Did you know only 29% of Americans have emergency funds? In hard and unprecedented times (for example, a national pandemic), only 29% will have backup funds to cover them financially, if needed. It’s not uncommon for most Americans to stress about money throughout the week. Whether you’re in the 29% or the 71%, it’s never a bad idea to start putting money aside for a rainy day.
The first step in preparing for emergencies, easing your financial woes, and having an effective week is to assess how much money you spend on monthly bills. Once you’ve determined your monthly bills, add 15% to this amount. For example, if your monthly bills total $1,000, add $150 to the total. Once you’ve determined how much your 15% is, add this amount to your emergency fund every month. It may seem small but be consistent—this number starts adding up.
Aside from taking control of your finances, writing down your goals and setting deadlines is another way to have an effective week. As a business owner, you should be writing down your goals each and every day and making a solid plan to conquer them. Work hard on completing your daily tasks, but don’t get discouraged if they spill into the following day! Delays are often out of our control and make it challenging to complete what we set out to do. As long as the job gets done and firmly pushes you towards success—it’s a job well done.
Limit Distractions and Listen
Next, limit distractions for a productive week. As we get into the second half of 2020, strive to finish the year strong. You can only do that by limiting distractions and keeping your eyes on your goals. When you get distracted, you’re dividing your time and attention—and as a business owner, you must recognize that when you distribute your attention, you suffer in each of your roles. When you’re parenting, give your full attention to your children, and when you’re working, give your full attention to your business. Each facet in your life deserves your full and equal attention.
Lastly, do some listening this week to keep yourself moving forward. Whether it’s a motivational podcast, a team leader, or a customer, listening is the first step in learning and staying a student. You have the ability to live the life you want to live, but it starts with forming good habits and having effective and productive workdays. Keep your focus on what you need to do to get through the week and watch your business flourish because of your dedication.