Simple Strategies to Avoid Financial Stress in the New Year

Start Your Year Financially Strong with Numerico

For many, money, or the lack thereof, is a major source of stress. Learning how to avoid financial stress might seem overwhelming if you worry about the economy, bills, and accruing emergency funds, but it’s possible with the right strategies.

A local small business CPA can help with your enterprise’s money management to ensure you start the new year on the right foot. Numerico specializes in small business accounting in Livonia, Michigan. Our specialists commit themselves to helping local businesses with expert financial planning designed to minimize or eliminate stress about money.

Automating Payments and Savings for Stress-Free Finances

One of the first steps in effective debt management is to set up automatic payments for bills and essential expenses. With the hustle and bustle of daily life, it’s easy to accidentally miss payments. Unfortunately, paying bills late can result in late fees, which can quickly add up.

Consider setting up automatic payments. That way, you can be sure vendors and service providers receive their money on or before due dates.

Automatic payments work for savings too. You can arrange for money to automatically transfer into your savings account instead of manually contributing to it monthly. As long as you’re diligent about your business’s income management, you can take a hands-off approach to bill payments and building savings.

Setting Realistic Financial Goals for Lasting Success

To effectively avoid financial stress in the new year, you need short-term and long-term financial goals, but they must be realistic.

Short-term goals may include paying off small debts, increasing income, or paying monthly expenses in full on time. Long-term objectives involve things like retirement planning and significant debt decreases.

When you fully understand the financial goals for yourself and your business, you can devise strategies to help meet them. Taking steps like making a monthly budget and talking with a local accountant to explore the ideal retirement plans for your future are prime examples. With these steps and plans, you’ll have goals to revisit and adjust to ensure that you meet them should your circumstances change.

Reviewing and Adjusting Spending Habits

Mindful spending contributes to a business’s financial resilience because it improves the likeliness of money being available during one of life’s many challenges. To ensure you’re not overspending, break down your monthly expenses and income. Budgeting apps can help you keep track of your expenses and income, but you generally want to include the following in your budget:

• Net income after taxes
• All daily expenses like lunches or commuting
• All monthly expenses like utility payments

The key to mindful spending is to look for ways to eliminate wasteful spending. Strategies like the 50/30/20 rule are helpful. With this method, you’d put 50% of your income toward monthly expenses, 30% toward personal wants, and 20% toward savings.

Leveraging Professional Help from Local Accountants During Tax Season and Beyond

You don’t have to learn how to avoid financial stress alone. Small business CPAs and local accountants can help you get your finances on track in numerous ways.

Local CPAs like those from Numerico can help with bookkeeping and financial record organization, making it easier to prepare for the upcoming tax season. With this help, you won’t have to worry about unexpected penalties when filing taxes because everything will be in order.

These experts can also provide consultations and financial planning outside of tax season. You’ll have peace of mind knowing you don’t have to manage your small business’s finances alone; they can help with budgeting, managing cash flow, and planning for the unexpected.

Simplify Your Finances with Numerico

When it comes to budgeting and money-saving strategies for small businesses, Numerico is the company to call. Our CPAs strive to help business owners avoid financial stress by providing a wide range of professional services, including short and long-term financial planning, consulting, and accounting.

This year, choose the ultimate stress relief concerning your company’s finances by partnering with Numerico. Count on us to use our expertise to help you reach your business goals without unnecessary worries. Call (734) 359-7811 today to explore your options with our Numerico team in or around Livonia, Michigan.