Starting a work at home business is an exciting endeavor, but through the excitement, it is important to keep smart about your work at home finances. Manage your work at home finances with relative ease by understanding two key steps.
You may want to use the work at home job search if you feel you need supplemental income. Having a work at home position that brings in a steady paycheck can really ease the transition from working in a cubicle maze to working at home. It is good advice to keep the income coming in while you build your home business.
It may be tempting to take the children out for a burger more now than before because you have a bit more money to spend or you have less time to cook, or both. Your home business money should always be separate: in separate checking accounts and separate in your mind. Open a new checking account for your wahm home business and keep the profits in just that account. Take the investment money out of that same account. Never mix personal money with profit. Keep smart about your WAHM finances.
Back at one of my last employers, we reviewed employees based on the SMART system. It stands for Specific Measurable Attainable Realistic and Timely. Set your work at home business goal against this system each time. For example, if your goal is to "make money fast," it is not specific and the time is not measurable. Another way of stating the same goal is: "make 20% more this month than the same month last year." This is specific, and it can be measured. WAHMs should always set goals and be sure they stay on track.
Specific - Keep your goals specific so you can't find "loopholes" later.
Measurable - Make sure your goal can be measured in some way.
Attainable - We all want to make a million in a year, but that may not be realistic this year (maybe next!). Make sure your goal is attainable.
Realistic - Be realistic about your goals. If you want a $100,000 car, make sure that is what your priority is. Realistically, your priority is probably more geared towards your family (like college funds), so keep that in mind.
Timely - In every goal, set the amount of time you need to get to that goal. Just saying you want a two-story house and not saying when may not ever get you there. You need to have a goal of when you want that house as well so you have something to work towards.