What can a business borrower from third world countries teach you when it comes to finances? He/she provides help for people in need who are not able to get a loan from a bank because they don’t meet the requirements. This qualifies any business borrower to advise you with your financial problems because they came across numerous mistakes and situations and have plenty of experience in this area.
Lessons for the Business Borrower
Never keep your business money together with your personal money
At a first glance, keeping all your money in the same bank account may seem like an excellent idea because you don’t have to deal with plenty of banks or accounts, which should make the process of managing the money much simpler.
A Philippines business borrower recommends keeping the personal money separate from your company’s money. Why? This way, you don’t risk losing track of your finances. In fact, when all your money is in the same bank account, it is difficult to know exactly how much you invested, how much you spent on personal expenses or business costs etc. Having separate bank accounts is an easy way to manage your money properly.
Regularly save money for emergencies
Another piece of advice from a business borrower from a third world country is to put aside some money for emergencies and to do this on a regular basis. For instance, think of a particular amount of money you can afford to save each week or month. Then, the first thing you do when receiving your wage or any other income is to deposit this amount into a bank account.
The regular amounts you save, even if you are living on a small income, can lead to a substantial deposit. Then, when you have an emergency, you will not be needed to opt for a loan and then pay interest rates on that loan. You will already have the necessary financial resources in your account. This tip is useful for both individuals and companies.
Always take health insurance
There are a few things you cannot control or avoid, no matter how hard you try. Getting ill or suffering an accident are, in some instances, impossible to avoid. But the problem is that these challenges are also unexpected. Having health insurance helps you to forget about the worry of not being able to meet loan repayments when you’re ill, but it also offers a better financial future for you and your children. Poverty is not a reason not to have health insurance, but on the contrary. Whenever you experience any financial instability, this type of insurance is one of the things you should consider.