In this episode I’m tackling one of the most common questions among business owners: how much money to take home vs. leaving in the business. I’ll cover practical strategies to create a financial balance between your personal and business budgets while prioritizing your goals. From budgeting basics to specific allocation percentages, I’ll give you actionable steps that will help you determine where your money should go.
Key Topics:
- The Importance of Budgeting
- Personal vs. Business Priorities
- Allocation Strategies for Margin
- The Power of Long-Term Planning
- Tools and Automation
Resources Mentioned:
- Episode 8: Transition When You’re in a Good Position
- Episode 26: How to Ditch Debt and Grow Your Business with Cash
- Episode 2: Don’t Fudge it, Just Budget
- Budgeting Tutorial on YouTube
Helpful Resource: Free Estimated Tax Guide
Email me with any questions you’d like answered in future Q&A episodes!
Recommended payroll software (affiliate links):
ADP
GUSTO
Recommended bank and the one I use in my business (affiliate link):
RELAY BANK
QuickBooks Online is my go-to accounting software. Get an amazing discount (30% off for 6 months) when you buy with my affiliate link below.
SIGN UP FOR QUICKBOOKS ONLINE
My favorite budgeting app w/ an amazing free version:
EVERY DOLLAR BUDGETING APP
My preferred business credit card with cash rewards (affiliate link):
If you have healthy behaviors around spending with a credit card, this is a great one to use and earn cash back. It also links up well with QuickBooks Online. If you have unhealthy spending habits with credit cards, please avoid using one! You need to be able to pay it off monthly and not carry a balance. I use this one for my business and it makes paying bills simple.
CAPITAL ONE BUSINESS CREDIT CARD
Check out all my FREE financial resources in one place
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Disclaimer: This content is for educational and informational purposes only. Please consult with an accounting professional for direct advice based on your specific business situation.
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