Been freelancing for a while, but my finances are a mess. Never really had a proper budget for my business. Thinking about setting one up, but not sure where to start or what to include.
Anyone else struggled with this? How did you figure out your business budget when you’re the only employee?
I keep it basic. One account for business, one for personal. Track income and expenses in a spreadsheet.
Set aside money for taxes first. Then cover business costs. What’s left is my pay.
Review numbers monthly. Helps spot issues early.
Start simple, adjust as you go. You’ll find what works.
Started out like that too, just winging it. Didn’t work great when tax time came around.
What helped me was splitting my income into buckets. I put aside 30% for taxes right off the bat. Then I figured out my monthly expenses - software subscriptions, office supplies, that kind of stuff.
I keep a separate business account. All income goes there, and I pay myself a ‘salary’ from it. Makes it easier to see what’s actually profit.
Excel’s been my go-to for tracking. I update it weekly, listing income and expenses. Helps me spot trends and plan for slow months.
Don’t forget to budget for unexpected costs. Had my laptop die once and hadn’t planned for that. Lesson learned.
Been there. A budget’s just a tool to keep cash flowing. Start simple. List out what you spend each month on the business. Software, supplies, that kinda stuff. Figure out your average income too.
Set up a separate business account. Makes tracking way easier come tax time. Put aside about 30% for taxes right off the top.
Pay yourself a set amount each month. Treat it like a paycheck. Whatever’s left, that’s for the business or saving for slow months.
Don’t overthink it. Just start tracking and adjust as you go. You’ll figure out what works for you pretty quick.
Budgets? Nah I just keep track in my head. Works okay.
Struggled with this too when I started out. Here’s what worked for me:
Separate accounts
Got a business checking account. Makes tracking way easier.
Percentages
I divide income like this:
Tracking tools
Started with a simple spreadsheet. Now I use Wave - it’s free and does the job.
Regular check-ins
I look at the numbers every week. Helps catch issues early.
Emergency fund
Always keep some cash for surprises. Saved me when my internet went out for a week.
It’s not perfect, but it works. The key is to start somewhere and adjust as you go.
Pro tip: Get an accountant for an hour. They can give you personalized advice. Worth every penny.
Budgets? Meh. I just keep track of what comes in and goes out. Simple works for me. Maybe start with writing down your expenses for a month. See where your money’s going.