How Much Should I Spend on Groceries?

Plan out your meals. Decide what you are going to cook for each week, and buy groceries based on those meals. Think of how often you will go out to eat as well, say for lunch, and add that in.

If you aren't sure of the amount you normally spend, do a 'dry run'. Do your 'regular' grocery shopping, buying only necessities for each meal. How much did you spend? Write that down and then budget in a reasonable amount for snacks and eating out.  We start with your 'regular' grocery shopping because that is normally the largest amount and most difficult to get a handle on for a family.

Average monthly amount that a price conscious family may spend on groceries:

Size       Amount
2              $450
4              $600
8              $850


Don't forget your coupons! http://www.couponmom.com/

Your Financial Coach,

Dorethia Conner
http://www.connercoaching.com/
dorethia@connercoaching.com

Should You Be Out of Debt Before Starting a Business?

I am asked this question a lot when I'm speaking or coaching clients. Many people have entrepreneurial dreams, but aren't sure how this fits in with getting their personal finances in order.

The answer is NO, you do not have to be out of debt to start your business. (As a side, no you do not have to be out of debt before you get married either. I get this one a lot too!)  Anyway, moving right along,  here are a few financial things to consider before you jump into the world of being your own boss....

Have You Mastered Your Money? 
If you think handling the family money is a pain, wait until you start a business! You must have a process in place and some discipline in handling your personal finances in order to be able to successfully manage your business income and expenses as well.

Can You Answer YES to These Questions?

• You complete a budget each pay period and you know where your money goes
• You write transactions in your checkbook when they occur or at least by the end of the day
• You balance your checkbook to your bank statement when it arrives (or online)
• You've reigned in unnecessary spending
• You do have a plan for paying off your personal debts 

Personal Emergency Fund

I do suggest having at least your partial emergency fund of $1,000 saved.

Saving For Your Business

First, complete a 'Startup Expenses' form. You can  find one here: http://www.score.org/ .
List everything you will need to start up and the cost associated. Then, look at your personal budget and calculate how much can be allocated toward saving for your business each pay.
Essentially, you will add a line in your budget for let's say  'Dave's Detailing'  and assign it a dollar amount. Be disciplined about setting that money aside.

Stay away from debt... I'm the poster girl for the bootstrapper. Bootstrapping allows you complete freedom, no one gets a piece of the pie but you because you didn't borrow money!

So off you go... get busy ... live your dream, start your business, just plan it out!!

Need some motivation? Check Out These Tunes!

McFadden & Whitehead - Ain't No Stoppin' Us Now
Survivor - Eye of The Tiger
Ben Harper - My Own Two Hands


Your Financial Coach,
~Dorethia
http://www.connercoaching.com/