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Make your expenses payMake your expenses pay

Use a business credit card whenever possible for travel, meals, and minor expenses related to your flight school business. Compare reward programs to find which card will give you the best suite of benefits for your particular situation; often sites such as Bankrate.com will offer a comprehensive breakdown of most major bank and credit cards to help simplify your search.

By charging any and all possible expenditures, such as recurring fees and utilities, you will not only be saving time by cutting down the number of checks you write each month, but earning valuable points or travel miles that save you money.

Since some of the more generous cards offer a point or mile for every dollar spent, you’ll want to charge every penny possible to that card. By taking advantage of programs such as Paypal, you can accumulate points even faster because you can pay just about anyone with your credit card, even your landlord and independent contractors.

Wealth managers often advise their clients to use the 7/60 rule—have your accounts receivables come in within seven days, and pay your bills around 60 days. Deferring your monthly payment will leave more cash in your hands, plus give you an extra 30 to 55 days of interest-free use of your money. I've enjoyed free flights and hotel stays to aviation business conferences thanks to the miles and points earned.

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