We’ve been teaching the Total Money Makeover (affiliate) at our church lately since it’s changed our lives and how we look at spending. An interesting thing I’ve found though is how I treat my business finances.
Currently I basically pay myself on salary. Every month I transfer a set amount to our family bank account. As long as that happens, of course things are fine, or are they?
I have to admit that I have been using the money in my business as a personal playground. I’ve bought parts for my bike with it, taken myself out for lunch just because I wanted to go out, and a host of other things that really weren’t business related.
I don’t even want to think about the total amount of money I’ve ‘wasted’ doing this.
So here is a step I’m taking, and should have taken a long time ago, this month I’m taking the wife to the bank and she will now be joint on all the business accounts. Really I’m the sole income so it’s our business. When we sit down and do the family budget, I’m doing the business budget with her.
No more hiding behind ‘paying’ myself monthly. It’s not fair to her, and I’m stressed out when I realize I yet again am running so close to the line.