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Save money for unexpected expenses

If you don't save or leave room in your budget for unexpected expenses, you could be in trouble. You need to plan for equipment failure, higher taxes, rental increases, supply increases, other unexpected increases in your expenses.

If you don't, you could lose business and fall behind in paying bills because you're spending money on repairs that you intended to spend on other areas. It's a good idea to keep enough cash reserves to cover 45 days of ordinary business expenses.

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Having a proper planning and budgeting will enable you to save and maximize all your financial resources. - Gary McClure