Do you check your business’s recurring expenses or do you wonder where your money went when you get to do your tax return?
It’s one of the reasons folks put off their tax return.
I know your tax return isn’t the most exciting thing you could be doing with your time, but it needs to be done and feeling anxious about how much you spent is one of the top reasons for leaving it to the last minute. And then beating yourself up for doing so.
Which is a pile of pants and I know you want to feel much better so let’s look at one way to sort this problem out for you: recurring expenses.
(Another way is a tax return course, like this one).
Recurring expenses are payments that continue automatically.
It’s not the same as a payment plan, which is a set amount split into more than one payment over a set time period. A payment plan is a legal agreement and you’re required to pay all installments or you break the contract.
A recurring expense is different.
It’s a payment that is automatically renewed but have a different legal contract each time so you can can cancel at any point.
Some of these can be a payment plan and some can be mixed.
For example, paying for your phone handset is usually a payment plan but the call package is often on a rolling monthly contract you can change.
The best way to check you still need and want your business recurring expenses is while you’re doing your tax return.
You’ll already there looking at your expenses and it takes no time at all to keep a list of what you want to review or cancel.
It can also really help you feel better as you’re taking positive action.
It’s also a great time to switch over payments from Paypal to a card payment as Paypal transactions are a complete pain when it’s tax return time.
For more on Paypal:
The next question of course is how to stop having too many recurring expenses in the first place.
Questions to ask yourself:
It’s easy to sign up for recurring expenses particularly when it’s something that’s right for you – but not right now – or when the marketing copy is really good or when everyone else appears to be signing up and you’re scared of missing out.
We all do it, so no need for guilt or shame about it.
It is a good idea to ask yourself the questions above at least once a year (tax return time or the spring is perfect) so you review your spending.
And don’t forget, it’s not just about saving money on what you don’t need, you may also realise you’re being held back by not receiving a higher level of support and that’s the change you need to make.
Tax Return Success online course
I’d love to hear from you.
If you are looking for a safe space and the support you need to sort out your tax return, find out more about my group course, Tax Return Success or book an explore call with me.
We’ll explore what you need how I can help, so you can feel yourself again.
To your financial self care,