Tax Return Made Simple Series – Busting Challenge No.9

The following is a sample extract of an unedited draft chapter of our forthcoming book, Tax Return Made Simple which addresses each of the 12 challenges that stop most business owners from doing their tax return and their accounts.

Challenge 9: Feeling resentful about budgeting and saving money

Solution: Look for reasons to feel good about budgeting and saving, knowing you’re taking care of yourself and taking steps toward your goals.

You may be OK with managing your money but the moment someone says ‘budget’ or ‘save’ you suddenly feel restricted which likely then brings out the rebel in you. A bit like eating an extra slice of cake because something tells you not to, even although you were feeling quite full. Thus any mentions of budgeting and savings, likely get you thinking about buying that new coat you’ve been eyeing up or that holiday you’ve been putting off until you can afford it.

You’re an adult, of course, you don’t like being told what to do! Be rest assured I am not here to tell you what to do – I hate being told what to do too, however, the fact you’re reading this book tells me you’re looking for some suggestions. Furthermore, a colleague pointed out recently to me, the person who is giving some suggestions as to what you could do is only doing it because they care about you, and he was right.

I may never have met you but I care about you. I care that you fill your tax return on time, I care that you know how much tax you’re going to have to pay and that you have enough money in the bank to pay it. I care that you’re on top of your accounts and feel all organised and know what’s coming in and out of your bank account.

Why do I care?

It’s a good question and it’s a question I asked many times as I focussed in on the motivation to write this book. I care for many reasons but there are two that stand out amongst them all.

Firstly, on a practical level, I may bump into you at the supermarket queue and you may be feeling grumpy or guilty because another week or month has gone by, the filing o’clock deadline is getting dangerously close and you’re no further forward. Or maybe you’re really stressed because you don’t know how you’re your tax bill is going to be. I have no idea what you are like when you’re irritated, stressed and/ or angry at yourself but I know what I’m like and I wouldn’t wish that interaction on my worst enemy…

Secondly, I care because I have a huge passion for preventing poverty in homes that could avoid it. I’m not for one minute suggesting that will happen to you and your family but unless you have a huge reliable and steady income coming in and you know for sure your expenditure is less than that, it is always a potential possibility; customers no longer need our service, our partners get made redundant or we’re needed to assist an ill family member.

Poverty can mean many things but at the very lowest level of the spectrum, it simply means being unable to afford to buy what you and your family need. We can’t predict the future so it’s always advised to have a financial safety net for those unexpected challenges.

There have been moments in my life where money has been scarce, which I discuss in Successful Business Minds, and I know in most instances (those moments as an adult) it was avoidable by taking action and being mindful of expenditure. That said, sometimes life throws us a few curveballs and we only have own reliance to get throw it. But having some spare money helps, even if it’s just to treat ourselves to cheer ourselves up.

Why does a lack of budgeting and savings stop you from filing your tax return on time?

Aside from all the other challenges listed in this book, most people hold back from filing their tax return because they haven’t held back any savings or budgeted accordingly or the tax bill and are scared that they’ll have a big tax bill to pay. This procrastination is the defence mechanism denial I mentioned in the last chapter.

Budgeting basics

End of preview.

To read more, sign up to receive the FULL preview HERE. Only available until 25th November! By receiving the full preview of Tax Return Made Simple, all I ask in return is feedback by 30th November, and if you would some free advertising, a book review for insertion in the published professional edition.  Then we hope you tell all your business friends about it.

© Helen Monaghan

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