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Music & Money (part 4 of 4) - How To Create A Personal Monthly Budget

 

Welcome to the 4th and final part of the Music & Money series "How To Create A Personal Monthly Budget As A Musician."

*This information is based on my own personal experiences and research and is in no way professional advice. Before you make any kind of decision, financial or otherwise, you should get advice from a licensed professional.

Creating a personal budget for income that fluctuates can be difficult, but it's not impossible. After months of research, learning and reading, I created my own budget, and it has been working effectively for me for the past 4 years. I mainly use the strategies of the Barefoot Investor and Total Money Makeover books. 

There will be a lot of information in this one to break this down into sections for you. Let's start with the 4 personal bank accounts you should have. 

4 personal bank accounts you should have: 

1. Daily Expenses Account = 100% of take-home pay: This account will be...

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Music & Money (part 3 of 4) - The 3 Business Bank Accounts You Should Have

Welcome to part 3 of the "Music & Money" series. This one is all about the 3 business bank accounts you should have! 

*This information is based on my own personal experiences and research and is in no way professional advice. Before you make any kind of decision, financial or otherwise, you should get advice from a licensed professional.

After I researched the world of finance and how to effectively budget within your home and business, there was one common theme: the kinds of bank accounts you should have.

I could spend hours breaking down all of this information, but we don't have that kind of time here, so I will give you the main points that will help you start your journey to financial organisation. When I organised my bank accounts, my bills, business and spending, my whole life changed! I no longer have credit cards, loans or debts of any kind. All it takes is organisation, repetition and understanding. 

To get you started, below are the 3 bank accounts you...

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Music & Money (part 2 of 4) - What Business Records To Keep & How

Welcome to part 2 of the "Music & Money" series - "How To Organise Your Record Keeping".

*This information is based on my own personal experiences and research and is in no way professional advice. Before you make any kind of decision, financial or otherwise, you should get advice from a licensed professional.

Record keeping is an essential part of running a smooth and tax-effective business. The way you keep your records will affect your overall income. 

Firstly, what is record keeping? Although when you are running a business, you are legally required to keep certain information, it is also important to understand what income is coming and going out of your business to understand your business's overall health and financial position. 

There are many different ways that you can keep your records organised. You can keep them manually or use accounting software programs like QuickBooks, Xero, or MYOB. You can use invoicing apps or record-keeping apps such as...

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