Financial Freedom - Where are you?

So how can you make the transition period easier? There are many ways. First, find a way that's compatible for you, to increase the money coming in. You may be able to provide child care on the weekends for a neighbor or friend. Maybe you are mechanically inclined, or handy with tools, and can do some repairs or yard work to earn some extra cash. Another way to bring in more money is to sell something - property or items you no longer have use for. You may be able to borrow from a friend, family member, or obtain a small loan from a bank. It might be time to dip into some savings you had set aside, that you said you'd NEVER touch!

Of course, you also need to decrease the money that goes out. Cut expenses, especially the highest ones. And instead of running all over town searching for a printer or fax machine on sale, call around to the stores and ask for pricing, or just hop on the web. You'll save a lot of time, and gasoline. . In fact, when you're shopping for items such as computers or related equipment, consider the idea of buying the product refurbished. Most of the big-name companies offer this option, complete with a warranty.

Keep receipts and records of everything. You may need to return something or exchange it - or just look back on where that $100 went. Even more important, you'll need those receipts when the money starts pouring in and the taxman is standing there with his hand out.

If you're the type who finds it too easy to sign your name to a credit card slip, then leave your card at home. And keep most of your cash in the bank. This will drastically reduce your impulse purchases, leaving you with more money at the end of the month.

Look at how much you spend on leisure and entertainment. Perhaps you can find less expensive or free ways to spend your spare time, at least for the time being, until you begin to see the profits increase from your home business. There are many ways to enjoy yourself without spending a lot of money. Be creative.

Postpone money-costing decisions for at least a few days. You may realize that the leather office chair really isn't a necessity at the current moment, or you may come across one half the price somewhere else. There will be so many temptations, that after a few days or a week you find yourself opting for a less expensive alte
ative.

Use a budget religiously. It keeps you aware of where every dollar goes and is helpful for you to see where you can cut costs. Use one for your household management, AND for your home business. Make sure you have an adequate amount going to marketing and the development of your business, as this is a primary avenue you need to invest in to promote your new home business.

Be smart. Know when you're in the spending mood and realize when you are being foolish with money. Ask your spouse to be the financial wizard if you are impulsive and need some restraint. With patience, wisdom, and a lot of self-control, this transition shouldn't last too long. (Assuming you have a great business plan and are doing everything right in that area!)

All of this might just seem like common sense, but many people just don't apply it to their lifestyle. It needs to be a conscious, consistent effort. You cannot forego that take-out meal and then go buy that top-of-the-line office desk.

Just remember that a lot of new home-business owners undergo a small financial setback after just starting, but as clientele and profits start to grow, your income grows as well.

So with patience and perseverance, things should fall into place just fine. Work hard, spend wisely, and enjoy your home business! nnn