#28: 5 TIPS FOR BUILDING YOUR BUSINESS SAVINGS

11/14/24 • 20 min

In this episode of the Financially Adjusted podcast, I share some tips & strategies for building a 6 month business savings fund—an often-overlooked lifeline for business owners. With inflation on the rise and cash flow unpredictability affecting many small businesses, having an emergency savings cushion is more crucial than ever. It’s not always an easy or quick task, but it’s such an important part of building a healthy thriving business.

Key Takeaways:

Create Margin: Start by knowing your budget and regularly analyzing expenses to find savings opportunities.
Think Creatively: Consider temporary revenue streams or cutting unnecessary costs to reach savings goals faster.
Utilize High-Yield Accounts: Place your savings in high-yield accounts for better returns.
Frequent Financial Check-ins: Monitor progress regularly to stay on track and make necessary adjustments.
Make Sacrifices: Evaluate personal and business expenses and consider reducing them temporarily to achieve your savings goal.

Resources Mentioned:

· Budgeting podcast: Episode 2: Don’t Fudge it, Just Budget

· Budgeting YouTube Tutorial

· Savings podcast: Episode 6: Save So You Don’t Cave

Helpful Resource: Free Estimated Tax Guide

Email me with any questions you’d like answered in future Q&A episodes!

Recommended payroll software (affiliate link):
ADP
GUSTO

Recommended bank and the one I use in my business (affiliate link):
RELAY BANK

QuickBooks Online is my go-to accounting software. Get the best discount possible (30% off for 12 months) when you buy with my affiliate link below, through Complete Business Group. Message me at [email protected] with any questions regarding signing up.
SIGN UP FOR QUICKBOOKS ONLINE

My favorite budgeting app w/ an amazing free version:
EVERY DOLLAR BUDGETING APP

My preferred business credit card with cash rewards (affiliate link):

If you have healthy behaviors around spending with a credit card, this is a great one to use and earn cash back. It also links up well with QuickBooks Online. If you have unhealthy spending habits with credit cards, please avoid using one! You need to be able to pay it off monthly and not carry a balance. I use this one for my business and it makes

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Disclaimer: This content is for educational and informational purposes only. Please consult with an accounting professional for direct advice based on your specific business situation.

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Key Takeaways:

Create Margin: Start by knowing your budget and regularly analyzing expenses to find savings opportunities.
Think Creatively: Consider temporary revenue streams or cutting unnecessary costs to reach savings goals faster.
Utilize High-Yield Accounts: Place your savings in high-yield accounts for better returns.
Frequent Financial Check-ins: Monitor progress regularly to stay on track and make necessary adjustments.
Make Sacrifices: Evaluate personal and business expenses and consider reducing them temporarily to achieve your savings goal.

Resources Mentioned:

· Budgeting podcast: Episode 2: Don’t Fudge it, Just Budget

· Budgeting YouTube Tutorial

· Savings podcast: Episode 6: Save So You Don’t Cave

Helpful Resource: Free Estimated Tax Guide

Email me with any questions you’d like answered in future Q&A episodes!

Recommended payroll software (affiliate link):
ADP
GUSTO

Recommended bank and the one I use in my business (affiliate link):
RELAY BANK

My favorite budgeting app w/ an amazing free version:
EVERY DOLLAR BUDGETING APP

My preferred business credit card with cash rewards (affiliate link):

Previous Episode

#27: BEYOND THE NUMBERS: SHIFTING YOUR MONEY MINDSET

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I’m talking all about money mindset in this episode of the Financially Adjusted podcast. We all have unique experiences that have shaped our emotions, beliefs, and behaviors around money. In this episode, I’ll discuss how to shift your mindset and view money as simply a tool or medium that is used to facilitate your greater mission and purpose with your business. It’s essential as an entrepreneur to think on your why and your purpose and how your money mindset influences your business and reaching your goals. Get ready to learn how you can be in the driver’s seat when it comes to your money mindset and your money!

Helpful Resource: Free Estimated Tax Guide

Email me with any questions you’d like answered in future Q&A episodes!

Recommended payroll software (affiliate link):
ADP
GUSTO

Recommended bank and the one I use in my business (affiliate link):
RELAY BANK

My favorite budgeting app w/ an amazing free version:
EVERY DOLLAR BUDGETING APP

My preferred business credit card with cash rewards (affiliate link):

CAPITAL ONE BUSINESS CREDIT CARD

Next Episode

#29: MY FAVORITE FINANCIAL TOOLS, SOFTWARE, & SERVICES

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In this episode, I share my top tools, software, and services to help business owners manage their finances with ease. These are all tried and true for me in my own business and personal life. Whether you're a chiropractor, wellness practitioner, or small business owner, these tools can help you stay organized, track expenses, and maximize efficiency. From my favorite accounting software to my favorite project management software, I give some great insight into products that could help you level up the management of your business and suggestions on ways to use these tools.

Resources Mentioned:

Budgeting podcast mentioned: Episode 2: Don’t Fudge it, Just Budget
Budgeting YouTube Tutorial
Organization podcast: Episode 13: Organization is the Base of your Financial Foundation
Free guide: The Entrepreneur’s Guide to Financial Organization
Dropbox (affiliate link):
https://www.dropbox.com/referrals/AACEgoCcNhTQsFR-M452g7A3OCCUTNxNrsM?src=app9-1
MONDAY.COM (affiliate link):
https://try.monday.com/ngihpvgdh7xo

Helpful Resource: Free Estimated Tax Guide

Email me with any questions you’d like answered in future Q&A episodes!

Recommended payroll software (affiliate links):
ADP
GUSTO

Recommended bank and the one I use in my business (affiliate link):
RELAY BANK

My favorite budgeting app w/ an amazing free version:
EVERY DOLLAR BUDGETING APP

My preferred business credit card with cash rewards (affiliate link):

Financially Adjusted - #28: 5 TIPS FOR BUILDING YOUR BUSINESS SAVINGS

Transcript

Hello there and thank you for joining me today for the Financially Adjusted podcast.

Today's podcast topic is such an important one and one that I think most business owners struggle with, especially with inflation hitting businesses so hard. Today I am going to talk about five tips for building your business savings.

Building a business savings is one of the most crucial things you can do to guard against any kind of craziness that the world throws at you, any kind of cash flow is