Frozen is now Disney’s biggest animated box office hit ever. Elsa’s dress sold out of Disney Stores and online, but on eBay you can buy the dress at more than $1,000 for the real-deal original. Some blame Disney for enticing their daughters, then leaving them dress-less. I say it’s a great time to teach our children they can’t always get want they want. It’s the same in your business. You want the newest smartphone out there, but your present perfectly good one has one more year left on its contract. You could buy the new phone at full price. But do you REALLY need the new phone right now? Probably not. Appease yourself by buying a new phone case for the old one, or upgrading your printer. This sort of question arises often for entrepreneurs. Make the right decision to be fiscally smart.
My number-one tip for the new year is to start and maintain an emergency fund and category funds. Your bank probably has savings accounts that will connect with your checking so that you can easily move funds around online. You can give these savings accounts names and even change them at will (emergency; new car; new laptop; conferences; whatever). Then pledge a percentage of every single dollar that comes in to be fed into those savings accounts. It’s a powerful feeling to watch them fill up. Having a good-sized emergency fund not only helps your business, it keeps you from having sleepless nights and general anxiety. Been there…done that, got the hives! The account marked emergency goes up and down depending on your needs, but the others are goals, and it’s fulfilling to see them fill up online.