As published by the American Society of Administrative Professionals at http://www.asaporg.com (member only site)
A top priority for administrative professionals is to be able to take part in key financial budgeting discussions at work; to understand the challenges and contribute practical solutions that will positively impact the department’s – and the company’s – bottom line. Yet some may find these types of conversations intimidating.
Here’s the best kept secret that I have learned in my 17 years of corporate finance: The same simple rules that govern the success of your personal finances also govern the success of the biggest corporations’ finances.
There are two important rules that will lead to your own financial stability. Once you understand these guidelines, you can begin to bring that knowledge to work with you. Apply the two principles below to your personal finances, and you’ll immediately notice some big changes at work. You’ll no longer:
- Avoid workplace conversations that involve finances.
- Put off completing important budget-related tasks and start solving problems creatively.
- Feel anxious when your managers and coworkers discuss the company’s financial situation.
What’s more, you’ll get noticed as a strong team player and you’ll be included in the financial “loop”, gaining opportunities to cut costs, fix problems, and get the appreciation you deserve.
Rule 1: Get brutally honest about your comfort level with your personal finances.
Most people do not “own their money”; they let it own them—emotionally, physically, spiritually, and mentally. Your inner beliefs about money directly affect your comfort level. These beliefs fall into two categories:
- Supportive: Provides encouragement, empowerment, and positive feelings.
- Non-supportive: Brings disempowerment, helplessness, hopelessness, and panic.
Rule 2: Track where every dollar goes.
Keep a regular tally of where you spend money. Once you know where your money is going, it can be easy to look line-by-line and find ways to save on each expense. Get creative and you could find $200-$1,200 in monthly expenses that you could be keeping instead of spending. Here are some simple tips for assessing your spending:
- Check the “return on investment” that you are getting on every dollar you spend.
- Create conscious spending—even use cash to reconnect with the value of each dollar.
- Realize that making minor changes to recurring services—such as your cell phone bill, utilities, or insurance payments—can save you money each month—and that can add up fast.
When you save more of your salary each month, you’ll have less stress and a better lifestyle.
Once you achieve success using these rules with your personal finances, you can then apply the same concepts to your company’s finances. Believe me, they need your help!
If you’re ready to make more, save more, and stress less about your money, get your FREE report, audio, and ongoing money success tips from Belinda now at: www.OwnYourMoney.com. Belinda is the founder and chief money motivator of OwnYourMoney.com and host of Boston’s TV talk show “Money On Your Mind.”