I’ve learned a lot about managing money for myself and my content writing and copywriting businesses over the past 16 years.
So here is a money management tip I learnt about eight years ago, which I use to manage the income from my copywriting and content writing services and to avoid being behind the eight ball!
It has served me well for over eight years and may do the same for you, and I learnt this from the legendary money man Scott Pape of Barefoot Investor.
Also, I’m no accountant, so this isn’t financial advice, okay?
What you can do though is start small, think big and apply this money management concept to
• have the money for your business and personal expenses
• learn how to manage your businesses income better be it copywriting or content writing, hair salon or whatever business you are in
• And have peace of mind knowing that if you have a slow week or month, you’ve got you personal and business expenses covered or at least that is the goal.
Step 1. Create a blow bucket account
This is a bank account where all the income from your hard work and for the services you supply is paid. You also pay all your outgoing bus expenses from this one account.
Use this account to pay anything business expense such as web hosting, wages, office rent, paying staff, suppliers or freelancers, or whatever the business expense is.
Action Step – Set up a blow bucket account where all the incoming money for your business gets paid into, and you pay your business outgoings from. Aim to have at least three months or more of business expenses in this account. It’s a great feeling knowing you have it.
As you know, you have to a plan A, B, C and D for your business and personal expenses so if the money you were expecting does not come in, you’ve got it covered.
Step 2. Create a GST account
If your business is registered for GST, create a separate account for your GST account.
Then every time you receive money for your services or products put the GST component in this account.
At the end of the quarter providing, you have not tapped into it; you’ll have your GST. Doing it this way saves a lot of stress at GST time.
Step 3. Create a smile account or funny money account
This is the best account.
This is the account where you put a percentage or set amount away each week for you and the things you want. It could be your next holiday, that car, guitar or whatever.
Over to you…
I hope you found these tips for managing your freelance copywriting and content writing businesses income useful and practical. As I said, you could apply these to your business or personal budgeting.
Do you have any small business money management tips you can share with our readers and fans? I hope so. Leave them here because we’d love to hear them and thanks in advance for your input.
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