Trisha Wagner is a freelance writer for, a debt community featuring debt forums. Trisha writes regularly on the topics of getting out of debt and personal finance.


Photo Credit:  Alex Osterwalder

Is it time for you to get a grip on your finances? Or perhaps you are just starting out as a young adult and wish to get started on the right foot? In either case it is important to understand the sound financial planning is necessary for a solid financial future. If you are like a vast majority of adults who don’t really have a “plan” you may consider viewing your personal finances as you would a business.

Successful business owners know they could not survive living payment-to-payment and your household budget will certainly not go far if you live paycheck to paycheck. What you need is a money management plan that will allow you to control, reduce or eliminate debt while saving and investing in the future. Easier said than done, right? It doesn’t have to be, but you’ll need a few things to make it work.

The need for the Big “B” word.

A successful business grows when it has a money management plan in place. That money management plan goes by another name that scares many people away …budget. A budget or shall we call it a “cash flow plan” allows the business owner to see their financial position in an instant, it should be your goal to do the same for your household expenses.

The need for increased income/lower debt.

To key to operating your successful household “business” is remembering your income must take care of your costs (expenses) without incurring more debt. Once income covers your costs you can add extra earnings into the budget to grow your earning potential.

The need to eliminate wasteful spending.

If you have ever worked closely with an employer you already know the importance of making every dollar count. If wasteful spending practices are spotted they are normally quickly terminated in a business that wishes to remain profitable. Unfortunately most households are not nearly as quick to spot and eliminate wasteful spending. The number one reason this occurs over and over again in millions of households is due to the fact that many families simply do not know where their money is going. If you have no clear idea where your money is going, you have no way to know where to “trim the fat” from your spending.

By reading these simple techniques used by all profitable businesses you can easily see how handling your own personal finances as a business would can be beneficial to your bottom line. The underlying presence of accountability that you find in all businesses is something that many households lack. If you hold yourself accountable for your choice in purchases the same way you would for an employer and treat your finances as your boss would you will be surprised how quickly you could gain control of your finances, eliminate debt and begin to build wealth. Think like a boss, act like a boss and you will find yourself with a successful money management plan for your personal finances.