Hey there, mama! If you’re reading this, chances are you’re juggling diapers and invoices, playground dates and client meetings, all while trying to keep your sanity intact.
If you’re like most momprenuers, striking that elusive work-life balance often feels like an impossible feat. With the demands of running a business and being a rock-star parent, it’s no wonder our personal finances sometimes take a backseat.
We’ve worked with countless moms who are juggling it all, and we know how daunting it can feel to get your financial ducks in a row. That’s why we’re here to share our top tips for balancing your personal and business finances without losing your mind (or your sanity!).
Tip #1: Create a budgeting system that works for you.
We all have different money personalities, which means a one-size-fits-all budgeting approach just won’t cut it. Are you a tech-savvy mompreneur who prefers apps and digital tools? Or do you prefer the tangible satisfaction of pen and paper? Simply find a budgeting method that resonates with you and stick to it.
Pro tip: Involve your kids in the process – it’s never too early to teach them healthy money habits!
Tip #2: Automate, automate, automate.
As a busy mom-boss, you just don’t have time for tedious financial tasks. Set up automatic transfers from your business account to your personal account and walk around money management tools that can track your expenses, pay bills, and even invest for you. The less you have to think about it, the better.
Tip #3: Separate your accounts (but not too much).
While it’s crucial to keep your personal and business finances separate for tax and legal purposes, that doesn’t mean they should exist in parallel universes. Look for opportunities to streamline and consolidate where possible – for example, by using the same bank or financial institution for both personal and business accounts. This can make tracking your overall financial health a breeze.
Tip #4: Don’t be afraid to outsource.
As an entrepreneur, you’re already a master at wearing multiple hats. But when it comes to complex financial matters, it pays (literally) to bring in the pros. Consider working with a trusted financial advisor who can help you develop a comprehensive strategy for managing your personal and business finances in tandem. They can also guide you through major money moves, like investing for your kids’ college fund or your own retirement.
Tip #5: Prioritize your “Runner” every month.
We’re not talking about hitting the pavement (though a mompreneur’s gotta squeeze in that self-care where she can!). Your “Runner” is the very first portion of income that should be allocated each month, whether that’s towards paying down debt, building an emergency fund, or investing for the future. Treat this line item as non-negotiable, and watch as your personal and business finances start working in coordination.
So, is it possible to be a super mom and a super entrepreneur? We think you just proved that it is. Pat yourself on the back, mama – you’ve got this!
