7 Useful Pieces Of Money Advice From People Who Started Their Own Business
7 Useful Pieces Of Money Advice From People Who Started Their Own Business
Casey Clark Mon, March 17, 2025 HuffPost Life
Money can be a scary topic for a lot of people. Perhaps you don’t even know where to even start when it comes to managing finances and keeping yourself afloat. But there’s one group who needs to nail down financial literacy in order to thrive: people with their own businesses. Without it, they may not earn a living or see success with their endeavor.
We spoke with small business owners about money advice they have for anyone hoping to get a handle on finances, whether you’re a business owner yourself or someone simply looking to try to improve your own personal bank account. Here’s what they suggest:
1. Make and understand your budget.
Erika Kullberg, an attorney and founder of Erika.com, told HuffPost that having a budget is paramount to success in both business and life.
“Your compensation can fluctuate, so it’s important to understand your cash flow and budget to make sure you’re saving for emergencies and retirement,” she said.
At the most basic level, you should budget for the necessities including housing, transportation, food and health care. Once you have the essentials covered, look at what’s left to budget for buckets like entertainment, subscriptions and savings. The key is knowing every dollar that goes in and out of your account.This guide on making a budget is a good place to start.
2. Educate yourself on tax breaks.
Whether you’re an entrepreneur, employee or a freelancer, it’s important to remember what tax benefits are available to you.
“This will allow you to keep more of your money so you can pay off any debt and save for retirement,” Kullberg said.
For example, if you have your own business, there are certain expenses ― like office supplies, travel costs and moving expenses ― you can write off in your taxes, which can help in the long run. For non-business owners, there are certain credits you can account for as well, such as having children or donating to a charity. A financial advisor will typically be able to help educate you on what tax breaks you’re entitled to based on your income and individual situation.
If you don’t want to spend money on an accountant or financial advisor, there are free resources online that can be helpful. NerdWallet and The Balance are two websites that have information on taxes, investing, budgeting and more that you can view for free. There are also content creators like Vivian Tu who make videos with information about financial literacy and the economy in an easily digestible manner.
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