Minding Your Money and Wellness in 2020

Joanna Blanco - DEC 31, 2019
Warning: count(): Parameter must be an array or an object that implements Countable in /home/howlermag/public_html/old/wp-content/themes/new-paper/includes/general.php on line 193

Your Lead Paragrpah goes here

Minding Your Money and Wellness in 2020: Payoffs in Profit and Peace of Mind. Happy 2020! I am so excited to start this new year with a full and organized agenda, which means I will have profits and peace of mind. Who doesn’t want this?

Ideally, working in your own business gives you the pleasure and satisfaction of doing what you love. You put your heart into it and sometimes too much of your soul. That’s why it is imperative to balance the main areas of your life. Only then can you keep your focus, be productive and stay positive, creative and energized.

Balancing your wellness means being mindful about how you eat, stay hydrated, move your body, sleep, relax, have good relationships with others and connect with yourself.

In addition, financial mindfulness is essential to balance your wellness, not just your income and expenses. So as the new year gets underway, I offer these suggestions for maintaining a good relationship with your money.

Let’s start with the basics — accounting tools. To get organized, we need a structure. It is like the agenda for your money.

Many different online accounting tools are available to suit your preference and comfort zone technology-wise. Some are free and others have prices. But do-it-yourself methods of tracking your money can be just as useful with minimal effort to create and manage. I use Excel for mine.

1. Budgeting: a two-part plan

a. Expenses (Needs)

Knowing where your money must go is necessary. Believe me, it will protect you from having a crisis. Think of it as an anti-stress pill.

Enter in your accounting program all your expenses: rent, phone, internet, food, debt payments, vehicle, insurance, healthcare and family member needs, etc. The total amount reflects how much you need to afford your lifestyle.

b. Wants

Add a line for itemizing everything you want and how much each one costs. For example, if you wish to start a new Pilates class, how much will it cost?

Make this a regular practice until it becomes a necessary part of your wellness —  in other words, an expense.

2. Income

It feels good to keep an eye on your earnings! You might think I should start with this part. Yes, I could, but to run a business, I need essential equipment to do the job — namely, my budgeted expenses. So, knowing my budget gives me the minimum to keep myself in good shape to work efficiently in running my business.

So now account for all your sources of income. Remember that real revenue will be your income after taxes. If you have a company in Costa Rica, it is imperative to know about taxes; you will want to be on time in this area.

3. Extras

Sometimes it is a matter of luck, for better or worse, that we have unexpected expenses to cover. Whether it’s a broken refrigerator or investment opportunity, it was not in your budget. These “extras” can and do happen, so you might want to have some extra cash set aside for preparedness’ sake.

4. Savings

Those extras mentioned above can lead to savings. Many of you are probably thinking how hard it is to save money. Yes, but not necessarily. If you can save only 5% of your revenue, that is still a savings. 

For many of us, just knowing there is money in the bank gives us a good night’s sleep. It can be as simple as opening a different savings account to transfer some of your income and give it a name like “my trip to Canada money” or “new car money.” Ask your bank about options to save money and earn more from interest.

Let’s embrace this challenge together of mindfulness in 2020. Keep financial records and some savings with a measure of good cheer. Maintaining balanced wellness in our mind, body, and pockets is sure to pay off!