Teach Your Clients The 5 Steps To A Healthy Budget

Successful entrepreneurs will all tell you it is important to stay ahead and be innovative. Pay attention to the need of adding excitement to the services  you are offering your clients. Keep them delighted with the things you offer; keep them hoping for new ways to manage their ever changing financial lives.  This is one of the greatest assurances that will not only keep your customers with you throughout a lifetime, but also encourages them to be informal marketing agents. Nothing compares to word of mouth advertising.

A great way to keep your clients coming back to your agency is to offer specialized software that makes your client’s life a little easier. This software may be offered online from your site or as a stand alone software with online capabilities. This enables your client to stay connected to an active management system that will guide, advise and help your client  stick to a healthy budget and stay out of debt. Such software might help in:

•    Drawing up a detailed monthly budget– Most people know and understand the meaning and importance of drawing up a monthly budget; unfortunately, most people have no time for it or do not really know how to draw a budget up. The software can help this person work out a monthly budget, i.e. essential expenses, extraneous expenses, savings, mortgages, setting up an emergency fund, etc.

•    Track spending according to the budget– The software could carefully keep track of the expenditures made during the month. Alerts could be programmed in for times when expenditure exceeds the approved budget or when spending is not being inputted, so the person can be aware of   when to reign in spending and when to make a conscience effort to track spending. Many people say that they lose track of about 10-20% of their incomes. What many fail to realize is that spending is usually absorbed by snacking outside, treating friends, allowances for kids, coffee, and seemingly small costs which add up rather quickly.

•    Show how savings work – Have built- in calculators in the software that show your client how invested money can grow if the investment is done carefully. Have calculators for everything – renting vs buying, credit card payment deference to the next month, mortgage cost over 15-20-25 years, and so on. This will act as a constant reminder of the spending that sometimes feels overwhelming and at the same time motivates the client to save for their future.

•    Advice on maintaining a high credit score– The software should keep analyzing the spending vs savings habits; while enabling the client to see through the software ways  to maximize  habits that will have the most positive  impact on their credit score. Credit score, contrary to common belief, indicates how responsible/ irresponsible a person is while managing their money. If a client takes all the right steps, their credit score will increase over time.  With a higher credit score your client will be able to enjoy the best terms and conditions on all future loans – short-term  and long-term; enabling your software to make those goals clear will motivate your client to continue to live a financially sound life.

•    Tax payment & insurance advice– Since your software will have all the financial details for the individual client, it can easily work out the taxes that  need to be paid. This is one more vital service you can offer your customers for free (or for a nominal fee) through the software. Insurance too, is a matter of concern in many cases. Ensure that proper advice can be offered online to your customers.

•    Have a 24 hour response window– Enable your software to email you or one of your staff with any query or request for help. This should always be answered within 12-24 hours carefully and with the most current information available. The customer should always feel valued and respected and most of all as an important individual.

Innovation need not stop at engineering great personalized software. You should constantly think of new ways to engage your customers and make their life a little easier. This will ensure the growth of your business and your profits.

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