8 Bad Money Habits to Kick – Part 2

"David Balwin

David Balwin
CPA | Accountant | Business Advisor

Welcome to Part Two of four blogs in which we are looking at 8 money habits business owners should make sure are NOT occurring in their business.

So far we have looked at:

  • Spending without a Budget
  • Carrying a Balance on Credit Cards

Read on for this blog’s money habits not to have.

Not Monitoring Interest Rates

Whether it is your investment rate or what you could get on a borrowing refinancing it pays to continuously monitor borrowing and investing prices.  No one wants to lose money if they could have got a better investment rate – and no one wants to pay more than they have to for debt.  With profit margins reducing and costs of running businesses rising it is good management to stay on top of interest rates and trends which impact both your business and personal finances.

Not properly insuring for income protection and disability

Anyone who runs their own business and supporting themselves needs to consciously assess the risks of not properly insuring for loss of income due to injury or illness.  If something prevents you from working for a few weeks or more, proper insurance could be the difference between tightening the businesses expenditure for a while until you are back on your feet and closing the doors.  Business insurance coverage can be expensive with defined conditions.  Do your homework and shop around for the best value for money for your price range.  Remember, with the benefits of being your own boss comes the responsibility to ensure proper business coverage.

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