The 4 Savings Accounts Every Entrepreneur Should Have
I'm not suggesting you have 30 accounts for your business, but there's a couple of main ones that we want you to have, and these are;
An account for your tax savings - to cover your quarterly BAS and your monthly IAS.
An account for Super - If your super is $5,000 a month, just start chucking a grand and a bit a week into an account so that when the Super's due every quarter, you've got that ready to go in an account and it just goes from there.
A rainy day fund - COVID shows us that we can have rainy days that we don't expect. In fact, we can have rainy years. So having a rainy day fund where you've got some cash stashed away is a fantastic thing to do and great peace of mind.
We had so many clients who took our advice on this one years beforehand, and in COVID, we started getting thank you messages out of the blue. Even people who weren't clients that had come to a workshop and heard about it, just saying, "Hey, thanks so much. I just wanted to reach out and thank you because I didn't have to fire six people." Like that's the sort of messages we got - It was incredible.
Your pay - make sure you regularly pay yourself, but ensure you've got a little bit of a buffer in place in case the cashflow was a bit tight for a week or a month that you can still put food on the table.