If you’re an entrepreneur with a regular income, you’ve probably noticed… budgets don’t work!

There’s a simple reason for that: They weren’t designed for us!

Budgets are designed for people with regular income. But when you’re running a business, your income can be unpredictable and irregular. So budgets simply don’t work.

In this episode, you’ll discover 2 simple steps on how to smooth cash flow when you have irregular income.

This will help you take control of your finances and manage your money so much better.

Plus, I’ll share an important THIRD step that will help you reach your financial goals so much faster.






But first – a quick story:

When I was running my finance business, my clients mostly had regular income and salaries. So helping them organize their money was relatively simple. But for myself as a business owner, it was a different story!

So I needed to implement some different strategies for myself to help me smooth that cash flow so my money could go to work for me – and so my bills would be paid on time!

This was the birth of the Magnetic Money™️ System and it’s infused with principles that help you smooth your cash flow and create more wealth and financial stability as a business owner with irregular income.

In this episode, I’m going to share one of those principles of Magnetic Money™️, which is TRACKING.

But I’m NOT talking about tracking expenditure and micromanaging your money! (yuk….)
I’m simply talking about tracking 2 things – surplus and shortfall. Because they’re the only things you need to track to smooth your cash flow.

Let’s go back to talking about budgets for a moment.

They don’t work for entrepreneurs for a number of reasons. The main one being that we have irregular income. So what we need instead, is a mechanism to help us smooth that cash flow so we can achieve our financial goals AND meet our financial obligations.

That’s why as a business owner, you DO NOT NEED A BUDGET!
What you need is you need a MONEY PLAN and a SYSTEM to help you implement it.

And smoothing your cash flow is the key to making it work.

So this Magnetic Money™️ principle of tracking allows us to use surplus and shortfall to balance each other out and smooth our cash flow.

It only takes the simple 2 steps below!

But there’s a THIRD, very powerful step (that I’ll also share) which then ensures you use that surplus to achieve your financial goals so much faster.

I’d love to hear from you! Do you have irregular income and how do you try to manage it?

OK, here’s those steps:

NUMBER 1: Pay back shortfall FIRST!
Whenever you have surplus income, the very first thing is to check if you’re carrying any shortfall.
Were you unable to put enough tax money aside last time? Did you short-change your bills or business account? Leave your holiday fund short?

You need to make that up FIRST. That’s step one.

NUMBER 2: Track your shortfall!
You need to track any shortfall so when it comes time to pay it back, you know what you owe and where.
Just write it down. It’s that easy.

Okay. Now onto the very exciting third step, which will help you tick off those financial goals FAST.

NUMBER 3: \All remaining surplus goes to your No.1 priority
Once you’ve paid back any shortfall, all remaining surplus goes to your current Number 1 financial priority. In Magnetic Money™️, we call this your ‘Magic Number’.

This is how you use every dollar wisely and give every dollar a job to do (which is another principle of Magnetic Money™️ – just check out the episodes linked below to learn more).

By giving all remaining surplus the job of helping you achieve that number 1 priority, you create a laser focus effect. And that makes you more magnetic which means you’ll get to achieve that goal even faster!

And once you tick that goal off, you can move onto the next one. 😊

So it’s not a matter of tightening your belt and counting your pennies. It’s a matter of being focused and having a plan and system to implement it. 

What’s your current Number 1 financial priority? Is it clearing a debt… accumulating a buffer of living expenses to fall back on…  saving a deposit to buy a house? Be clear! It will make a huge difference and allow you to achieve it so much faster.

You can also check out the episodes linked below where you’ll learn more about how to effectively use your money to create more wealth and financial stability as a business owner with irregular income.

And if you’d love my help to get started, join my FREE ‘Organize & Tidy Your Banking’ workshop at www.miriamcastilla.com/freeworkshop

It’s punchy and super practical and will ensure you get the foundation pieces right – so the structure of your banking allows your money to flow more effectively.

Remember – abundance is an inside job, but there are practical things that really help it flow!

See you soon & have a beautiful day! 

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Organize & Tidy Your Banking

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