Weekly Money & Mimosas Date
/Whether you're an entrepreneur , freelancer or working for a company, money is an important aspect of your career. Being mindful of your spending choices and setting financial goals is key to living the rich life you’ve always dreamed of.
To stay on top of your finances, I recommend having a weekly money date. Keep on reading to learn the five-step process for your money, and mimosas, date.
Before you begin, open your calendar. Choose one day per week and schedule a thirty minute block to review your finances. Because if it's not on your calendar, then it's not real! Now that it’s on your calendar, ask yourself the following questions during your weekly money date.
What did I spend my money on this week? The first step to becoming financially savvy is to become aware of your daily spending habits. If you are a freelancer or entrepreneur, you can use a bookkeeping program, such as Bench, to categorize and reconcile all of your transactions.
How much money did I earn this week? If you have a side hustle or work full-time for yourself, review how much money your business brought in this week. With your bookkeeping program, you can easily do this by running the Profit & Loss Statement (also known as the Income Statement) report and checking your earned revenue amount. If you work in a traditional role where you receive a steady paycheck every two weeks, use this opportunity to review your retirement, savings or investment accounts.
Did I pay myself first? This means moving a percentage of your earnings to a savings or investment account. This is step is critical in order to take care of your financial well-being and creating your rich life. It’s easy to pay your bills first, but boosting your savings is key to being financially independent.
Who owes me and who do I owe? Review your upcoming bills and pay them early, if you can. If you are a freelancer, also review who owes you. As your freelancing grows, you will need to use a program that keeps track of all of your invoices. After you input your invoices, you can run a report called the Aging Accounts Receivable to keep track of who owes you money.If someone is overdue, send them a friendly reminder that they have an outstanding invoice. For your business bills, you can use the Aging Accounts Payable report to keep track of your upcoming due dates. Hopefully, you're up to date with your expenses. If not, pay your outstanding bills.
What am I celebrating this week? Did you pay off a credit card? Land a new client? Book a vacation? Managed to get the kids to school in one piece? Whatever it is, it is time to celebrate YOU! Pour yourself a mimosa and tell yourself good job for a week well done. Then, post your weekly Money & Mimosas date on Instagram and use the hashtag #MoneyandMimosas so I can say hi!
Cheers!
Danetha
