When you own a business online, chances are you will be paid once a month. So how do you deal with that? When you go from receiving a pay check once a week or once every other week; it can be difficult to switch and go to once a month. From my understanding, getting paid once a month is not as difficult as you may think. A lot of businesses do this because it saves on checks and it takes less time to generate a check once a month. Affiliate payments, payments from direct sales companies, and other service type businesses pay once a month. So it's something that you will have to adapt to quickly. Here are some tips that will help you manage your finances so you won't have a problem later on in the month. The first thing you will need to do is gather all of your bills and have them on your desk in front of you. If your bills come in through out the month, you won't be able to do that, so you'll need to have a list of your bills. Include the dollar amount and the due date. You will need to write a check for each one of your bills. Even if you don't have them yet, right them out and set them aside so you can send it as soon as the bill arrives. If you have the ability to do auto withdrawal, you should consider this option and then decide what date you want these to come out based on the day you get paid. Some businesses don't allow you to choose the date the payments come out, but it doesn't hurt to ask. Next you'll need to consider your grocery shopping needs. Make out a list of all your meals for the month. Then make out a list of the items you will need for each of those meals and add all the other things you will need. Now you can either buy all of the things that sit in the cupboard, freezer, or the fridge if they will make it an entire month or you will need to decide if you are going to shop weekly or biweekly. Which ever way you decide to go, you will have to stick some money back for groceries and any extra's that may come along. If you worry about spending the money, you should consider putting it in an envelope. When all of your bills are paid and you have the money taken out for food, gas, and anything else you may need, you'll want to put some money into a savings account. The reason for this is due to the fact that when you are a WAHM your income may not be guaranteed. As much as we hate to say that, it's true. So you need to save money so you can be prepared for your bad months. Being a WAHM is a wonderful thing. When you are prepared when it comes to your finances, you won't be stressed all the time. You will be able to focus on what you enjoy doing and not trying to make as much money as you can by doing things you don't want to do. Create a budget and stick to it. This will help you make your money last through out the entire month. Corrie Petersen runs a successful Virtual Assistant business. She enjoys helping others reach their goals and dreams. Check out her website at http://www.virtualfreedom4you.com |