When you’re running a business it can be difficult to keep track of your personal finance as well as your business finance. Often the business takes the top spot because you’re working hard to track every penny, and see what kind of profit you’re making.

So, how do you manage of both? Having a cloud bookkeeping software for your business can free up a lot of your time, but you still need to keep track of those personal finances. We’ve created a list to demonstrate some of the simplest and easiest ways to keep record your personal finances.

Track your Finances

Keep tabs on your finances! The most important thing to keeping your finances low is knowing them. If you already do this for your business, then you’re halfway there! Simply keep hold of receipts and manage them either online or in print so you know where your money is always disappearing to.

Develop a Budget

Budget, budget, budget! If you’ve just gone freelance and are finding times tough at the moment, put down the Rolex and Armani suit, because you do not need a ‘new work outfit’. Make sure your outgoings are realistic in comparison to your general finances for happy and stress-free living!

Use Direct Debit for Monthly Expenses

Direct debit is an easy way to pay monthly expenses without having to worry about them, or even worse forget them then realise a week later you have to pay it. So, set up your direct debit and stress less!

The only danger of this is forgetting you have a direct debit only to realise years later you’re still paying for that washing machine from 1998 (it’s not unheard of). The answer? Be eagle eyed with your outgoings and you’ll notice any anomalies.

Eliminate Credit Card Debt

When it comes to credit cards, there is often two types of people; the shopaholics who love their plastic and deny any debt or wrongdoing, and the realistic shoppers who own a credit card purely for a good credit rating.

The question is, which are you? If you’re shuffling your feet and looking out the window, we suggest you cut down on that credit card spending.

Don’t Let Price Get You Down

The first rule of buying anything is always, can I get this cheaper? Whether it’s using the internet to compare prices, or haggling at a car boot – stick to your guns and know when they’re done. There’s bartering for a better price and being plain cheeky. If you’re not sure whether you want it, don’t ask. It can end on a sour note when you refuse because of a high price.

What are your personal finance rules? Leave us a comment below or tweet @pandlecloud