As if entrepreneurship wasn’t hard enough already, you have to throw money into the mix too? It sucks, right? Thinking about trying to hustle and get business and then worrying about money too? Oh lawd, it’s too much. That’s what you’re thinking right? Well trust me, I’ve been there, done that and got the t-shirt. I got you, sis. Just take a deep breath and keep reading.

Managing your money IS hard at first. Especially if your income isn’t steadily coming in and consistent. You gotta be smart and know that one month you might bring in that big money, and the next might look dry as hell. You’ve got to think smart, sis. Think ahead. Plan ahead. Be prepared.

First things first you have to manage your personal income. This means giving yourself a “salary” of what you can take away from the business because you’re the main employee so you deserve to be paid too! You have got to stop looking at your business income as your personal income. You can’t just dip into it and be like OOOO I have X amount in this account, it’s time for a vacay, okay! It’s hard to do but you can’t be looking at it that way. That business income is BUSINESS. Pay yourself your salary and that’s got to be it. Cut and dry. No double dipping.

Second, those bills. Yes, adulting is bullsh*t at times and bills are part of that ridiculousness. You gotta get them bills in line in order to make sure you’re business stays up and running. This is part of why double dipping for a “vacay, okay!” is NOT okay. Write out when your bills are due and put it on your calendar. You can’t forget about a bill honey, next thing you know you’ll come into your office space and have to be lighting candles to work. Haha and we are not on that level.

Third, credit. Sister, you have got to be smart with your credit. I’ve know some people who see credit as free money and then BAM they are maxed out paying only interest each month and lost it all. You cannot be the business owner who goes to the bank trying to get a business loan with a 400 credit score asking for them to give you a 2% interest rate. They will kindly ask you to leave haha.  I’m just being real, and that sh*t is REAL. If you are building your credit and you have a low limit, don’t use it like a loan. Put your gas, groceries or something that you would be paying for anyways on there, and pay it off. Don’t be going to Louis Vuitton and hopping out of there with a new bag. Do you understand what I’m saying? You have to be in the mindset of “I’m building my business and this transaction would be beneficial to my business and building my credit and lowering my risk to other creditors.”

I know this is probably a lot to take in so I’ll stop there. But we aren’t done when it comes to managing your money, you’ll have to come back for the next blog because I don’t want to overwhelm you. This is enough “real talk” for you right now. Let’s break it down again though.

Be smart. Give yourself a salary and stick to it. Pay your dang bills on time. And DO NOT use your credit for stupid things. Focus on being business minded and growing your business in order to achieve the life you are wanting so badly without having to dip into your business income or use your credit cards. You want to be able to say, I paid for that sh*t in CASH. Write that down as a goal. Paying for your dreams in CASH. You got this. See you soon for the next part of money management, sis.