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Money has a way of teaching us new things each year, whether we like it or not! Some lessons are tough to learn, while others are little victories worth celebrating (any excuse for a Starbucks pick-me-up, right?!). 

As we reflect on this past year, these five lessons stand out as game changers that, when implemented, can reshape how we handle our business finances going forward. Let’s jump in!

Lesson 1: Don’t Be Pressured into Making a Buying Decision

Have you ever been caught, sweaty, in that whirlwind moment where a salesperson is saying, “This deal is only good today, gone tomorrow?” Same here! We see it all the time in business (and are even taught to add this on for urgency), and it can be really hard to resist! 

But pressure buys often lead to buyer’s remorse or worse – that sinking feeling as soon as you see the charge on your credit card. 

Here's how to avoid these traps:

• Implement a “24-hour rule”: When you’re tempted to buy, give yourself a day to think it over.
• Recognize urgency tactics: If someone’s rushing you, that’s a red flag. 

Taking a breather has saved me from many unnecessary purchases. Try it next time you’re on the verge of caving in to pressure.

Lesson 2: Don’t Buy Something Just Because It’s on Sale

Sales are sneaky, aren’t they? They make you feel like you’re saving money, but in reality, you’re often spending more than you planned. 

Guilty as charged here – I’ve bought many courses that have amazing information but have yet to be gone through. 

Here’s the reality: An item is only a good deal if you actually need it. Otherwise, it’s just clutter.

Try this instead:

• Shop with a list: It’s easier to avoid tempting distractions when you know what you’re looking for.
• Think about the cost of unused items: That $250 course you bought but never finished? Not a great deal after all.

Now, when you see “sale” signs, you’ll be less likely to fall for them. And your bank account will be thanking you for it.

Lesson 3: Always Embrace Delayed Gratification

There’s beauty in waiting. Whether it’s saving for a dream vacation or holding off on buying that shiny new decor for your store, delayed gratification makes the reward so much sweeter.

Here’s how you can embrace the wait:

• Create wish lists: Make a list of all the things you want and revisit them in a month. If you still want them, start saving!
• Plan for larger purchases: It feels good knowing you’ve set aside money intentionally for something meaningful.

Waiting isn’t always easy (just ask my 2 year old that wants everything “now!”), but trust me – it’s worth it.

Lesson 4: Be Mindful of Business Spending

As business owners, it’s easy to justify expenses as “necessary,” but sometimes we end up overspending in areas that don’t bring a return. 

Whether it’s trendy inventory, the latest software, or excessive marketing campaigns, those small decisions add up to more than what it costs to feed a whole family at Chick-Fil-A fast! 

Here’s how to take control:

• Track your spending habits: Use tools or spreadsheets to see where your money is going each month (PS I have a great tool for this if you need one! 😉 ).
• Review your purchases regularly: A monthly review helps spot patterns, like overspending on ads that didn’t convert or inventory that wasn’t selling.

Recognizing where you are overspending is tough, but having a plan empowers you to make better choices. Then, you’ll see clearer profits and less waste, which is a big win.

Lesson 5: Don’t Be Tight-Fisted About Money

This might sound like a contradiction to the previous lesson, but hear me out. While it’s important to save, being overly stingy can close doors to opportunities and generosity.

We all have charities and causes dear to our hearts, and one amazing thing about being business owners is the opportunity to donate when and how we want! 

Here’s the takeaway:

• Find a balance between saving and giving: It’s okay to enjoy your money while helping others.
• Be open to unexpected opportunities: Some of the best experiences come from saying yes to giving or investing in something meaningful.

Money isn’t just about numbers – it’s about impact. And sometimes, being generous creates ripple effects you never see coming.

Wrapping It Up

We learned valuable money lessons last year, and there is still more to come! Whether it’s resisting pressure, avoiding sale traps, or finding joy in giving, let these lessons impact how we spend, plan, & donate our money next year! 

I’d love to hear from you – what money lessons have you learned this year? Share them in the comments below, and let’s keep growing together!

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Erika Millard is a Bookkeeping & QuickBooks Expert who empowers female business owners with confidence and peace of mind when it comes to their bookkeeping. As the host of the Get Comfy with Numbers podcast, Erika makes finances feel approachable and doable. When she’s not teaching or podcasting, Erika is a wife to a medical resident, a mom of four, and loves exploring ice cream shops in the Birmingham, AL area with her family. Learn more here:

Instagram: @erika_millard

Podcast: Get Comfy with Numbers