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Paying yourself?

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Paying yourself?

Post by Bast on Mon Apr 23, 2012 5:27 am

How much do you pay yourself? I'm trying to work out how much money to set aside for different things, like supplies, big ticket items, tax, wages

I'm thinking at the moment that I first cover the petrol (i'm working out an amount per Km for that) and any site fees, then with what's leftover, 25% for supplies (over time that will give me plenty extra to buy new paints, glitters, brushes etc that I want to play with) 50% to buy the big stuff (so if tax comes in to it, insurance, gazebo, a better system to move everything around) and then 25% for me.

Does this sound about right?

We aren't great with money so I need to have something fairly concrete to stick to otherwise everything will be spent when something important comes up.
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Re: Paying yourself?

Post by anniel on Mon Apr 23, 2012 11:03 am

We aren't great with money so I need to have something fairly concrete to stick to otherwise everything will be spent when something important comes up. That would be me....
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Re: Paying yourself?

Post by Guest on Mon Apr 23, 2012 2:37 pm

On my resources page is an Excel spreadsheet you can use to calculate these things.

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Re: Paying yourself?

Post by Bast on Mon Apr 23, 2012 6:57 pm

Ooo, I'd forgotten about that. I even have access to a computer at night now! I tried to read one of your excel sheets before, but on an iPhone it's quite painful lol.
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Bast

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Re: Paying yourself?

Post by Guest on Mon Apr 23, 2012 11:51 pm

I would imagine so. Rolling Eyes

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Re: Paying yourself?

Post by artyfacesbyluz on Tue Apr 24, 2012 3:51 am

I don't need to pay my bills with this, Although I want to handle this as a business (it makes me feel better because I am business major) My tax guy told me it was better for me to fill taxes as a hobby, Last year was my first and I put all the money back in the business to buy supplies, now I have pretty much what I need, so this year I open a bank account just for the face painting and I expend the money on supplies accordingly with the balance of the account. I feel I am doing business now.
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