Don’t let it bite you in the arse πŸ‘

Don’t let it bite you in the arse πŸ‘

Here is the UK, the self-assessment tax return has been and gone

Like many FitPros this year, I use to wait until the final week in January

Download all my bank statements, and work out how much I owe and then panic about having to find it in just 7 days 😒

The first couple of year, it was only a couple of 100 Β£

But as I got better at selling and marketing.. the amount I owed went up and up

To the point the other year, I needed to find a few £1000 in just 7 days 🀯

Something had to change

I had to make sure I was in control of my MONEY

One of the first things I did was sign up to QuickBooks

Connect that up to my bank account

Then that would tell you your estimated tax return each year

So here is what I do right now…

I still use QuickBooks so my accountant can keep track and keep everything in line

BUT THE BIGGEST THING IS

Putting money away each WEEK πŸ‘Š

I opened up a 12 month savings account with a 2% monthly interest

That I can’t touch until the 12 month is up

Then set a standing order from my business account to this account that comes out every week

So when the end of the year comes again

I have most of what I need at hand and not in a rush to try and find it

Even if you put just Β£20 away each week, that would be just over Β£1000 for the year

Don’t let these things bite you in the arse πŸ‘

David

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