Did you watch The Purposeful Project’s lunchtime webinar on how to budget like a boss?

We invited co-founders of a financial well-being brand to show you how to make your money stretch the extra mile and where to cut down the coin for a cost-effective budget plan to help your startup’s piggy bank to keep in tip-top shape as you grow!

What you will learn after reading:

💸 What needs to be on your budget list

💸 When to spend and what to avoid

💸Why you must define your business necessities

💸 How sinking funds could be your secret weapon

Let’s meet our speaker!

This is Laura Pomfret and Holly Holland. This dynamic duo are co-founders of Financielle.

The female-focussed financial wellness brand helps women to take control of their money and be financially well. So far, the Financielle Playbook and App have helped thousands of people to ditch debt, build savings and grow investments!

Their vision is to close the gender wealth gap by focussing on financial education by supporting women to build strong financial futures.

Laura tells us her top tips on managing your money!

Experiment first

In the early stages of your business, you should be experimenting with strategies that work for you and help promote your startup organically. Laura reminisced on Financielle actually starting from an instagram page and using social media to gain attention.

She says that “you shouldn’t be dropping money on advertising if you’ve not been able to do organic advertising first”.

Know what you need

It doesn’t have to be expensive to work out your expenses.

You could spend a week documenting costs on a high-end spreadsheet, noting down what you need with beautifully colour-coded columns. Or you could literally just get a pen and paper and list them down.

Model it and find out all of the expenses to make a cost figure and then think about how you can squeeze it.

“You don’t want a launch budget that is so big that it stops you from doing it,” Laura says.

Ask questions to the right people

The only people who will buy from you are your target audience. Although family and friends are more than likely going to support you, they’re not necessarily going to be loyal and lifelong customers.

Have the confidence and conviction to go onto the street or to ask people about a product even before it's even built to give you a consensus of what outsiders think.

Approach your target audience to get answers that may help you in the long run - it could then make an impact on where you spend your budget.

“They might tell you that it's probably not a great idea or that it's done in the coffee shop on the corner or that actually do you know what in that particular niche that you've told me about this is missing and I would buy this,” Laura points out.

‘Nice-to-haves vs necessities

When looking into where you could be spending your money, figure out if they come under pure essentials and things it would just be nice to have.

Make sure your budget covers everything necessary for example, tech and extra writing support,

and work towards being able to afford your desired extras if you can’t already at this moment in time.

Make sure you have enough moolah to move forward

This may seem obvious, but you need to organise your budget so your startup can keep afloat as time goes on. So, know what your budget is and how it will work as you grow.

Launching the business is one thing but after you set up and start, making sure you can comfortably continue is essential.

“Having a handle and a knowledge on what that monthly fee is needed to run your business is really important for having control of it,” says Laura.

For example, “You can work out things like your break-even point” she continues.

Focus on your business instead of following trends to impress

Competition is human nature and sometimes we can all get caught up with trying to be on trend and fashionable ready for the newest and most exciting places or events.

However, this can take a big chunk of your money. If you try less to impress other people and put your time, energy and passion into your startup, the quicker your business will be built and become successful. This all comes down to managing your money with a budget.

Sinking funds

Sinking funds is a way of saving a sum of money for a future expense. When you know you will have to spend X amount of money at a certain time of year or for a particular occasion, every month leading up to that date, put aside a portion of the X amount. This means that by the time you need to spend money on the expense you will have the right amount you need that you have already saved.

This may need pulling back and budgeting, but ultimately it means that you will be prepared and be able to afford the expense.

Thank you Laura and Holly for all of the amazing insights you have given us in this session! You can see more about how you can budget like a boss with the downloadable PDF from Laura and Holly here and on their Financielle app!

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