How Busy Mompreneurs Can Manage Their Money Better
Balancing the books as a mom and an entrepreneur isn’t always easy, but it is doable with a little forward thinking. If you’re one of today’s mompreneurs, you’re a busy lady. You don’t always have the ability to review your finances as often as you like. That means you might be missing out on some critical savings. The good news is you don’t need to invest time you don’t have to manage your money better. With a bit of care and preparation, you can plot out a successful, fulfilling career while being the best mom you can be.
Check out the following advice to help you reach these goals if you’re one of those busy mompreneurs.
Draw a Line Between Personal and Business Expenses
Between soothing screaming toddlers and handling difficult clients, the roles of mompreneurs as a mom and an entrepreneur overlap. It’s easy to think of your household’s and business’ finances in the same way.
But they’re not the same. You shouldn’t dip into your personal money to cover a business expense — or vice versa.
But things happen. And when they do, they usually cost money. Resist the urge to use your personal savings to cover a professional emergency. Although it may seem easier at first, it will definitely cause a major headache down the line when you have to pay taxes.
One of the best ways to keep a clear divide between these two accounts is by following a strict budget for your household and for your business. Build into both of these spending plans money for emergencies, so you’re prepared for whatever comes your way.
Find a Professional Who Specializes in Business Banking
A separate bank account with business credit cards and business loans will help you avoid dipping into your personal cash for a business expense. A business banking professional can help you set one up while offering funding and moral support to help you grow.
Time is a luxury when you’re a mompreneur. Between picking the kids up from school and getting to your meeting across town, you don’t have a lot of it to spare.
Your unique schedule means it’s not always possible to get to a bank branch during business hours. If your busy schedule makes it hard to speak with a specialist at a traditional bank, check out what a local credit union can do.
Credit unions provide a more human way to bank, so they’ll understand your unique challenges as a mompreneur. Some credit unions, including First Calgary Financial, have mobile business banking teams willing to come to you when you need them most.
Think about Your Taxes All Year Long
Who likes doing their taxes? Not many people, that’s for sure. They’re a major source of stress, especially when you’re running a business.
In all likelihood, you’d prefer to avoid taxes until the day they’re due, but thinking about them periodically all year round may save you a headache in April.
Keeping track of your money with organized paperwork will help you meet the deadline with greater confidence. So will knowing your rights as a business owner, so spend some time reviewing what expenses you can claim as a tax deduction.
If tax season hurts your wallet, consider breaking down your tax bill into multiple payments. Paying taxes every month, or even quarterly, may be easier for you and your budget to handle.
Being a mom and a business owner can feel like you’re on a rollercoaster. There’s no doubt you’ll face plenty of stomach-turning ups and downs as you balance windfalls with plateaus.
But it’s worth it all, especially when you’re prepared for each challenge and success. Think about how you use your money carefully and speak with a specialist today. This forward thinking can help you manage your money better.