Using Your Background In Accounting To Get Your Budget In Order

by Pam on August 16, 2017

You can spend all day telling your clients that they need to keep their books in better order, but what if you aren’t following your own advice? Even finance majors and accountants at the start of their career may know how to balance a budget, but sometimes they can neglect their own personal finances. It might have something to do with being under the pressure of maintaining other people’s financial wellness, but it’s difficult to give advice that you aren’t taking yourself. In fact, a professional with an online bachelor’s degree in accounting with bad credit and unpaid debts might not be hired by companies with minimum credit requirements. If you already have a good deal of knowledge on accounting and budgeting practices, treat yourself like one of your own clients.

Compare Your Income to Your Spending

You can’t save any money for retirement or debt repayments if it isn’t being tracked as you spend. Most people see their pay checks and don’t really consider that they have mandatory debts and living expenses that should immediately be deducted. Don’t spend anything until you know how your entire pay check is going to be attributed. Take out what you want to put into savings first, then pay all your mandatory expenses next. By giving yourself an allowance, you won’t spend what isn’t available to you.

Find a Way to Organize Your Receipts

If you know where all your receipts are, you can just work on keeping them organized. Otherwise, try to scan and save all your receipts electronically so that they can be cataloged on your computer. There are budgeting apps that have built-in reminders for the chronically disorganized so they don’t lose track of time or spending. After finishing an accounting degree online you should be fully capable of using a mobile app to see if you are saving enough money each week and maintaining your financial goals.

Make Time to Update Your Financial Records

When you spend all day working on corporate accounts or itemizing tax returns for clients, it may feel like a real drag to have to look at your own finances. Take a deep breath and just find time to do it. If you have to pounce on your personal finances directly after work, keep at it even when you’re tired. For people who do have adequate time on the weekends to review their budgets, wake up early on a Saturday morning and get it out of the way. You’ll need to use self-discipline to get out of a bad habit of neglecting your personal finances, but as an accounting expert, at least you have the skills to do it fast.

As an accounting professional, you’re expected to know better about overspending and making unnecessary purchases that will put you in debt quickly. Thankfully, your experience in business will help you to turn the tide and get a firm grip on your personal spending habits. If you have been responsible with your money, you can still use your academic knowledge to increase your credit, lower credit card interest rates, and secure loans at a better value.

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