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  • Writer's pictureloriwolf

Planning Your Finances through Irregular Business Income

Updated: Aug 9, 2020

It's difficult to plan your personal finances as you begin to grow your business, especially when it's irregular or severely impacted by outside forces (*cough* COVID-19 Pandemic)!

Here are a few tips to smooth out your personal finances even though you might experiences valleys and peaks in your business income.

- Plan out how much money you need to live off of for one month, it is important to include items such as rent, food, utilities, etc.

- Setup a pay day where you pay yourself, and transfer this amount to your personal checking from your business account

- Take a look at your net profit, and put 30% into savings for taxes

- The balance stays in your business account to cover business expenses and a slow month's pay day

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