5 Budgeting Tips for Families in Jackson

The truth of the matter is that saving money is always beneficial! Regardless of economic climate, personal needs, or market fluctuations, having a budget and planning out your finances can prove incredibly helpful. Whether you are saving for your future, planning for retirement, accounting for college tuition costs, saving to buy a new house, or any other financial incentive, budgeting in Mississippi can provide the funds you need. 

Watkins & Co is here to help you with some budget friendly tips for families living in Jackson, Mississippi. With an extensive background in personal finance, we know the importance of managing your personal financial plans and we are here to provide experienced advice, guidance, and education for your financial needs. 

How to Budget in Jackson, MS

Watkins & Co helps local families create budgets that work for your needs while keeping your long-term financial goals in mind. Our personal finance experts are here to share the ins and outs of budgeting, providing invaluable techniques and tips for budgeting successfully.

Track your Spending

The first step of creating a budget is knowing where your money goes. Before you begin to make a plan, keep a daily log of expenses. Include everything from major expenses, like mortgage, rent, car payments, credit card payments, and other expenses down to the simple coffee shop or fast food run. Make sure to include housing, utilities, transportation, hobbies and activities, healthcare and other such aspects of life. Every penny adds up and it’s important to be realistic when planning your budget.

Prioritize Essentials 

Major, essential expenses are priority. Housing, utilities, groceries, gas, insurance and so forth should always be the first expenses listed in your budget. Only once you have allowed for all your daily living costs can you move on to hobbies, activities, and events.

Plan for Seasonal Expenses

Many people work out an extremely effective budget for day-to-day expenses, yet when it comes to holidays or birthdays, their budget goes out the window because they have not accounted for these extra expenses. When creating your budget, look ahead at the year. Build in methods of saving during the months when there are no extra expenses necessary. Account for seasonal spending needs in the quiet months and set that money aside to account for your holiday shopping, summer plans, and birthday activities.

Take Advantage of Deals

There are plenty of deals to be had out in Jackson, Mississippi today. You can easily save on groceries by shopping local deals. Take a look at flyers and farmer markets or check in your local community market for prices. Doing a little price comparison in shopping is always a good idea when you are trying to remain on budget for groceries. It may require going to a few different grocery stores to get the best deals for the week but those dollars will quickly add up as you price hunt over time. Similarly, there are many low cost family activities available. Plan your social calendar around what free activities are occurring that are interesting to you and your family. Reducing costs on hobbies and events can make a huge difference in your daily budget. This provides you more funds for the essentials and for your long-term saving goals.

Plan for Emergency Funds

It’s important to remember that life’s twists and turns are often costly. Whether it’s an unexpected illness or injury, a sudden maintenance repair on your home or vehicle, or even an unplanned cost for your child’s sports or school, having an emergency fund for the unexpected can make all the difference. Even if you only start at a few hundred dollars, setting aside a little each month toward your emergency fund can help you through the unplanned expenses that always seem to pop up. 

Personal Accounting Company Jackson, MS

Watkins and Co. is here to help you create a realistic and manageable budget. Taking into account every expense and asset, along with your income, we can help you build a budget that will work in the long run. Adjusting your budget as necessary is an important part of a successful financial plan, as well as adhering to it even when times get tough. Watkins & Co. is your trusted partner in helping you achieve both your short term and long-term financial goals. 

Give us a call today for budgeting advice, personal tax preparation, personal finance guidance, and any other financial needs you may have. Our experienced team is standing by ready to help!

4 Strategies for Staying Debt-Free

In these turbulent financial times, debt can sneak up on anyone, all it takes is an emergency expense, a missed bill here or there, and suddenly you realize that your financial footing is not as secure as you thought. Yet, you can remain on stable financial ground with some awareness, a little proactive planning, and smart strategy implementation. The team at Watkins & Co is here to provide valuable information on how to stay out of debt, along with expert guidance and financial planning services in Mississippi to keep you out of the red.

Smart Strategies for Avoiding Debt

Why does staying out of debt matter? Doing so provides you with valuable peace of mind and a far less stressful financial life. By building credit and saving, you’ll have greater access to future financing and the ability to build wealth rather than simply breaking even. It means that when the time comes to make big steps and invest in your life goals, you’ll have the ability to pursue those dreams – buy a house, start a business, take an important trip, support your child in college. So how do you accomplish staying debt-free? 

Stick to a Budget

Controlling where your money goes and providing a purpose for every dollar can help you become more familiar with where and how you’re spending your money. Doing so can help you identify potential problem areas and help you recognize the red flag of debt before they become problematic. Watkins & Co can help you create a custom budget based on your financial objectives, lifestyle, and income. Our financial advisors across Mississippi will help you track spending, prioritize spending, and make the most out of your money.

Constantly Track Your Spending 

It’s important to be aware of exactly what you’re spending in real time. Small, seemingly harmless spending in daily transactions can quickly add up and cost much more than anyone expects. Watkins & Co can connect you with tools for tracking your spending in real time so you know where your money is actually being spent. This will enable you to make a conscious decision on where to spend and where to save.

Using Credit Strategically

Many a financial downfall is a result of accrued credit card debt. It is best to either avoid credit cards completely or use them to your advantage. The only benefit credit cards offer is the building of credit. If you do decide to get a credit card, be sure to only allow an amount to build that you can quickly pay off. Always pay more than the minimum balance so that you can avoid interest build-up. Don’t fall for the “buy now, pay later” concept, especially for non-essential items. This is a trap that can quickly end in financial ruin. 

Establish an Emergency Fund

An unexpected bill or emergency is sometimes the tipping point that slides people into debt. Whether your car breaks down, you have a surprise medical expense, or you lose your income suddenly, the expense of such events can wreak havoc on your financial life. Having an emergency fund can save you from sinking into the red. How much should you save for emergencies? It’s a good idea to have 3-6 months of living expenses saved. Watkins & Co. can help you save this protection gradually, showing you ways to save small amounts based on your current cash flow.

Best Financial Planning Services Near Me

For the expert financial guidance you deserve, visit us at Watkins & Co. We serve individuals and businesses in Flowood, Madison, Brandon, Jackson, and beyond. We’re here to help you stay out of debt and maintain your financial freedom!

5 Reasons Why Small Business Accounting Is Important 

As a small business owner, you wear many hats and fill many roles. From marketing and sales to operations, you have to rely on yourself for many aspects of business. One area that will pay for itself time and time again is to outsource your accounting. Solid accounting practices are the lynchpin for many small businesses and is the bedrock of your company’s financial health and long-term success.

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5 Ways a CPA Can Help Your New Business Startup

If you’re in the process of starting a new business in Mississippi, congratulations! That’s exciting news, although in reality, it can come with its fair share of stress. Ensuring all the aspects of your business are accounted for is no small feat, one that must be taken on when you already have a full plate. One major component of a successful business startup is to make sure that you have a solid financial foundation on which to build. A CPA can be an invaluable partner on this journey, providing crucial financial expertise and support so that your business gets up and running smoothly.

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Independent Contractor Tax Reporting with Form 1099

As independent contractors and the businesses that hire them, adhering to guidelines and best practices when reporting taxes is crucial. Staying compliant and properly reporting with the right Form 1099 is an absolute must to remain in good standing with the IRS. Watkins & Co. is here to share some important information on 1099 tax reporting do’s and don’ts.

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Everything You Need to Know About 1099s in 2024

For those operating businesses where independent contractors or other non-traditional income payments are being made, 1099s are how you will report income paid to individuals or entities during the tax year. The main purpose of a 1099 is for the IRS to track income that falls outside of the scope of traditional taxes. Businesses, organizations, or individuals are responsible for issuing 1099s if they make such income payments. Similarly, individuals are required to file taxes with a 1099 if they made any income that is not reported under a W-2 or other tax reporting form. 

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5 Reasons to Use a CPA Firm 2024

Utilizing the services of a Certified Public Accountant (CPA) for a business of any size is a wise investment. From reducing expenses to minimizing tax benefits and ensuring compliance, CPAs can help your company save valuable time, effort, and money. The immeasurable benefit a reliable accounting firm brings is the peace of mind you’ll have from the knowledge that every financial aspect of your business is covered. In the Mississippi mid-state area, Watkins & Co. CPAs are your trusted partners – teaming with us provides numerous benefits that reach far beyond the day-to-day financial services we offer. 

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Payroll and Employee Management for Small Businesses

As a small business owner, you consistently face numerous responsibilities and are pulled in a million different directions every day. The payroll and employee management aspect of any business can seem daunting, especially if you’re an entrepreneur who does not have a dedicated HR department. At the same time, maintaining a happy and productive workforce and staying legally compliant is vitally important for your company. If this all rings true for you, then you’re in the right place! Watkins & Co. small business accounting experts are here to offer valuable insights and tips on employee payroll and management. 

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How to Set Up and Maintain Organized Financial Systems

Owning a small business has its fair share of challenges. As a business owner, you’re pulled in a hundred different directions each day. One of the most cited difficulties – and yet one of the most vital – is keeping track of financials. The most successful methods all begin with implementing the right systems and tools and end with properly maintaining those processes. 

Our team at Watkins & Co supports small businesses every day and we’re here to share some of the most effective business finance organization techniques for small businesses.

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Using Accounting Software And Technology To Streamline Small Business Operations

Today’s economy and business environment requires a certain amount of adaptability and  change-oriented mindset. Small business owners across America have to find ways of streamlining operations to maximize efficiency in order to stay competitive, and current technology offers a significant opportunity to do just that. Technology and software solutions for small businesses can make the biggest impact in accounting and financial management. 

By utilizing accounting software, you, as a small business owner can automate repetitive tasks, improve accuracy, and gain valuable insights into your business’ financial health. The most successful method of streamlining small business operations is a combination of accounting software along with the services of professional small business CPAs. Watkins & Co offer comprehensive small business financial services to ensure that your operations are running as efficiently and effectively as possible.

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