lights for Commercial Property
Micro Blog

How to Choose the Best Parking Lot Lights for Commercial Property

8 Min Read
Audio Distribution Systems
Micro Blog

How Modern Audio Distribution Systems Are Transforming Commercial AV Integration

8 Min Read
Unlock Business Insights with Microsoft Power BI Consulting
Micro Blog

Unlock Business Insights with Microsoft Power BI Consulting

8 Min Read
Small logos Small logos

© 2025 All rights reserved. The CEO Views

  • About Us
  • Privacy Policy
  • Advertise with us
  • Reprints and Permissions
  • Business Magazines
  • Contact
Reading: 6 Tips for Staying On Top of Your Personal Finance While You’re Running a Startup
Share

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?