Welcome to Part III in our Business Finances Series!!
Today we are talking about the 2nd step in managing your finances with an irregular income.
Enjoy the video!
HIGHLIGHTS:
Steps to Paying Yourself:
- Keep track of upcoming business expenses & retain the money in your business account
- Collect a paycheck
- Stay organized by creating multiple checking accounts (Monthly Spending/Tithe/Taxes/Emergency & Savings) and pay into those accounts every time you pay yourself
- Transfer out extra $$ to Emergency/Savings account
Jones Family $$ Example:
- End of the month Paycheck: $10,000
- Deduction: 10% to Tithe ($1,000)
- Deduction: 25% to Taxes ($2,500)
- Remainder: $6,500
- $1,500 is transferred to Emergency/Savings fun
- $5,000 remains in Monthly Spending account to cover all bills & cash spending for the coming month
Dave Ramsey’s 7 Baby Steps to Financial Freedom.
In case you missed out on Week 1, CLICK HERE to view our financial story and the how to’s in creating a budget!
In case you missed out on Week 2, CLICK HERE to view the first step in managing your finances with an irregular income!
We hope you have enjoyed week 3 on Business Finances! If you have any questions, makes sure to list them below and we’ll try to cover them in our further videos!
RESOURCES:
Web | DaveRamsey.com
Reading | The Total Money Makeover by Dave Ramsey
Classes | DaveRamsey.com/FPU
