We asked successful entrepreneurs and creatives to tell us about whether they have a budget and how they think about spending decisions and have shared some of their responses below.

Jordan + Jason Phelan | Owners of Wild Acre Cabins

Yes! At the end of each year, we look at the previous years’ business performance and create a budget for the following year. The goal is to live on 50% of our earnings and save the other 50% to invest. Once we have all of the categories allocated, we automate payments to each category’s account. It takes the self discipline out of the equation so we are only allowed to spend what we have already allocated. We budget for large upcoming expenses for that year and also keep an emergency account for any unplanned expenses. Read more>>

Susie Inverso | Photographer – pronouns are She/Her

I love talking about my budget! I think more people need to talk about money struggles in order to learn from each other. In January of 2019, as a 44 year-old still getting regular overdraft fees, I learned about YNAB – You Need a Budget – software. It changed my life and how I think about money! It took a little bit to learn the best ways to use it, but they have excellent customer service to help and I haven’t looked back. I learned how to budget for my priorities and give every dollar a job. Read more>>

Tyler Goddard | Business Developer & Consultant

Budgeting is one of the most important parts of starting and maintaining a successful business. When I started Goddard Beverage, I gave myself enough money to start up, and from there, add revenues that I incur directly from my business. That is the only money I allow myself to spend on business expenses. I do not take out money from personal savings or investments to maintain my business. When it comes to personal finance, I always say, 30% of your monthly income is the maximum you can spend on rent. Read more>>