As an admittedly heart-centered entrepreneur, money is one of those things that I’ve had to gradually become more comfortable within my own business – managing it, planning for it, spending it and receiving it.
So in this post, I’ll be walking you through my money toolkit – everything that I use from strategies to resources.
And if you want to download this information in a handy PDF format, I’ve prepared that for you here too:
1. Money Mindset
Go into any entrepreneurial Facebook group and throw a stone with your eyes closed. I’m willing to bet you’d land on someone talking about money mindset or manifesting. So, well yes, how cliché – there’s also a reason money + mindset has become such a cliché: It’s one of the most significant determining factors in how high your ceiling for success is. It’s super hard being an entrepreneur and sometimes feeling like your worth is all tied up in how much you charge for your work and how many people want it. For me, cultivating a healthy mindset around money includes clearing any mental/ or emotional blocks I have, training myself to see opportunities that may be easy to miss, and taking care of my money by giving it the respect it deserves. When it comes to money mindset, there are some tools that have rightfully become my go-to’s:
1) Money Bootcamp by Denise Duffield-Thomas:
This was my first foray into developing a money mindset, and it felt like I’d walked through the wardrobe and into Narnia when I first logged in. A whole new world and way of thinking opened up to me. I try to go back through the program every year and notice whenever I’m diligent with tracking my income,
2) Zena Amundsen’s The Heart of Your Money
I.LOVED.THIS.BOOK. It’s the perfect combination of mindset and abundance along with the most practical system for managing your money that I’ve ever come across. Zena teaches a value-based weekly cash system, and it’s been exactly what I needed to stick to a budget without feeling like I was depriving myself. #GameChanger Plus it’s peppered with stories and examples that make it as enjoyable to read as it is valuable. And if you buy the book, you also get a free workshop to uncover your money origin story and discover how to change it so it doesn’t hold you back anymore. Click here for the book + workshop bonus.
3) The Opportunity Grid
Ready to blow your own mind with all the opportunities that are sitting right in front of you? Denise Duffield-Thomas taught this in Amber McCue’s
4) Jen Sincero’s You Are a Badass at Making Money
I listened to this book while on an international flight and I must have looked so silly nodding my head the entire time 🙈 Don’t let the
5) Revenue Plan
The next thing that has really improved my relationship with revenue is having a revenue plan (ha!) Before it, goal setting would be a little something like this. “I want to make $100K this year.” No how, no when, no
6) Money-Time Awareness
The next thing I did to up-level my money mindset was to cultivate an awareness
You can use something like Toggl for this but I took the opportunity to combine my affinity for the Pomodoro method and this time tracking through using BeFocusedPro.
It’s an app that lets me add categories and then work in
I also use this in my weekly-monthly-quarterly planning process so that I didn’t meet a certain goal I can usually discover that it was because I didn’t dedicate nearly enough to it. Or if it was a revenue goal, that I spent too much of my time on non-revenue generating activities.
7) Profit First
The system that completely changed my approach to money management for my business though was learned in the book
Following his system, I divide every payment I receive from clients and weekly transfers from Stripe/PayPal and divide into 4 categories:
- 50% for owner’s pay
- 5% for profit
At the end of each quarter, I take half of what I’ve transferred into my profit account (the rest is there as a sort of emergency fund) and use it as a bonus.
Before using Profit First, paying myself was kind of a joke. And now it’s becoming a non-negotiable (definitely still a work in progress sticking to it!)
8) You Need a Budget (YNAB)
This is how I actually use Profit First because there’s a big difference between acknowledging the principals and putting them into action.
You Need a Budget is a tool that lets you allocate all incoming money to different categories.
I have a personal budget and a business budget. Whenever I receive money, I put it through the business budget first according to the Profit First percentages. I allocate it to different expenses, my tax account, profit account, and then finally pay myself.
Here’s how I set it up:
Step 1 – Sign up for your account
Step 2 – Create a personal budget
- Connect your accounts
- Create all of your categories with their monthly amounts
- Create savings (or debt repayment) goals
Step 3 – Create a business budget
- Connect your accounts
- Create all of your profit first categories and then your subcategories with their monthly amounts
How do you handle one-time expenses? If it’s an annual thing you can set it up as a ‘true expense’ meaning that you can divide the amount over the year and save for it little by little. Or you can do what I did for most of these and have a one-time expense category.
9) My Money Routine
Systems only work if you work them.
So I have a money routine that I follow daily, weekly, monthly and quarterly.
- Track any incoming revenue (Love this quote from Denise Duffield-Thomas about daily money tracking, “Money tracking daily keeps you mindful of what’s actually going on in your life, helps you appreciate the abundance around you, and sometimes gets your butt into gear to make more money.”)
- Track my
- Check weekly cash flow account before spending
- Review budget (business and personal)
- Complete weekly transfers and allocations
- Open mail
- Pay bills
- Bookkeeping for month
- Opportunity grid
- Review: revenue plan, budget,
pomodoros, pay team (15th)
- Review profit first accounts
- Review and adjust revenue plan
Want the full list of these resources and tools? Download the full Money-Ful Toolkit PDF
Take action on this post with these 3 steps or save it for later (will be on your dashboard).
|1||Download the Money-Ful Resource Guide|
|2||Create your annual revenue plan|
|3||Choose 1 money or money mindset book to start reading (or listening to)|
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