National Financial Awareness Day

It’s important to be knowledgeable about your expenses each day, but there’s a nationally recognized day to be aware of your finances. August 14 is known as National Financial Awareness Day! This day is dedicated to developing financial principles and practices that can build a financial future. Here are some practices you can do to continue to manage your money efficiently.

Create or Update Your Spending Plan

Look at where your money’s going to see if there’s any changes that need to be made. If there’s some expenses that can be set aside or cut out completely, update your spending plan to make room to spend money somewhere else. This should be done monthly to keep everything up to date.

Set a Goal for Your Savings

The standard recommendation for your savings account is three to six months worth of your expenses. Saving any amount will help you, but this should be a basic goal for everyone. Your savings account acts like a safety net if something in your life or business were to happen unexpectedly. Every month you should also try to follow the 50/30/20 rule. 50% of your monthly income should go towards essentials (housing, groceries, gas), 30% for wants, and 20% for your savings. Each person has a different income and way of saving money, but these are the basics to follow if you’re first starting out.

Set up a Budget and Track Your Expenses

Being organized in your financial plan will help you spend the right amount and save up enough money. Calculate your expenses and set a budget for each month. Try not to go over it and if you go below it, that’ll save money for future expenses. It’s important to see where your money’s going too to see if it’s worth the expense. This all just takes checking your accounts from time to time and continuing to be organized.

Set up Payment Alerts

In your online banking account, set up payment alerts. This will increase your awareness of cash flow deposits and withdrawals. You can also see if someone or a service is still charging you for something you thought you canceled a while back. There’s also ways to set up low balance alerts or a notification to let you know that a reasonable amount of money has been withdrawn from your account. Setting up payment alerts will allow you to become more financially aware.

Running Your Business Right at The 5th Floor

Every business isn’t the same and has different needs in order to run smoothly. These steps to help yourself and your business become financially aware will allow growth for everyone.

When looking for a place to start or continue your business, consider The 5th Floor as your next hom.

The 5th Floor Orlando offers modern and high-quality workspaces, concierge-level services that are completely customized to our tenants’ specific needs, and a convenient location above Marketplace at Avalon Park. Our hot desks and private offices are perfect for ambitious individuals looking for a workspace perfect for facilitating collaboration and fostering productivity. And our high-tech conference rooms are an excellent space to host your workshops, meetings, and events.

For more information about how to get started and to reserve one of our accommodating coworking spaces, contact The 5th Floor Orlando online or call us at 407-730-3493.

 

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