Dealing better with money

Since I work for myself I earn less, but it seems like I can do more. Not only do I have more time for fun things, there is also money for it.

Earn less and do more

I started to work more and more with the profit first idea. I already appeared to do it in part without knowing the term. I started making a budget for my company. At the time I knew what I had to earn to cover my fixed costs for Databeet. By also making a budget for private and including it in the Databeet budget, I had an idea what my fixed costs are for both private and Databeet and how much I have to earn.

Put aside

I didn’t leave it at that. I also started saving how small the amount was at the start of my career as an entrepreneur. That is why I built a buffer for myself and my company, Databeet.

Paying yourself

After reading profit first I also started paying myself a salary. I did not leave it at that I started a savings account for each type of cost I had. Every invoice that I sent and was paid, I divided the invoice amount among the various saving accounts according to a fixed percentage per cost category. So I made one regular business account, 1 private account and 7 savings accounts. The 7 savings accounts I gave the following names:

  • Study: From this account I pay all the studies I want to do.
  • Marketing: With this I pay all the marketing stuff for my company.
  • VAT and Taxes: This account pays all my VAT and taxes
  • Travel costs: I sometimes travel for business. This is paid by this account.
  • Crowdfunding: With opening this account I am trying to work on my retirement money. I invest in crowfunding and bonds to make more money.
  • Profit: This account is my profit account. I am building a buffer with this account. So my company can survive difficult times and also buy special things.
  • Fixed charges: All the (fixed) cost of my company are paid from this.
  • And the Account named Guiselaine is my private account. The money in this account is to use on my private costs and savings.

As you can see in the picture each cost has a fixed percent of the invoice I earn going to it. I tried this for a year. I liked it and changed the fixed percentages till I found the right one for me. And when I noticed this was working I wanted to do this also for my private account.

Cost savings accounts for Business

Private Account

So now I am the proud owner of several private accounts, so that I also have a better grip on my money there. The accounts I made for the different costs look like this:

  • Fixed charges: Cost like rent, municipal taxes, water, electricity and heat, etc are paid from this account.
  • Savings: On this account I save to have a buffer and also special things I want.
  • Groceries: With this account I pay the groceries.
  • Travel: Yes I love to travel so I make sure an fixed amount is going to this to me important item.
  • Clothes: Yes, I need some clothes during the year so I make sure I have to money for it when needed by having a account for it.
  • House & Balcony: The house needs stuff like plants or when things break. With a separate account for this I know that when I need the money for it, it will be there.

In the table below you see how I a located the percentages. This works for me, for you it might be slightly different.

Private account

With doing this I am a proud owner of retirement money, a buffer and money to dedicate to my costs. I know what I have and what I spent. And I think I spent it smart.

If you whant to do this too. You can download the Excel Sheet I made especially for this. There is an English and a Dutch version!

Try it for yourself and be happy!

Using the Excel

Excel sheet for dividing money

As you can see I made an example for you in the picture above. If I earned 100 euros with my invoice I fill it in the yellow box below earnings and Excel divides the money for me to the different accounts with the fixed percentages I decided before.

The only thing left for me to do is transfer the money from my regular account to the different accounts. I do this with each invoice that is paid to me. You can also do this once a month if that suits you better.

In the second part of the picture you can see how the money is divided on my private account to my private costs and savings.

Have fun using this Excel. Let me know if you have any questions or suggestions.

Blog Curacao entrepreneur

1st quarter 2020

1st quarter 2020 The first quarter of 2020 started with me as a digital nomad working on Curaçao. That means...
Read More
1st quarter 2020
Blog Hiking Travel

7 things I would like to do in Spain

I have been to Spain before and every time I discover new things that I would like to do. That's...
Read More
2 Replies
7 things I would like to do in Spain
Blog Hiking Life

The 5 types of hikers

In my opinion there are 5 types of hikers among the hikers. I would like to share with you those...
Read More
The 5 types of hikers
Blog Life Travel

5 reasons to live in southern Spain in winter

My dream is to escape the winter. I did that all winter in 2013/2014 by going to Australia and New...
Read More
5 reasons to live in southern Spain in winter
Blog Hiking Travel

7 reasons to walk a 4 Days hike

  While walking my 2nd Four Days Marche I have thought of 7 reasons why you should walk a 4...
Read More
7 reasons to walk a 4 Days hike
Blog Hiking Life Netherlands

Farewell to Strijp-S in Style

How do you say goodbye to Strijp-S in style? I lived in Strijp-s, Eindhoven for 2.5 years and saw the...
Read More
Farewell to Strijp-S in Style
Blog entrepreneur Investing Life Reading

The 5 lessons I learned from the book Blondies invest better

I share 5 lessons with you that I learned from the book Blondies Invest Better (Dutch book Blondjes beleggen beter)....
Read More
The 5 lessons I learned from the book Blondies invest better
Blog Life

1 percent gross turnover to the Food Bank

1 percent turnover to the Food Bank This year I want to donate 1 percent of my turnover to charities...
Read More
1 percent gross turnover to the Food Bank
Blog entrepreneur Life

Databeet story

Databeet story The Databeet story begins on August 13, 2012, on the day of the left-handers. I myself am left-handed,...
Read More
Databeet story
Blog Hiking Life Travel

Ubud, Hiking through the rice fields

Ubud, hike through the rice fields Back in 2014 I was fierless and went on a Hike through the rice...
Read More
Ubud, Hiking through the rice fields
Blog entrepreneur Life Reading Travel

Travel stories inspiration

Inspiration I follow a Travel Stories course on Instagram. There we were asked who inspire you with their writing about...
Read More
5 Replies
Travel stories inspiration
Blog Life Travel

Nerves for my trip

Nerves for my trip In February 2013, I board the plane for a three-week solo tour of Cuba. I am...
Read More
Nerves for my trip
Blog Curacao Life Travel

Just back

Just back It is the end of 2017 after almost 7 years I set foot on my birth island Curaçao,...
Read More
Just back
Blog entrepreneur Excel

A simple Address book template in Excel

Address book template With this template you can save all your adresses and phonenumbers of the people you know. There...
Read More
A simple Address book template in Excel
Blog Excel

Calculate in Excel

Do you know how to calculate in Excel? In this blog I explain how to calculate in Excel using symbols...
Read More
Calculate in Excel
Blog entrepreneur Excel Life Research

Dealing better with money

Since I work for myself I earn less, but it seems like I can do more. Not only do I...
Read More
Dealing better with money
Blog entrepreneur Life

Leaving 2019 behind and starting 2020

2019 was over before I could blink. I hope 2020 last longer. WHat happend in 2019? And what am I...
Read More
Leaving 2019 behind and starting 2020
Blog WordPress

Add media to your website

Add media to your website By media we mean image, photo, video and pdf in this case. These things can...
Read More
Add media to your website
Blog WordPress

Publish a blog in WordPress

Blog Blog, blog post, post: These are all terms we use when we talk about blogging. But what do we...
Read More
Publish a blog in WordPress
Blog WordPress

Events on your website

  For the websites I build in WordPress, I use the All-in-One Event Calendar by Time.ly plugin to put an...
Read More
Events on your website
{"slides_column":1,"slides_scroll":1,"dots":"true","arrows":"true","autoplay":"true","autoplay_interval":2000,"speed":300}

 

 

 

 

Please share on social