How Your Mothers Teachings on Finances Can Help With Startups

          When we are children are parents - especially our mothers - taught us a lot of things. Some of the things that they teach us may seem like things that we are never going to use in adulthood yet nine times out of ten we end up resulting back to them when we are adults. This is something especially true when it comes to finances. In fact, I am sure we can all think of a few things that our mother's teachings on finances can help with startups.

Insurance Costs

          Your parents teach you how important it is to plan for a rainy day. Having insurance can save you from a finical disaster. From medical to dental and home owners to renters insurance you have to be prepared. You should always check to see what your policy covers so you know how it can help.

Save For a Rainy Day

          Remember when you were little and your mommy used to tell you to save some of your money for a rainy day? Well, this phrase is something that can also be applied to businesses when they first start up. Some businesses are lucky to go in and start bringing in the big bucks yet you can be sure that a rough patch is going to come in at some time down the line. So, the only way to avoid going out of business is to make sure you have money saved for when that rough patch comes along.

Don't Let Money Burn A Hole into Your Pocket

          When we were kids it seemed that as soon as someone gave us some money we were ready to take a trip to the store and spend it - well majority of the kids anyways. However, moms were always the ones to encourage us to hold on to it and not let it burn a hole in our pockets. This is some advice that can be really helpful when it comes to starting a business. Just because your business is bringing in a lot of profits it does not mean that you have to spend it as fast as it is coming in - even if you are spending it on business related items. Instead just stick to your businesses necessities the more luxurious items can come later down the line.

Budget Your Money Wisely

          When children become teenagers they often get sick of their mothers telling them to budget their money wisely. However, this is something that moms say that is not only going to help you when you reach adulthood but it is also something that can help you with startups as well. This is because when you start a business you are going to have finances that you are responsible for each and every month. So, it is important that you have a budget in place and stick to it to insure that everything that you are responsible for is taken care of.

Don't Spend Your Money All In One Place

          Another saying that most moms use is don't spend all of your money in one place. This is something that can be applied to startups as well. When applying it to startups it simply means shop around for the best deals on supplies. Just because one carrier has all of the supplies that you need it do not mean that they have the best deals on the supplies so it can be good to shop around to see.

Don't Buy Junk

          Usually, when moms say this they are referring to goodies. However, don't buy junk can be applied to startups as well. When applying it to startups it is meant to mean do not buy something just because it is cheap. If you do not need it do not spend your money on it because all it is going to do is sit around and be classified as being junk. You probably never thought the things your mom said to you when you were younger about finances could be applied to your business did you?

Disclaimer: This site is not , nor should it be taken to be, legal, financial or other professional advice. It merely provides a generalized guidance and generalized information only. Consult a financial advisor or an attorney to discuss any legal or financial issues involved with credit and debt decisions.