How I Use The 50/20/30 Budget Plan For Personal Finances

How I Use The 50/20/30 Budget Plan For Personal Finances

When I started my entrepreneurial journey, I began to ignore my personal finances. I was so selfish about my business baby that I didn't handle much within my own household.

Mostly because of comfort. Upon inception of my business, I was as a foster mom to special needs adults making pretty good money. It was 2016 and I stopped writing for the personal blog I created a year prior. I quit this blog because I felt like the digital space needed someone to help them with business finance.

I started my bookkeeping business with low startup costs. After a while, I started to drink all the Kool Aid from the cool kids. I invested in the latest course. Signed up for every sexy software subscription. Since I didn't yet master my client experience, I wasn't making consistent income. Most of these funds were borrowed from my personal finances. It became awful.

Through this, I stacked up a pretty expensive first year of business.

I vowed to avoid this in my second year of business. I also committed to keeping myself as accountable as I do my bookkeeping clients!

How to Regain Clarity on Your Business After Personal Mishaps

 How to Regain Clarity on Your Business After Personal Mishaps

There are so many reasons why you start your business. You wish to start living your passions in life, serve the people that matter the most to you, or set an example for your family (Hi Liana!). There is constant talk about work-life balance and not letting the work that you do transcend to your personal life.

What if it’s the other way around? What if something substantial that happens in your personal life greatly affects your business?

You may start to forget your why. You ask yourself If your business is even worth it anymore when the dust settles. You think about the time that it took away from your business and if things would be ok when you start things back up. 

This happened to me not too long ago (and I'm still going through some changes). I was at a point of worry in life, and my business was just on the back burner. I wasn’t doing much marketing to attract new clients. I was definitely not producing any blog posts.

What if it’s the other way around? What if something substantial that happens in your personal life greatly affects your business?

How to Know if Entrepreneurship is Right for You

How to Know if Entrepreneurship is Right for You

Realness here. I wasn't born with the entrepreneurial spirit running through my veins. I used to think it was unreasonable for people to go out on their own to start a business. It just didn't seem stable. Far from guaranteed money in most cases.

I was frightened of it being unsafe and put a stigma on it being a “get rich quick scheme”. This belief was forced into my subconscious throughout my life. I didn't know any business owners in my family, or any family friends, or friends of my own, so all my ideas were based on general society. It was believed to be smart to climb the corporate ladder to the top. Full benefits and a few dollars in my 401K made me holler.

This spirit was embedded in me until I started to see people actually living their dream. Like, you don’t have to be miserable to reap the benefits of your desired life.

You don’t have to sit in standstill traffic on a Thursday afternoon while pregnant, going through Braxton Hicks contractions. Fathers don't have to face their children being calmed down by the daycare staff quicker than them... You don’t have to wait until “Happy Hour” to relax...

Before starting a business, I would think, who am I to just up and start a business? Then I reflected on my abilities, laid out my dreams and realized, why not me? I was the only person holding myself back from a life of bliss and fulfilling my purpose.