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Do you like to create a budget? Even though I know they are important, I still don’t like to do them. As solopreneurs, sometimes we can let important tasks like budgeting fall by the wayside. That’s why I’ve come up with 10 best practices to help take the pain out of budgeting. These tips will help you stay on track in your business so that you can create the life that you want.
You will want to hear this episode if you are interested in…
- Your vision for your business [1:32]
- Separating your business and personal expenses [3:03]
- Automating your expenses [5:05]
10 best practices to take the pain out of budgeting for solopreneurs
- What is your vision? It may not seem like vision has a place when creating a budget, but when your vision is clear your decisions are easy. This is why you need to define your vision first before you even begin your budget. Where are you going in your business? What are you offering? Who are your ideal clients?
- Separate your business and personal expenses. Do yourself a favor and set up separate business and personal checking accounts and credit cards. This will make it so much easier to track your cash flow. (click here to listen to the cashflow episode!)
- Run an annual budget and break it into monthly expenses. Make sure to account for emergency savings and big-ticket items when creating your annual budget so they don’t spring up on you unexpectedly.
- Run an annual estimate of revenues. Bill everyone on the same day each month. This will help you estimate when to expect those revenues.
- Pay your quarterly tax estimates. You don’t want taxes to become a burden at the end of the year.
- Save for retirement. Even if it is a small amount, just get started saving. You’ll thank yourself later.
- Set up an emergency fund for your business. You never know what’s going to happen so you’ll want to make sure that you have 6-12 months’ worth of expenses to fall back on.
- Automate your business expenses. Setting up automatic payments for your expenses is easy and will save you time.
- Seek advice. Being a solopreneur can be a lonely journey, do you have a mentor to help you through? A mentor can offer advice to help you through the challenges. You’ll also want to get financial advice from your CPA, tax professional, or financial advisor.
- Revisit your budget quarterly. Set a quarterly meeting with yourself to make sure that you are keeping your vision in mind.
Create a budget to help you stay on track
Budgeting is a continuous work in progress and can change with your business. However, you need to have a clear vision of where you want to go so that your budget can help you create the life you really want. What is your vision? Are you creating a path to help you achieve your ideal life and business?
Head on over to GabeNelsonFinancial.com/resources to get FREE resources to help you stay on track to create the life of your dreams. If you are looking for a way to master your finances reach out via my website. Just click on the Start Here button to schedule a free consultation.
Resources & People Mentioned
- How to Properly Price Your Services Free Guide
- Episode 9 – How to Manage Your Monthly Cash Flow So That You Can Reach Your Goals
Connect With Gabe Nelson
- FREE Downloadable Resources at https://www.gabenelsonfinancial.com/resources/
- EMAIL: Gabe (at) GabeNelsonFinancial.com
- Follow Gabe on LinkedIn
- Follow Gabe on Twitter: @GabeNelsonCFP
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