If you have a take-home pay of, say, $2,500 a month, how can you pay for housing, food, insurance, health care, debt repayment, and fun without running out of money? That’s a lot to cover with a limited amount, and this is a zero-sum game.

The answer is to make a budget.

A budget is a plan for every dollar you have. It’s not magic, but it represents more financial freedom and a life with much less stress. Here’s how to set up and then manage your budget.

Understand the budgeting process

We will determine your after-tax income: If you get a regular paycheck, the amount you receive is probably it, but if you have automatic deductions for a 401(k), savings, and health and life insurance, add those back in to give yourself a true picture of your savings and expenditures. If you have other types of income — perhaps you make money from side gigs — subtract anything that reduces it, such as taxes and business expenses.

We will help you choose a budgeting plan: Any budget must cover all of your needs, some of your wants, and — this is key — savings for emergencies and the future. 

,As you manage a monthly budget, contribute to savings plans, and work toward financial milestones, it’s helpful to pause every now and then to assess your progress and adjust your plan.

That’s where an annual financial review comes in handy. A financial review is an opportunity to take a comprehensive look at your finances, evaluate the success of your various strategies, and determine whether any changes need to be made. This review process is also important because life events, changing priorities and goals can affect your financial strategy, and a financial advisor can help recommend revisions to your plan.

What’s Covered in an Annual Financial Review

An annual financial review offers a comprehensive view of all of your finances—not just your income and expenses, but also your assets, retirement funds, liabilities, home equity, progress toward savings goals, and other important data points.

This process will even take an in-depth look at the status of your various assets and investments, including your overall risk profile, the diversification of your assets, and how that asset allocation is helping or hindering your progress toward financial goals.

As part of this process, you will also review your current financial strategy, including savings goals, retirement timelines, and other important objectives, to determine whether you’re currently on track to reach those goals—or whether changes need to be made.

Additionally, a financial review provides the opportunity to discuss revisions to your plans, such as changing your target retirement date or increasing savings for a child’s college tuition, while making adjustments that help you afford those goals.

From startups to established enterprises, all types of small businesses rely on our accounting solutions and insightful financial advice to help them succeed. HOPE International can help with:

• Accounting for small businesses
• Financial statement preparation
• Budgeting and forecasting
• Cash flow management
• Tax planning and preparation
• Payroll services
• Business consulting services
• Business incorporation and advisory

Caring for your accounting and bookkeeping tasks shouldn’t come at the expense of running your business. If you’re overwhelmed by managing your finances, consider outsourcing your accounting processes to us. Outsourcing your accounting responsibilities is a shrewd business strategy for busy owners who don’t have time to handle the accounting themselves and don’t have their own accounting department. Outsourcing is not only economical and convenient but will offer you more time, preserve your precious resources, and allow you to consult with an experienced financial professional on how to best manage your accounting and tax obligations.

Locally Outsourced Accounting for Small Businesses

Contact us at (860)-331-1345 or request a free consultation to learn more about why outsourcing accounting and bookkeeping is a smart move for small businesses.

• Outsourced accounting
• Convenient bookkeeping services
• Payroll processing
• Accounts payable and receivable
• Financial statements and reporting
• Monthly closings
• Balance sheets
• Cash balance tracking
• General ledger maintenance
• Credit card reconciliations
• Bank reconciliations

HOPE International is committed to providing quality income tax preparation services with a focus on personal, friendly service. You can rely on us for income tax services performed by real people that care about saving you money. Our attentive staff can identify valuable credits and deductions that will help you hold on to more of your hard-earned money.

From personal tax returns for individuals to tax preparation for small and midsized businesses, HOPE International has the experience and expertise you can trust. We’re constantly refining our skills and staying informed of adjustments in the tax laws. We make it our aim to keep pace with the most current Federal and State tax regulations in order to prepare accurate tax returns for all of our clients. Our goal is to offer reliable tax preparation services at reasonable rates to all kinds of taxpayers.