72. Managing Your Money When Your Income Is Unpredictable As A Business Owner

Plenty with Kate Northrup

Kate Northrup

Personalfinance, Self-improvement, Entrepreneurship, Nervoussystemhealing, Education, Womensempowerment, Wellness, Pleasure, Metaphysics, Spirituality, Abundance, Embodiment, Productivity, Timemanagement, Business

4.8 • 697 Ratings

🗓️ 1 November 2024

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

How can you feel financially secure when your income fluctuates? In this episode of the Plenty podcast, I’m diving into some of my top strategies for managing money with an unpredictable income.

Managing finances with irregular income can be a real challenge for entrepreneurs, and I’ve personally navigated it. I share practical tips on understanding your business cycles, building a cushion fund, and working with your nervous system to cultivate a sense of safety even when cash flow varies. I’ll also discuss the benefits of creating monthly recurring revenue and how tools like YNAB can support cash flow management.
This episode is filled with insights to help you feel more secure and empowered on your financial journey, no matter how unpredictable it may be!

“When you train your nervous system, your sense of safety and security is actually sourced from within.” -Kate Northrup

🎤 Let’s Dive into the Good Stuff on Plenty 🎤

(00:00) Introduction to the episode and topic
(01:20) The nature of entrepreneurship and income fluctuations
(03:05) Importance of knowing your business cycles
(05:15) Working with your nervous system for financial security
(07:00) Building a cushion fund for stability
(09:25) Saving for taxes methodically
(11:10) Creating monthly recurring revenue
(13:00) Using YNAB and Profit First for cash flow management
(14:45) Summary of key tips for managing inconsistent revenue
(16:10) Final thoughts and encouragement for entrepreneurs

Links and Resources:

Relaxed Money
YNAB

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Do Less is packed with practical tools and insights to help you focus on what matters most, harness your natural cycles, and truly thrive. Grab your copy here and start creating an abundant, spacious, and deeply aligned life. 🌸✨

Transcript

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0:00.0	Do not have the delusion that you cannot feel safe and secure until you have your cushion fund funded.
0:08.0	You get to feel safe right now because the source of safety you have access to right now, which is your body.
0:14.9	Your nervous system mitigates if you feel safe or not.
0:22.2	Welcome to Plenty.
0:28.4	I'm your host, Kate Northrop, and together we are going on a journey to help you have an incredible relationship with money, time, and energy.
0:33.3	And to have abundance on every possible level. Every week, we're going to dive in with
0:40.3	experts and insights to help you unlock a life of plenty. Let's go fill our cups.
0:48.3	Please note that the opinions and perspectives of the guests on the Plenty podcast are not
0:53.5	necessarily reflective of the opinions and perspectives of Kate guests on the Plenty podcast are not necessarily reflective of the opinions
0:55.3	and perspectives of Kate Northrup or anyone who works within the Kate Northrop brand.
1:00.7	This is a question I get all the time, which is how do I manage my money when my income is irregular
1:07.8	because I run my own business. I'm an entrepreneur and some months are
1:11.7	really high, some months are lower. So first of all, I just want to say, welcome to entrepreneurship.
1:17.3	That's the game. We became entrepreneurs. We became, you know, self-employed people because we didn't
1:25.2	want to depend on anyone else for our income. And the nature of it is that
1:29.4	it's unpredictable to some degree. But the good news is, even though you're not getting the same amount
1:35.8	of income in your paycheck every two weeks, like when you have salary, you are in control of
1:43.7	increasing the amount of money you make at any time. And so we give up
1:48.8	consistency for possibility. And neither one is better or worse, but I just want to say,
1:55.4	first of all, if there's any part of you that's thinking there's something wrong with you for
2:00.3	having inconsistent income as an entrepreneur, there's something wrong with you for having inconsistent income as
2:02.1	an entrepreneur, there's nothing wrong with you. That's just, that's the game. And so if you're
	...

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