I often search for money management tips from financial experts who specialize in small and solo businesses. Are you the same?
Most articles overlook our needs. However, learning about money allows us to save more for marketing purposes.
Bill Lynott, a financial adviser whose tips I frequently read, shared his advice in an issue of Specialty Coffee Retailer. Here are three of those tips along with a summation.
1. “Close that savings account.”
Interest rates are too low for your money to sit in this vehicle. Instead, place the funds into a money market account for higher interest.
2. “Never overdraw your checking account.”
You know the consequences of this avoidable problem. The fees associated with overdrafts are insanely high, so staying on top of your balances is mandatory to keep penalty monies out of the bank’s hands.
3. “…search out the smallest FDIC member bank in your neighborhood and give it your business.”
Customer service may not be practiced on a regular basis at a larger bank, whereas smaller banks tend to value your business and give you perks larger banks may not provide.
You might shake your head in agreement with these tips or, like me, you may not have considered one of more of these options.
For example, I have a very good relationship with my bank, a large institution with branches worldwide. Even so, I’m not opposed to starting a relationship with a smaller bank to leverage my options. The article has me thinking about doing that in the near future.
Managing your money not only ensures that you have more for marketing, it also lets you sleep soundly at night.
