WBS Magazine - Issue 2
Welcome to the second issue of the WBS Magazine! This issue is jam-packed with articles and tips from an array of female entrepreneurs on topics that are interesting, fun and will help you grow - whether you are an experienced business owner or just thinking about starting up. WBS is focused on not only just promoting & supporting your business - we want to help you grow your business by empowering you with knowledge. Information is so important, and with this magazine, our podcast, our events and our website, we constantly pushing forwards to give our members the tools to reach the stars. WBS would like to thank all our members for making all this possible. A special thank you to our major sponsor, Bookit Bookkeeping, and to every one of you who have supported WBS over the last 5 years!
Welcome to the second issue of the WBS Magazine!
This issue is jam-packed with articles and tips from an array of female entrepreneurs on topics that are interesting, fun and will help you grow - whether you are an experienced business owner or just thinking about starting up.
WBS is focused on not only just promoting & supporting your business - we want to help you grow your business by empowering you with knowledge. Information is so important, and with this magazine, our podcast, our events and our website, we constantly pushing forwards to give our members the tools to reach the stars.
WBS would like to thank all our members for making all this possible. A special thank you to our major sponsor, Bookit Bookkeeping, and to every one of you who have supported WBS over the last 5 years!
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to Budgeting for Success on the<br />
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<strong>WBS</strong><br />
Discounts & sales- How tempting<br />
is it to see that something is<br />
heavily discounted? Bargain<br />
right?! The usual reasoning I<br />
always hear is “I saved $50! I only<br />
paid $80, not $130” Well you<br />
actually didn’t save anything, in<br />
fact you spent $80 and didn’t need<br />
to spend $130! Marketing and<br />
advertising to have you buy NOW<br />
is about speaking to your FOMOness<br />
& that instant gratification<br />
monkey jumping on your shoulder.<br />
We are all emotional creatures and<br />
we buy on impulse. So know<br />
yourself and just pause for a<br />
moment on your purchases to<br />
assess the need.<br />
To tackle incidental & unnecessary<br />
spending, I always introduce a<br />
spending tracker to my clients to<br />
keep a list of everyday spending.<br />
It’s called a SpendLog. It tallies all<br />
those little things that you don’t<br />
think about. So how does it tally<br />
those things that you don’t think<br />
about? Well, it’s a very traditional<br />
method…. are you ready? It’s<br />
called using pen & paper and a<br />
calculator!! Yup, no apps, no<br />
spreadsheets at the beginning.<br />
You don’t learn swimming from an<br />
app, so you don’t learn to manage<br />
money from an app either – it’s by<br />
doing (and then you can automate<br />
at a later stage).<br />
These days the tactility of cash is<br />
really amiss in our society.<br />
Psychological science says that<br />
when you write things down, you<br />
grasp more of the learning and<br />
understanding than using<br />
technology to note take. By<br />
writing your spending down daily,<br />
it’ll re-presence the tactility, and<br />
the insights of the learning will<br />
gradually reveal itself. There’s<br />
actually method to my madness.<br />
Like all things that require<br />
commitment, it can be a slow burn.<br />
But do this repetitively and for a<br />
long time, it’ll become habit – a<br />
great habit!<br />
"TAKE CARE OF THE PENNIES, AND<br />
THE POUNDS WILL TAKE CARE OF<br />
THEMSELVES"<br />
Bonus tool to help you:<br />
spend buddy<br />
A really good way to pull yourself in when you’re out and<br />
about is to remind yourself what really matters – is this<br />
coffee going to make the difference towards your savings<br />
goal? What is the priority here? To enjoy your pack of<br />
chips during TV tonight, or to contribute those few<br />
dollars more towards your kid’s pocket money. As an<br />
English proverb puts it nicely, “Take care of the Pennies,<br />
and the Pounds will take care of themselves”. Remember<br />
that every little cent counts!<br />
For a copy of your own SpendLog, please go to<br />
http://budgeting123.com/spend-buddy-download/ - it’ll<br />
be the first thing you see! Until later, Spend Well & Live<br />
well, xx Fay<br />
By Fay Chan<br />
P A G E 2 5 | W B S M A G A Z I N E
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