Healthy Spending Checklist for Creative Entrepreneurs
As small business owners and creative entrepreneurs, you will most likely be looking at every area of your life and ways you can improve - and financial health is one of those areas. That’s where we come in. It is our mission to help you cultivate healthy financial habits, know your numbers, and build a legacy.
Start by using this healthy spending checklist:
Pay yourself. This is necessary and you deserve it! If you can't afford to pay yourself or take owner’s draw, is your business model working? Make sure you’re creating a sustainable business that will take care of you.
Evaluate your expenses. Make a list of all your subscriptions. Figure out which ones have an ROI (return on investment) and unsubscribe from any unnecessary ones.
Review and track your bank account and credit card activity regularly (make a weekly bookkeeping date with yourself). This will help to ensure there are no fraudulent or duplicate transactions on your accounts.
Manage cash flow so you can keep up with debts and bills. If you are having trouble with cash flow, make the necessary changes so you have the funds in your accounts when you need them.
Find a budget that you will actually use. After each month ends, review your activity to see how your actual spending and saving compared to what you planned in your budget. Make necessary adjustments to next month's budget.
Try to live within your means and practice contentment when temptations arise for things you don’t really need. This will help you meet your financial goals sooner.
Outsource things like finances to the professionals if you lack expertise or don’t have the time to do it yourself. Do what you do best and outsource the rest.
Save money for taxes. We recommend putting at least thirty percent of your income in a tax savings account and stay on top of paying your estimated taxes, to avoid fines and having to pay everything at once and then not having the cash on-hand.
Hire a good tax accountant (CPA) and give them your accurate, up-to-date books to prevent overpaying or underpaying in taxes, and ensure deadlines are met.
We hope this checklist gets you on the right track and if you have any questions, just drop them below. We love hearing from you!
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