- Money worries can impact your health and your relationships.
- Financial stress may lead to unhealthy behaviours such as overeating or alcohol and drug misuse.
- It can also affect you physically, leading to migraines, high blood pressure and sleep problems.
Be organised, know your numbers—keep good records.
- Know how much you get paid and when, and how much you pay out and when.
Mark ‘Money In’ and ‘Money Out’ on a calendar.
- Tracking incomings and outgoings lets you make sure you have enough money in your account to cover bills when they come in.
- Some drivers use Pocketbook—an APP that allows them to track all incomings and outgoings on the phone.
Develop a system to quickly and easily file every invoice and receipt that flows into and out of your business.
- A good basic system is to buy a pocket document file holder and store copies of all invoices and receipts in alphabetical order.
- Keep copies of all bank statements. Do this for each financial year (1 July to 30 June).
Know your strengths and weaknesses.
- Make a list of what worries you have about running your business.
- List business tasks you think you are good at, tasks you find easy and tasks you find difficult.
- your true tax position so there are no surprises, and make sure your tax obligations are kept up to date.
- your business structure, reporting obligations, tax advantages and pitfalls, record keeping and book-keeping.
Talk to a qualified financial adviser to plan for your financial future, protect your current income, insure your life, and plan for your retirement.
- If you are experiencing, or at risk of, financial hardship you can talk to a financial counsellor. It is a free, confidential service. They can give you individual support to meet your needs and help you to make the right decisions for your business.
- It can be hard to get started, but any step is a good one, and taking steps to manage your finances is empowering and a way to take some control.
The information provided by Health in Gear (OzHelp Foundation Ltd) is general information only and does not take into consideration your own personal circumstances. Before acting upon any information provided, please consider if the information is suitable to meet your own objectives and seek health advice specific to your needs, if appropriate.
Accordingly, Health in Gear (OzHelp Foundation Limited) and its employees and agents shall have no liability (including without limitation liability by reason of negligence) to any users of the information provided for any loss or damage (consequential or otherwise), cost or expense incurred or arising by reason of any person using or relying on the information and whether caused by reason of any error, negligent act, omission or misrepresentation in the information.