The "B" Word...

[James Burke]

Just checking in to see how many of you write out a budget for the upcoming year. For the past several years, I just shot from the hip and handled expenses as they arrived, but now that it's becoming more complicated, I need to be a better financial manager.

I've kept good records of the past five years worth of expenses so I have a fairly good idea of what goes out in terms of expenses, but I think I need to be a little more intentional about short and long term planning.

How many of you follow a budget? And, if so, to what degree? (ie Very anal, Anal, Not-so-anal, Hit and miss, or Budget...what's that?)

Jim

 

[WildWestDesigns]

Anal, but I have to be. The ole ball and chain is an accountant.

 

[Gene@mpls]

Budget...what's that?
Everything is paid as it comes in the door- mostly by credit card (I get
4-6 free plane tix a year) and that is paid every month without fail.
So... if there is money in the account- it is mine. Not recommending this-
but I have been in biz for myself since 1979 and it has gotten me through
to social security age.

 

[signswi]

Hire a CPA. You must still be a sole proprietor?

 

[WildWestDesigns]

Hire a CPA. You must still be a sole proprietor?

Or marry one. Although if you take that route, make sure you marry a conservative CPA(luckily I did), otherwise they can do some creative things that will leave you in the poor house.

 

[James Burke]

Still sole prop. looking to switch over to a LLC in the near future. Even then, I'll still retain my responsibility for finances.

 

[Pat Whatley]

Not so much a budget as a pricing review. I'll sit down with my monthly statements, figure out what my overhead is, then adjust my pricing accordingly.