I love Fridays! Not because it’s the day before the weekend, (I’m a parent I don’t really get weekends). But because Fridays are when I get paid. Specifically every other Friday. ⠀
On payday, I look at what’s been deposited into my account since the last time I paid myself, and then I allocate 50% to my personal bank account as owner’s pay. ⠀
Next, this is the best part, is instead of taking everything that I’ve allocated to myself, I have have a set dollar amount that I transfer into our joint checking account each payday. ⠀
This helps me manage the cash flow on my personal side of things because I’m getting paid the same amount every payday rather than random amounts depending on whether my business has made more or less money.⠀
If I have more money in my account than I need, this just rolls over and helps offset times when maybe I didn’t have as much money to allocate. ⠀
THIS is how you can learn how to pay yourself on a consistent basis when you have income that is not consistent and predictable in your business.