Nowadays, it is supposed that checking our incomes, obligations, and savings is easier than ever. There is all kind of tools that come to help us organizing our finances. So, here comes the first question: From where should I start? The beginning point depends on everybody’s goal, but in general, the first steps are:

• defining and controlling our budget and,

• tracking incomes and expenses.

Luckily, there are all kinds of Apps available that once downloaded to the smartphone can help you reach your goal. With all the existing options that can be used, it is natural to ask yourself which one is better for you. There is not just one correct answer, so for this reason, we recommend using the one that you understand the most. Investing (yes, you are investing your time!!!) a few minutes per day tracking the required information, is going to save you a lot of headaches in the future.

Think of it like this, the new person that you are following on your Instagram account: Firstly, you will check some of his posts but after a couple of days you just need to watch the stories and you are going to be updated. Having a tracking file is the same experience!

The amount of information that day-to-day we are managing is amazing. For example, due dates, schedules and appointments, names of playlists that you listened to on the weekend, recipes that you want to cook, and we do not realize that. But if we move to the financial territory, the knowledge decreases a lot. Which percentage of the salary are you saving in the retirement funds? What is the gain of your investments? How much did you pay in taxes on the last paycheck? If you know 3 of 3, you are above the average. Congrats!

Why is there a lack of knowledge of personal finances if people can remember a large amount of data? The answer is divided in two since it refers to the conscious and unconscious part of the mind:

1. Conscious: two-quarters of the day spent sleeping and working. In the others 8 hours, more tasks should be done (feeding, cleaning, groceries shopping, having fun, etc.). Finding a slot to review your personal finance in this busy agenda, is almost impossible.
2. Unconscious: in general, the money invested in the retirement fund is money we have never “seen/touched” because it is deducted from our salary deposited in the bank account. So, if the money is not in our pocket, I do not need to pay attention to it right now: we are searching and learning about the retirement policy when the future is just on the corner.

Our company learned about these regular difficulties talking with our clients. In daily-basis work, it is hard to stop the routine to think of managing reports for the company such as receivables, aging, expenses, cash-flow, and the Net Revenue. To avoid facing these scenarios, we deliver detailed reports that are adjusted to your necessities, to show you where is the money, and to provide advice. We treat your company finance as our finance.

If you need help for your business regarding any financial analysis or financial report, you can send us an email at [email protected].

Sabrina (Finance Senior Consultant)