Money Management

Part of owning a small business is feeling like you have to do it all. See how it’s possible to manage multiple projects and save your sanity. [[{“value”:”

If you’ve ever answered a phone call while driving through an unfamiliar part of town, you know what it feels like to try to do two things at once. It’s difficult to concentrate on one task while focused on another. There are over 33 million small business owners in the U.S., which means a whole lot of people are trying to accomplish more than one thing at the same time. It can be frustrating, time-consuming, and leave a business owner feeling drained.

If you’re a small business owner who sometimes feels as if you’re spinning your wheels, trying to accomplish too many things at once, these tips may help.

Organize

Think about your daily life. How much do you enjoy running around your house, trying to remember where you left your car keys or cellphone? Not only is it maddening when you have somewhere you need to be but it’s a colossal waste of time.

One of the easiest, most basic things you can do for yourself as a small business owner is to stay organized (or get organized if you need to). That way, when it’s time to do taxes, you know precisely where to find the information you need. When you’re ready to order inventory, you can find your business credit card in a snap.

Yes, organizing material takes a touch more time, but it will save you many hours of frustration.

Delegate

At some point, you may realize that you simply can’t do it all. If you don’t have the budget to hire a full-time employee to help, consider hiring someone on an as-needed basis and paying them a fair wage for the hours worked. Or, if you’re fortunate enough to have family who would like to help, take them up on the offer.

Let’s say you’re not a terribly strong writer, but your spouse or college-age child is. Rather than suffering over writing business emails yourself, let someone else take on the task.

Opening a small business may have been your idea, but that doesn’t mean you have to go it alone. President Dwight Eisenhower once said, “Leadership is the art of getting someone else to do something you want done because they want to do it.”

If you have someone in your life who wants to help, allow them to.

Take advantage of automation

Just 25 years ago, business owners had far fewer opportunities to turn some of their most tedious jobs over to automation. For example, scheduling involved writing everything that needed to be done down on a piece of paper and crossing it off when it was done. Today, there is scheduling software that can make quick work of the job.

There’s expense management software to keep track of your spending and payroll software to ensure employers are properly paid and taxes are accounted for as you add employees to your organization.

In other words, you don’t have to go it alone.

Learn to be flexible

So many of the struggles we face in life are self-imposed. We imagine that we’re supposed to do things one way and then hang on to that belief like it’s gospel. Perhaps the best way to manage multiple projects while remaining calm is to realize that it doesn’t all necessarily have to be done today.

If there’s a project that can be pushed until tomorrow (or the next day) without negatively impacting your business, learn to be okay with rolling with the punches.

If you’ve ever had a child or a pet, you might be able to remember what you thought it would be like until that living creature came into your life. The truth is, there were simply too many variables to know for sure how you were going to handle every situation. The same is true of running a small business. You can have a good idea of what it will be like, but things are going to come along that throw you for a loop. Expecting it to happen occasionally makes it easier to adapt when it does.

There’s nothing quite like owning an enterprise of your own. Whether your business consists of a staff of one or you have dozens of employees, you get to shape and mold the business any way you want. Chances are, you’re going to enjoy the entire experience far more if you get organized, learn to delegate, use automation when it’s available, and remain flexible.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Dana George has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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Want to save big this month? Read on for ways to reap savings at Costco. [[{“value”:”

There’s a reason 73 million people are willing to spend money on a Costco membership. For $60 a year for a Gold Star (basic) membership or $120 a year for an Executive membership, you get to enjoy a host of savings on everything from groceries to cleaning supplies to apparel. And if you’re strategic about using your Costco membership this month, you can save money with these three moves.

1. Buy more Kirkland products

You can certainly save money on name brands by purchasing them at Costco in bulk. But for even more savings, consider replacing some of those well-known brands with a Kirkland alternative. Kirkland is Costco’s signature brand, and you’ll find many of its products throughout the store and on Costco.com.

As an example, a 72-count supply of Starbucks K-cups usually costs $42.99 online, bringing your cost to about $0.60 per pod. Right now, Starbucks coffee pods happen to be on sale at Costco for $34.99, so your cost drops to about $0.49 per pod. But a 120-count of Kirkland K-cups costs just $37.99, bringing your price per pod down to $0.32. And that’s without a sale. It’s also worth noting that all of these items are likely to cost even less if you buy them in person at a warehouse club store.

2. Turn to Costco for home improvement products

Spring is a pretty popular time to clean your house and tackle home improvements. Whether it’s new flooring, window treatments, or adding a new air conditioning system ahead of summer, Costco offers a host of home installation services that could save you a bundle. And when you go through Costco, you get the commitment to customer service the chain is known for.

Remember, home improvements can be expensive. What would you rather do — spend $8,000 on a new HVAC system you get through Costco, or take a chance with a random contractor in your area with that amount of money at stake?

Just as importantly, when you use Costco for home improvements, you can often score a free Shop Card in the process. A new air conditioning system, for example, could put a 10% Costco Shop Card in your pocket so that if it’s an $8,000 job, you get $800 to spend at Costco as you please.

3. Upgrade your backyard for less

Thinking of adding a playset to your backyard this summer? Costco offers a range of options online. And while your cost won’t include installation, it will include delivery.

Or maybe you’re looking to invest in a backyard hot tub. Costco has a number of them on sale this month for $500 to $1,500 off the usual price. Plus, as an Executive member, you’re eligible for 2% cash back on most of your Costco purchases. So if you spring for a $4,000 hot tub, you can get $80 of that back to buy yourself some new swimsuits to splash around in.

Costco makes it possible to stick to your budget all year round on a host of products and services. But it pays to take advantage of these savings opportunities this month while you can.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale and Starbucks. The Motley Fool has a disclosure policy.

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As dismal as news reports can be, it’s no wonder we’re nervous. Check out four reasons you should put a halt to any alarm you feel about retirement. [[{“value”:”

Retirement is one of the biggest adjustments any of us may ever experience. We spend a lifetime building a career until, one day, it’s no longer part of our lives. Even if we’re not shaken by the loss of identity or the new gaps in our schedules, we must adapt to a new financial reality.

If you find yourself looking toward retirement with more anxiety than excitement, this article is for you.

1. Anxiety is a sneaky snake

Some of us experience a little anxiety when we think about retirement finances, and who can blame us? Think about the last time you saw an article about retirement. Was it good news? Probably not. Hair-on-fire stories tend to draw more interest. If we’re not hearing or reading about how many Americans have too little put away for retirement, we’re watching experts fixate on the “safe” amount of money to withdraw from retirement accounts.

Even if you’re cool as a cucumber and rarely get worked up about anything — including personal finances — it would be natural for all the negative talk about retirement readiness to get under your skin. There are some situations in which feeling a little anxious may actually be good. For example, if you have an unusual mole and anxiety leads you to make an appointment with your doctor, that’s a good thing. If you cancel plans because the idea of driving on an ice-covered highway leads to anxiety, that’s a smart move.

However, feeling anxious because other people (who don’t know you or your situation) say you should be anxious can be downright harmful.

2. Panic leads to poor decision-making

You can’t panic without experiencing anxiety, and anxiety is the enemy of rational decision-making. A 2016 research study published in The Journal of Neuroscience discovered the following:

Decision-making occurs in the prefrontal cortex — the front of your brain. When you’re anxious, activity in this area of the brain decreases. Anxiety slows down and disengages the area of your brain needed to make good decisions.This slowing down of the prefrontal cortex may cause indecisiveness, or it could have the opposite effect. It may cause you to make quick, rash decisions in an attempt to avoid the feeling of anxiety.Anxiety can also lead you to make the “safe” choice, which may not always be the right choice for you. For example, you may be tempted to use a friend or family member’s recommendation for your stock broker rather than look for an option with user-friendly features and a strong track record that is a better fit for you.

Putting a stop to panic is easier said than done. Just know that when you’re feeling anxious, you may be in no condition to make decisions that will impact your future.

3. Anxiety can lead to health issues

The impact of anxiety on the human body can cause both minor and major health issues, including:

Sense of doomPanic attacksHeadachesDepressionIrritabilityExtreme fatigueBreathing problemsPounding heartIncrease in blood pressureUpset stomachMuscle aches and painsDecreased libido

If you’re concerned about retirement, anxiety is the enemy. After all, you want to spend those years feeling good. As long as you’re as healthy as possible, there are ways to figure out any financial problems you might be experiencing.

4. One size does not fit all

All the doom reporting about how ill-prepared Americans are for retirement doesn’t take into account that we’ll all have different needs when the time comes to retire. For example, while one person may dream of traveling the world, another may dream of spending long days fishing with a friend. While one will need $1 million to be comfortable, another can get by on guaranteed income and an individual retirement account (IRA).

According to Annuity.org, asking yourself these questions will give you a better idea of how much money you’ll want available in retirement:

Do I want my retirement lifestyle to be like my current lifestyle?Am I interested in moving to a lower-cost-of-living area?Do I expect to face costly medical issues?Am I hoping to travel more extensively?Do I want to spend more money on my family?

Once you have the answers to these questions, you’ll be closer to knowing how much money is “just right” for your situation.

One last tip

Eventually, we’ll all be in (or floating somewhere around) the retirement boat. Rather than stressing about it now, we can take control of our futures by hiring a fiduciary financial advisor. A fiduciary is someone who is held to the highest standard of conduct and is legally obligated to act on your financial behalf rather than their own.

Fiduciary financial advisors are not just for folks who expect to retire rich or people who’ve already spent decades saving and investing. They’re for everyday people, too — people whose real lives might have left them with a wee bit less put away than they would like.

One of the best things about working with an advisor is this: You can put your anxiety to bed with the reassurance that you’re doing everything possible to prepare for the future.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Dana George has no position in any of the stocks mentioned. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

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