Don’t let it bite you in the arse ?
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 £
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 ?
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 £20 away each week, that would be just over £1000 for the year
Don’t let these things bite you in the arse ?
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