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!
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!
Web | DaveRamsey.com
Reading | The Total Money Makeover by Dave Ramsey
Classes | DaveRamsey.com/FPU