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How to Create Your Personal Budget
Rating: 4.2 out of 5(59 ratings)
3,886 students

How to Create Your Personal Budget

How much do YOU need from your business?
Created byGus Prestera
Last updated 1/2025
English

What you'll learn

  • Create your personal budget of expenses
  • Establish your financial warning track
  • Determine how much income you need from the business

Course content

3 sections • 11 lectures • 47m total length

  • Welcome!2:07

    Welcome to the course!  Let me introduce myself and the Create Your Personal Budget course.

  • Why Do Consultants Need a Personal Budget (Download Workbook)1:01

    When you step back and think about the pricing of your consulting services, at the end of the day, you need your business to generate enough personal income to enable you to cover your personal expenses and put aside savings. Before you can really set business goals and pricing strategies, you need to have a good handle on your personal finance needs. For example, your personal situation will likely dictate how much you risk your business can take on, how aggressive your pricing will be, and the payment terms you can extend.

  • Do You Have a Financial Warning Track?2:56

    I recommend creating two personal budgets: one that represents what income you need from your business in order to maintain your household's current standard of living and a second budget that represents what you absolutely need to make in order to avoid dipping into your personal savings. The difference between these two numbers represents what I call your financial warning track. Hopefully, you'll always reach or exceed your financial targets but if you don't, your warning track will prompt you to make adjustments in how you run your business.

  • Download the Personal Budget Template3:57

    Download and save the attached Personal Budget Template, the first you'll be using from the Pricing Your Services Toolkit. The video introduces the template and previews the instructions.

Requirements

  • You'll need Excel to run the Personal Budgeting spreadsheet tool provided.

Description

Do you know how much income you need from your business—and when you need it? If not, don’t worry—you’re in the right course. Understanding your financial needs is the first step toward building a sustainable and profitable business, and this course is designed to help you get there quickly and effectively.

In this course, I’ll provide you with:

  • A personal budgeting tool designed specifically for business owners.

  • Step-by-step demonstrations showing exactly how to use the tool.

  • Best practices to establish an early warning system for managing your personal finances effectively.

This course is intentionally concise (under 1 hour) and packed with actionable content. I’ve kept the focus on how-to’s to make the best use of your time. The budgeting spreadsheet—like the others in this series—is pre-populated and user-friendly. You don’t need any prior knowledge of Excel; the calculations are fully automated, making it easy to get started and stay on track immediately.

What are you waiting for? If you’re serious about starting or growing your business, this course will give you the tools and confidence to align your financial goals with your business strategy, future plans, and aspirations. Let’s get started today and build a solid foundation for your future success!

Who this course is for:

  • Anyone seriously considering starting a business
  • Freelancers looking to take their business more seriously
  • Current business owners looking to expand
  • Not for people who already have a personal budget or an Accountant

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