21 min
3 ways to help you stick to your budget as an entrepreneur The Money Myth Buster Podcast
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- Business
Being an entrepreneur is really different than working a 9-5 and it’s no different when it comes to managing your finances. Wanting to stick to your budget is fine, but it’s even more tricky when your income is variable because ALL the guidance out there is for people pulling in regular paychecks. In fact, we have become so conditioned to believe that we need regular inflows of money to create “stability” that we try to recreate these circumstances in our business in the offers we create and the way to run our business. But it’s a lie.
Three reasons your find it hard to stick to your budget as an entrepreneur
Unexpected expensesInconsistent cash flowToo many things they need
How to stick to your budget by proactively addressing these three things
These are the outlines of the solutions I use myself and that I teach my one-on-one clients. While these solutions may not work in every scenario they are based repeatedly positive outcomes that I have personally seen in my own life and the lives of my clients.
When unexpected expenses make it hard to stick to your budget
Solution: Make your life “emergency free” by creating contingency funds for everything!
Write down a list of everything in your business that would prevent you from working or continuing business if it broke or went wrongPrice check a dollar amount for what it would take to fix this should it occurCreate separately named sections of your savings account for each item (easy to do if you have Novo for your business banking – check out the episode on that if you missed it – https://moneymythbusterpodcast.com/podcast/business-banking-novo/)Start setting aside savings towards each of these items now – even if it’s small it will help to know that the money is there if you need it
For when inconsistent cash flow makes it hard to stick to your budget
Solution: Stop focusing on inflow and focus on consistent outflow instead
Go back and listen to episode 6 – https://moneymythbusterpodcast.com/podcast/financial-stability/Understand that the reason you income feels inconsistent is that you are spending it inconsistentlyCreating a budget that levels your outflow means that when you have high cash months you don’t overspend but project your income out to cover the future months where there may be the inevitable “dip”Set up your consistent business budget here – Business BudgetSet up your consistent personal budget (and heal your relationship with money) here – https://www.mybulletproofbudget.com/bulletproof-for-life-program/
When too many expenses makes it
Being an entrepreneur is really different than working a 9-5 and it’s no different when it comes to managing your finances. Wanting to stick to your budget is fine, but it’s even more tricky when your income is variable because ALL the guidance out there is for people pulling in regular paychecks. In fact, we have become so conditioned to believe that we need regular inflows of money to create “stability” that we try to recreate these circumstances in our business in the offers we create and the way to run our business. But it’s a lie.
Three reasons your find it hard to stick to your budget as an entrepreneur
Unexpected expensesInconsistent cash flowToo many things they need
How to stick to your budget by proactively addressing these three things
These are the outlines of the solutions I use myself and that I teach my one-on-one clients. While these solutions may not work in every scenario they are based repeatedly positive outcomes that I have personally seen in my own life and the lives of my clients.
When unexpected expenses make it hard to stick to your budget
Solution: Make your life “emergency free” by creating contingency funds for everything!
Write down a list of everything in your business that would prevent you from working or continuing business if it broke or went wrongPrice check a dollar amount for what it would take to fix this should it occurCreate separately named sections of your savings account for each item (easy to do if you have Novo for your business banking – check out the episode on that if you missed it – https://moneymythbusterpodcast.com/podcast/business-banking-novo/)Start setting aside savings towards each of these items now – even if it’s small it will help to know that the money is there if you need it
For when inconsistent cash flow makes it hard to stick to your budget
Solution: Stop focusing on inflow and focus on consistent outflow instead
Go back and listen to episode 6 – https://moneymythbusterpodcast.com/podcast/financial-stability/Understand that the reason you income feels inconsistent is that you are spending it inconsistentlyCreating a budget that levels your outflow means that when you have high cash months you don’t overspend but project your income out to cover the future months where there may be the inevitable “dip”Set up your consistent business budget here – Business BudgetSet up your consistent personal budget (and heal your relationship with money) here – https://www.mybulletproofbudget.com/bulletproof-for-life-program/
When too many expenses makes it
21 min