{"id":8521,"date":"2022-08-15T07:54:51","date_gmt":"2022-08-15T07:54:51","guid":{"rendered":"http:\/\/taxsolutionsa.co.za\/?p=8521"},"modified":"2022-08-15T08:39:27","modified_gmt":"2022-08-15T08:39:27","slug":"personal-finance-tips-for-small-business-owners-in-south-africa","status":"publish","type":"post","link":"https:\/\/taxsolutionsa.co.za\/index.php\/2022\/08\/15\/personal-finance-tips-for-small-business-owners-in-south-africa\/","title":{"rendered":"Personal Finance Tips For Small Business Owners in South Africa"},"content":{"rendered":"\t\t
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One of the first rules of entrepreneurship is you\u2019re never supposed to mix your business and personal finances. But sometimes, business owners will go too far in the opposite direction, spending so much time running their business, working on their business, working on\u00a0payroll,\u00a0business compliance, and investing profits back into their business that they end up not paying enough attention to their personal finances.<\/p>

Chances are you\u2019ve crossed paths with entrepreneurs like this\u2014they\u2019re brilliant business people, but they\u2019re not careful managing their own money.<\/p>

If you\u2019re a business owner, it pays to get smart about your personal finances. Here are a few constructive suggestions and strategies on how to make better financial moves in your personal life. In fact, you may even find that improving your personal finances will help you to be more successful in your business.<\/p>

1. Build an emergency fund<\/p>

A general rule of thumb, according to financial planners, is to have three to six months\u2019 worth of living expenses (after taxes) in an emergency savings fund. Are you prepared? And if you own a business, you might want to have an even larger emergency fund, in case your business takes a downturn or in case you have seasonal fluctuations in cash flow.<\/p>

Having an emergency fund will give you greater peace of mind to make more confident decisions for your business. If you know that your family is protected in case of a financial emergency (car accident, major home repairs, natural disaster, medical bills), you will be better able to focus on running your company.<\/p>

2. Manage your personal credit<\/p>

Credit is the lifeblood of a small business, and you need to make sure your personal credit is also solid. Pay your bills on time. Even if money is tight and you can only afford to make a minimum payment on a credit card, it\u2019s better to do that than to miss a payment or pay late.<\/p>

3. Save for retirement<\/p>

Small business owners often invest a lot of their profits back into their business, but there are also some great options for small business owners to save for retirement.<\/p>

Instead of investing all your profits back into your business, saving for retirement can help you diversify your savings into a wider array of investment options: stocks, bonds, and money market mutual funds. Your business is already your biggest investment. You already are depending on your business for income and insurance.<\/p>

4. Invest appropriately for your risk tolerance<\/p>

Once you\u2019re saving for retirement, make sure you are investing in a diversified portfolio of assets that are appropriate for your time horizon and risk tolerance. If you are still relatively young and have several decades until you reach retirement age.<\/p>

5. Seek professional help<\/p>

Talk to a financial adviser for more specific advice; this column does not constitute professional financial advice, but it helps to consider some of your options so you can make informed decisions about your personal finances. If you can improve your personal finances\u2014with a solid emergency fund, strong personal credit, and a diversified portfolio of retirement savings aside from the equity that you own in your business\u2014you will more likely be able to focus on running your company with a mindset of calmness and optimism. And for business owners, who are some of the busiest people in the world, having peace of mind about personal finances can be truly priceless.\u00a0<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t<\/body>","protected":false},"excerpt":{"rendered":"

One of the first rules of entrepreneurship is you\u2019re never supposed to mix your business and personal finances. But sometimes,<\/p>\n","protected":false},"author":1,"featured_media":7408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[73],"tags":[],"class_list":["post-8521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"yoast_head":"\nPersonal Finance Tips For Small Business Owners in South Africa - Tax Solutions SA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxsolutionsa.co.za\/index.php\/2022\/08\/15\/personal-finance-tips-for-small-business-owners-in-south-africa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Personal Finance Tips For Small Business Owners in South Africa - Tax Solutions SA\" \/>\n<meta property=\"og:description\" content=\"One of the first rules of entrepreneurship is you\u2019re never supposed to mix your business and personal finances. 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