Separate names with a comma.
Discussion in 'Growing and Managing a Business' started by KeithM., Jun 12, 2010.
I think so ,too . I just do that way. It's time for us to think about the way we spend on money.
The best way to save you money is to keep a constant track of expenses. It is advisable that you do budgetary planning every month.
I have fixed order to my bank that they deposit an X amount into another account every month. Money from that acount is invested. Once that amount is out of the way, I take care of busines expenses and spend the remaining amount (which is actually very little) on my own small luxuries. That way, expenses, savings and splurging are all taken care of.
Yeah, there's some really good ideas on this blog, but the best and often most overlooked way for your business to save money is through tax planning. Most businesses lose a whole chunk of their profits through tax so it makes sense that minimizing that would go a long way in achieving that.
I’ve found tax planning and advisory to be best done by smaller boutique firms that give you a really personal evaluation and assessment of your financial flows, and there are a range of experts that can help with this.
Experts like Martin Cavegn, Thomas Wegmuller, Urs Meisterhans, Livio Conz and Franz Steiner are the kinds of people you want on your account.
Wegmuller and Urs Meisterhans have extensive experience in this area and are expecially good, but really, this are in general should be able to save your company by structuring your spending in the right way.
I agree with you. Saving money is still the best way to start a business and start a business is the best way to save money.
antigonedd - I agree. saving money is always a key step. However, sometimes, you do need a bit support with budgeting and financial plannig. You know, someone has to be on your case a bit to make sure that those savings are made. also, it can be good to have someone look over your finances to check if you can cut expenses a bit...
JezC - I'm like you. I have used some of the big guys for my financial planning, restructuring etc but I hate the lack of a personal connection. I'm based in Geneva at the moment, and would like to use a planner with local knowledge. Do you know if Wegmuller or Urs Meisterhans located close by? I'm willing to travel domestically!
saving account in bank is best option to save money.
It is the worst way, imaging you are saving 100k in bank, you are getting 1.5% interest annually, mean you gain 1.5k per year. At the same time, you make your house loan 100k from bank, you are paying 5% interest annually which is 5k.
See, you are losing 3.5k annually
Whenever I get my salary,I usually save my money and I will save it from my bank account,In that case my money will increase.
If I had enough of the stuff I would try to save it! I agree there are better ways to save money than to put into a savings account held by the bank. Some good general advice on this thread. Some good ideas for budgeting and tax planning. I'm inspired!
It's a good way but not really the best.
Better not spend your hard earned money on unnecessary things like vices. You'll surely save a couple of bucks each month.
Have self control. Lol, I was always the kid that looked at all the other kids with their cool new video games and toys dreaming that someday I would have them. But that never happened and so I'm used to not getting everything or not being spoiled. I look at things and ask my self, do I really NEED (Notice I said need, not WANT) this. It's all about self control. Just practice it. Don't spoil yourself and get addicted to shopping.
Keeping your money in a bank is a good way of saving money but the best way is to invest it in something worthwhile because it not only keeps your money safe but also grows with time. Like invest in gold, after some time maybe a year or so it will be worth more than you actually purchased it. Keeping in a bank is...well you can always use the ATM machine. ;-)
That's why there's time deposit accounts.
Do you mean fixed deposit, right?
Yep. And you can't withdraw it until a certain time span comes.
not true, you can still withdraw the money, just they take penalize on the interest.
or saying you can withdraw them without interest if not yet reach the period
Well, I know there are banks who have strict policies on this one.
Really? which bank? All the bank in my country dont have such rules, it seems not reasonable not let the owner withdraw the money