Ha haaa! This is a good one to ask on a somewhat universal pay day. My approach to budgeting isn’t much different between my personal and business. It’s also relatively simple, too, but I gotta start with one thing.

Budgets are meant to be spent! It trips me out when I hear people say stuff like, “I don’t want to reveal my budget because then you’ll spend it.” Duh, that’s what it’s for. The budget is telling yourself or someone else exactly how much you want to spend on whatever, $500/month on new clothes, maybe. How you spend it is the real talent, but it’s not gonna stop the money from getting spent. Woo! Got that off my chest.

Ok! So for larger budget projects, I like to add contingency funds for any unexpected occurrences. When I updated my bedroom, I budgeted for everything I needed, plus a little extra just in case something was broken or didn’t turn out well. For my basic budgeting, all the bills and needs (like groceries and gas) get budgeted first. Then I can take what’s left and budget for things like self care and fun. For my business, self care and fun could be described as industry events or upgraded materials that bring joy. Either way, I immediately set aside all the important things and make room to budget for something I or the company wants.

Budgets are helpful, and they make managing finances so much easier. If you’re not budgeting, I encourage you to start. Talk soon!