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In this episode, Katelyn shares a simple approach to building a business budget without getting stuck in rigid spreadsheets or tracking every dollar.

She breaks down what your business income actually needs to cover, including owner pay, taxes, retirement, savings, contractors and operating expenses, along with sample percentage breakdowns for service-based businesses, product-based businesses and agencies.

Finally, Katelyn explains why budgeting should reflect your actual business model and priorities, how quarterly expense reviews can keep spending intentional and how automating transfers can make managing your money much easier.

Key Takeaways

• Your business budget should work with your brain and the way you naturally manage money.
• Business income needs to cover more than expenses and owner pay, including taxes, savings and retirement.
• Budget percentages are guidelines and should be adjusted to fit your individual business model.
• Reviewing software, contractors, memberships and other noncritical expenses quarterly can help keep spending intentional.
• Automating transfers between accounts can make budgeting easier to maintain.

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DISCLAIMER: This Podcast may receive compensation for promoting or recommending products or services through affiliate links. We only recommend products and services that we believe are of value to our listeners. The content provided in this podcast is for informational purposes only and does not constitute professional financial, accounting, or legal advice. Listeners are advised to consult with qualified professionals before making any financial decisions. The Freelance CFO is not responsible for any actions taken based on the information provided.

Music credit: Neon Fairies by Wolves