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What I Am Doing with My Money as a Self-Employed Coach and Consultant

What I Am Doing with My Money as a Self-Employed Coach and Consultant

I recently wrote about How To Manage Money When You Are Self-Employed As A Coach Or Consultant and gave some insight into general areas that need your attention when you work for yourself. Now, I am getting a bit more personal and sharing with you some of what I am working toward for myself, my business, and my family at this very moment and how I am keeping track of my goals, my spending, and my savings.

How I Track My Business Income and Expenses

My systems aren't complicated; I keep things as simple as possible on purpose! We use Dubsado or SuiteDash (we are in transition and deciding which of these systems best serves our clients and our internal staff) to keep track of our projects and issue invoices to clients. We can easily see what income is coming in and how many projects and invoices we have open at any given time.

We are using Wave for accounting and payroll. It's nice to see so much information in a single dashboard. This system was easy to implement and keeps us from getting behind on our bookkeeping! The payroll aspect allows us to differentiate between an owner draw for me, paychecks for employees, and payments to vendors and contractors.

As of right now, I am still using MileIQ to track milage for business purposes, but there hasn't been much business travel to speak of this year due to lockdowns and the wide adoption of virtual platforms. I will evaluate whether to use the simple tracking tools included in Wave or keep the separate software moving forward.

Planning for Finances for Business and Personal Purposes

I have a few wonderful spreadsheets that I use for forecasting cash-flow and to visually see what effect changing a program price will or tweaking attendance caps will have on our bottom line. 

There are a few fabulous calculators online that I use to figure out how much I need to be putting aside for my personal goals. For example, I am using this RV Loan Calculator to figure out exactly how much I need to put down to get my monthly payments into the range I want when I go to buy my AirStream this Fall. I am super excited about it and I want to be well-prepared! 

We are already traveling full-time, so this fuel budget calculator is invaluable. On a heavy travel week I have easily spent $500 on gas and that is more than worthy of being figured into our family budget. And yes, I use a simple spreadsheet for that, too. As a former financial advisor, I do not approve of guessing! I have enough adventure and uncertainty built into my lifestyle by living on the road; I don't need any financial surprises to trip us up whilst we travel. 

Searching and Testing New Systems

As a software and systems geek, I am always testing out new ways to streamline and simplify financial systems for myself and for clients. Often, more complex software is not the answer. Simple spreadsheets and calculators are often the easiest tools for myself and my team to use. Key programs create a backbone for our critical functions and we keep on truckin'.

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Laura Pence Atencio

As Founder and CEO of Social Savvy Geek, LLC., Laura Pence Atencio is passionate about helping entrepreneurs and business owners meet and exceed their goals. She is committed to providing the most engaging and effective strategies in online marketing by combining traditional business networking and marketing fundamentals and best practices with current and engaging online marketing methods and tactics. Laura has worked with some of the top names in Internet Marketing and has consulted with entrepreneurs, businesses, and nonprofits in the US and abroad. She is the author of the popular article, 10 Tips to Build Your Twitter List Now, which has been published both online and in print in the US, Australia, and New Zealand. A lifetime student herself, Laura has achieved certification as a Computer Administrative Specialist at Beta Tech and has studied Art Education, History, Art History, and Criminal Justice at Virginia Commonwealth University. She is fascinated by learning, sharing and growing, not just in business, but in life. She participates in US Masters Swimming and has ranked in the top 25 nationally in her age group in both the 50 and 100-yard backstroke. She served in the VA Army National Guard as a Combat Engineer in the 229th Engineer Battalion. She never meets strangers, only friends not yet made– an attitude that serves her extremely well in the networking world, both online and off. She currently lives in Denver, CO with her husband, 3-year-old daughter, and German Shephard.