How to manage your hustle finances
Granted, proper financial management isn’t the sexiest part of the hustle. But know that what you do behind the scenes is going to show up where it really matters – in your bank account. And those numbers are sexy, right?
How to manage your hustle finances
There are few things worse for your hustle than not keeping track of your finances. Think big and get serious – the results are sure to follow! Here are a few tips to get you on your way:
Begin with your personal finances.
Track the money that’s coming in and going out, and the things that you are using without having to pay for them. If you can’t manage your personal finances, you will find it hard to work with your business’ numbers, so this is a good place to learn the ropes.
Create weekly financial diaries.
Use dates and columns to cover income, spending, those things that you use and haven’t paid for, and total amounts. Don’t let this slip, even if you don’t have any income to put down. Discipline financial record-keeping is one of the keys to business success.
Think about your spending.
Do you really need to put your hard-earned money towards a flashy new car, or is that just something you want because it is cool?
Move on to your business finances.
Your business’ financial diary will look almost the same as your personal one, but you’ll need to add columns for payments and money deposited into your business account. Not too much extra effort, hey?
Remember to pay yourself a salary.
OK, so you couldn’t possibly have forgotten this one, right? You’ve worked hard and deserve the money. You’ll also learn to be disciplined when using your money – it could, after all, be going towards some extra hustle!
Don’t mix business and pleasure
At least, when it comes to bank accounts. Keeping separate accounts for personal and business purposes will allow for easier management.
Open a business bank account
With a bank that does not charge you high admin fees and understands your needs as a hustler. Money in the bank is interest in your pocket!
Commit to your vision.
Use it as your guiding light when the days are dark. It will help you stay disciplined, even when you’re feeling down about how little money is coming into your business account.
Making money on your own terms means managing it by a set of rules. Get your personal finances in order before working with your business and commit to the cause. You’ll love the process when you see how much it helps the hustle!
SOURCE: Sayouth
