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Keep Good Business Credit

As your company grows, you may want to buy new equipment, rent a new space, and hire more employees amongst others.

To do these, you may need external financial support and with poor business credit, getting approval for all these transactions and acquisitions can be more difficult.

To keep good credit, pay off all your debt funding as soon as possible. Only seek funding that you can quickly and easily repay and don't take out loans with interest rates that you can't afford.

Use An Accounting Program
When you begin, you can keep everything in a spreadsheet, but as you expand that might get unwieldy.
There are a lot of free and low-cost accounting programs available and they will save you time and lots of headaches down the road. QuickBooks, Wave, Zoho Books, Xero, and FreshBooks are a few examples of the best apps for small business owners.

Head over to : https://blog.rosabon-finance.com/finance-tips-for-small-business-owners-pt-2/ to know more.

The most important step for any business owner is to be financially aware. With sound financial management systems, business owners can create a stable financial future and avoid failure.

While some small business owners may have prior experience running a business or have strong financial literacy, many are complete novices. This blog post will guide those with limited business finance experience towards managing their finances effectively.

Pay Yourself

If you're running a small business, it can be easy to put everything into day-to-day operations because you want all the extra funds to go into helping your business grow.

However, as a small business owner, you shouldn’t overlook your role in the company and should pay yourself accordingly. Remember, you're part of the business and you need to compensate yourself as much as you pay others.

Prioritize Business Financial Planning

A comprehensive small business finance plan includes budgeting, accounting, future prediction, tax planning, and risk management.

You must analyze your businesses’ accounting reports and financial statements from time to time to gain insight into your business performance.

This will allow you to set the right financial goals, whether to invest more money in your business (for expansion, buying new inventory, or hiring staff) or save for retirement.

Read More here: https://blog.rosabon-finance.com/8-finance-tips-for-small-business-owners-part-1/

Debit cards are a simple, convenient way to make purchases.

They offer some wonderful benefits to cardholders including the ability to withdraw cash at ATMs all over the world, and pay for things or services, anywhere your cards are accepted. This eliminates (or at least) lowers the need to go around carrying a wad of bills which is a quite risky move if we must add.

However, as convenient as cards are, one ‘simple’ mistake can cost you all the money you have ever worked for. Each time you choose to swipe that little piece of plastic, here are six mistakes you should be wary of.

Overusing ATMs

We get it, ATMs are easy and all that, but tread with caution. While running to the nearest ATM might be the quickest and easiest course of action, ATM fees from banks besides your own can quickly add up to significant amounts.

Withdrawing Cash From Random ATMs

Never withdraw from strange or stand-alone ATMs. Look for ATMs that are enclosed (sometimes in a little glass room) and located inside a bank.

Those are the good ones because they are extra secure and less susceptible to skimming, a situation where criminals attach fake card readers or keypads to find out your account details.

Read more here: https://blog.rosabon-finance.com/debit-cards-mistakes-to-avoid/

If you haven’t seen Squid Game on Netflix, you are missing out on good nine hours of thrilling television.

Beyond the thrill, drama, and suspense, this series brings to light the importance of taking care of our finances, the anxiety that accompanies an economic downtime, and the problems that arise from making poor financial decisions.

Here are six lessons Squid Game can teach you about personal finance.

P.S: A little bit of spoiler alert…. We will (try to)project the lessons without giving away too much about the series.

Prioritize Paying Off Debt

This is the most obvious money lesson in Squid Game.

Episode 1 introduced Seong Gi-hun as a deadbeat father who relied on his old mother for financial support. He stole his mother’s credit card and withdrew money to bet on horses. After winning ₩4,560,000, he decided to run away instead of paying his debt.

Seong Gi-hun wasn’t the only chronic debtor in The Squid Game. Several of the characters constantly received calls and were harassed by any means to pay off their debts.

Paying off your debt should always be a priority because it’s very hard to achieve financial security while you’re in debt. With the right planning, discipline and order, you can get your finances back into order.

Be Very Careful With Your ATM Cards

This is another lesson you should take to heart. Never trust anyone with your ATM cards!

If Seong Gi-hun could steal from his ailing mother who did everything she could to support him, then no one should be trusted. This may sound harsh, but it is sound advice.

Keep your cards carefully and never disclose your pin to anyone. Improving your passwords, make it harder for hackers to steal your money.

Read the rest here: https://blog.rosabon-finance.com/6-finance-lessons-from-squid-game/

If you haven’t seen Squid Game on Netflix, you are missing out on good nine hours of thrilling television.

Beyond the thrill, drama, and suspense, this series brings to light the importance of taking care of our finances, the anxiety that accompanies an economic downtime, and the problems that arise from making poor financial decisions.

Here are six lessons Squid Game can teach you about personal finance.

P.S: A little bit of spoiler alert…. We will (try to)project the lessons without giving away too much about the series.

Prioritize Paying Off Debt

This is the most obvious money lesson in Squid Game.

Episode 1 introduced Seong Gi-hun as a deadbeat father who relied on his old mother for financial support. He stole his mother’s credit card and withdrew money to bet on horses. After winning ₩4,560,000, he decided to run away instead of paying his debt.

Seong Gi-hun wasn’t the only chronic debtor in The Squid Game. Several of the characters constantly received calls and were harassed by any means to pay off their debts.

Paying off your debt should always be a priority because it’s very hard to achieve financial security while you’re in debt. With the right planning, discipline and order, you can get your finances back into order.

Be Very Careful With Your ATM Cards

This is another lesson you should take to heart. Never trust anyone with your ATM cards!

If Seong Gi-hun could steal from his ailing mother who did everything she could to support him, then no one should be trusted. This may sound harsh, but it is sound advice.

Keep your cards carefully and never disclose your pin to anyone. Improving your passwords, make it harder for hackers to steal your money.

Read the rest here: https://blog.rosabon-finance.com/6-finance-lessons-from-squid-game/

For Bimpe, the Christmas season is always her favourite time of the year. However, she’s not looking forward to this year’s celebrations because her finances are a mess. Her event planning business isn’t doing as well as it used to, putting her in a financial fix.
Her Mum’s 60th birthday is only a few weeks away, her children need Christmas clothes, her car has been at the mechanic’s for ages, and the house needs to be redecorated for the season. So many financial responsibilities, but no money to attend to them....sigh.
Bimpe reached out to Ebere, her best friend who bails her out whenever she's broke, but she couldn’t help too as she just made payment for her Christmas goods coming in from the UK.
Like Bimpe, are you in a financial fix and are wondering how to access fast and easy funds? Read how Bimbe solved her issues here: https://blog.rosabon-finance.com/personal-loan-to-the-rescue/

Stuck - Stalled - At a standstill. This is how a lot of people feel about their finances. When your money problems seem never-ending and all solutions unrealistic, it is time to realize that you are financially stuck.

Rather than lament about your situation, here are five tips to get you out of your financial rut.

Develop Your Financial Identity

Often, people transition into adulthood without establishing their financial identity; this usually affects their outlook on finances. To gain a sense of control, ask yourself what your finance mission statement should be.

One way to improve your financial situation is to have your own financial identity. What things will I save on? What things will I invest in? By asking yourself these questions, you won’t be easily swayed into spending money that doesn’t align with your missions and objectives in life.


Find A Community

When we think of personal finance, we often think of budgets, spreadsheets and savvy ways to save money. While this is important, it is also beneficial to tap into your belief system when it comes to money.

In times of difficulty, a community has the power to lift us and keep us going. When it comes to envisioning our ability to make and save money, finding a community of individuals who share these goals is empowering and validating.


Try a 50-30-20 Approach To Your Budget.

Knowledge is power! So, when you start tracking your income and spending, you will feel more empowered about your financial situation. Try the 50-30-20 budget approach.

Here, 50% of your take-home pay goes towards your needs, 30% toward wants, and 20% towards debt payments and savings.

This gives you more financial flexibility to withstand dips in income or expense increases.


Start Investing

While it may not feel like a big difference, investing even as little as 20,000 Naira every month can amount to a significant reserve over the years. This improves your overall financial outlook.

Putting your money in good investments that brings consistent return on investment is vital to your financial health. One of such is the Rosabon Earning Plan - REAP. This gives you better returns than your bank’s savings account.

You don’t require any special skills to get started with REAP. With as low as 20,000 Naira monthly, you are good to go.

Ask For Help

If you are struggling financially, then there is no shame in taking out a Loan or Lease from a trusted Financial Partner like Rosabon Financial Services.

This is a better option than talking to friends who may continuously remind you of your debt. Here at Rosabon, we have various financing options tailored to bring you out of your financial rut.

Ready to become financially unstuck? Visit https://blog.rosabon-finance.com/overcome-being-financially-stuck-with-these-5-tips/ to know more.