Issue link: https://www.massageandbodyworkdigital.com/i/230373
as long n to cash Hanging o oney ps that m le kee as possib terest or to draw in available iness. in the bus to work 4. RECONSIDER DEBIT CARDS Be aware of the difference between credit and debit cards. When you use a debit card for your business or personal transactions, the bank deducts the money from your account immediately, so there's no grace period for paying your bill. If you pay off credit card balances in full each month, the last thing you need is a debit card; use the credit card instead and enjoy up to 30 days of free use of someone else's money. 5. BEWARE OF CONSOLIDATING CREDIT CARD DEBT Debt consolidation comes in several varieties including debt consolidation loans, balance transfers to a zeropercent credit card, and home equity loans or lines of credit. But these are not cure-all options. "Consolidating debts may be only digging yourself into a deeper hole," says certified financial planner Brent A. Neisner, of Greenwood Village, Colorado. "Before you take that serious step, you should ask yourself how you got into debt trouble. Overspending almost always involves emotional and psychological issues that aren't going to go away by treating the symptoms." Find more information on debt counseling at the National Foundation for Consumer Counseling: www.nfcc.org. 6. USE YOUR MONEY TO MAKE MONEY Open a money market account at your bank and have it linked to your business checking account to allow for phone or online transfers. Deposit all your daily receipts into the money market account where they will immediately start drawing interest. Never deposit receipts directly into your checking account. Keep a minimum balance in the checking account and transfer cash only as needed to cover checks written. 7. DON'T PAY BILLS TOO EARLY Hanging on to cash as long as possible keeps that money available to draw interest or to work in the business. Take the time to set up a system that provides for paying bills only when they're due. (Of course, don't go overboard and jeopardize your credit standing by paying bills late.) Pay your bills just before they're due to get the best use of your money. 8. DON'T BE AFRAID OF CREDIT Extensive use of credit for personal affairs can be problematic. When it comes to business, however, careful use of credit can be one of your most effective money management tools. Spread the cost of capital purchases out over time. Remember, the costs of borrowing are legitimate tax deductions for businesses. William J. Lynott has an extensive background in management consulting, marketing, and finance. He's written more than 900 articles appearing in a wide range of consumer magazines, trade publications, and newspapers in 17 countries. Contact him at lynott@verizon.net. It pays to be ABMP Certified: www.abmp.com/go/certifiedcentral 99