Trying a New Way to Save and How I Deal with Monthly Income

 

As a multi business owner, I have various income streams.  Our biggest income is our studio, then online stores, then much smaller dribs and drabs. 

I found that I could set aside a certain percentage of each incoming fee automatically.  I set it to cover our quarterly estimated taxes.  Instead of me stressing, I know it's put aside each month.  

My next obligation is to my co-educators.  Before I do anything else, I make sure their percentage is accounted for and given to them.  After that, I pay all studio bills (rent, utilities etc.)

Finally I can meet my personal obligations.  Auto expenses, insurances for vehicles and life, home utilities, card balances.  I also handle the auto property taxes.  Any other activities we do I handle as well.  Travel, Gifting, Groceries and Takeout.     

DH handles the mortgage and maintenance expenses for the house and his own vehicle.  He also provides the health insurance for our family. 

This works for us.  If I am in need of assistance (such as in 2020) DH jumps right in. 

DH has a matched 401K at work which he takes full advantage of.  He also has an HSA that his employer contributes $1200 to.  I have a SEP that I try to contribute 500 to each month.  When we lost an educator who had the next largest schedule than my own, I had to stop this contribution for months.   It was where I had to pull it from.  Now the Studio is in a better place.  

How do you handle your finances?