While you are busy on the hustle, you need to make sure you are also busy saving for the stuff that really counts. No one can deny that saving up for travel adventures, or for things like buying your first home, car or covering the cost of learning is essential. But, there is some stuff in life that needs even more planning, here are a few of them.
1. Have that emergency fund
What would you do if your car suddenly broke down, and was going to cost hundreds to fix? While some people can pay for it in one go without blinking, others are still trying to work on that significant expendable monthly amount. Each week, put some money aside in a separate account solely for any emergencies. If you like to have something to aim for, make it around $1,500 minimum.
2. Your retirement
Putting the serious work in gives you space to relax in later years, and you are working so hard to design the life and lifestyle that you want to live. There will come a point that you will need to slow down, or you have planned to have an early retirement. Either way, make sure you have end of life care, funeral costs, and enough of nest end to enjoy your retirement too. Think about talking to a financial planner to ensure you have a plan in place to cover those costs.
3. Period of illness
If you are running a one-woman show, and you become ill, unless you have a highly functional network of outsourcing in place, you might find yourself needing to take some time off and cover your medical expenses. Alongside your insurance, you should have a little nest egg to cushion any periods of time in which you aren’t able to complete work in a timely fashion or are unable to take on new clients. Health and recover take priority when you run your own business, and you cannot afford to take your health for granted.
4. Investing in yourself
Keep an eye out for opportunities to expand your network and knowledge in your chosen field. There are a lot of events that you can attend that will cater to both of the needs. When you are running your own business, sometimes it pays to spend. If you know there are a few things that you’d like to attend, work out how much you can set aside each week or month to cover the cost.
5. Those big-ticket items
While you are busying working, saving and living the best version of your life try and remember to treat yourself too. That doesn’t mean a coffee on a Monday because you have a long day. This involves visiting a country on your bucket list, it means buying the car of your dreams, and it means purchasing something that isn’t essential but is a luxury item that will take time to save for.
Running your own business is exciting, and can be fast paced and so dynamic, making it work for you in the now, and saving for your future is the ultimate gift to yourself – and you deserve it.