HOW TO USE PROFIT FIRST FOR YOUR PERSONAL FINANCES

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Күн бұрын

HOW TO USE PROFIT FIRST FOR YOUR PERSONAL FINANCES | Abby is showing you how she uses the Profit First cash management system for her personal finances at home. It can be tricky to know how to manage your money at home if you have multiple streams of income or irregular income. Using the Profit First system can help make your income more predictable while also helping you save for your financial goals and pay off debt if you need to.
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Пікірлер: 35

@MatterhornBusinessDevelopment 3 жыл бұрын

Looking to implement Profit First while also increasing revenue and spending less time in the business? Check out our group mentoring program here: adventuretoprofit.com/

@kstevenson3504 Жыл бұрын

Thx I was wondering about applying these concepts to my personal accounts as well to keep track of expenses.

@NikhilBhat 4 жыл бұрын

Awesome breakdown! Been trying to figure this out and this is a great explanation. Thank you!

@MatterhornBusinessDevelopment 4 жыл бұрын

Glad it was helpful!

@kevkus 4 жыл бұрын

Hi -- this is very interesting. How do you deal with credit cards? For instance, what happens if you purchase groceries with credit? How do you account for that? Thank you

@MatterhornBusinessDevelopment 4 жыл бұрын

I do that to get points from my credit card, but pay it off in full from my “daily expenses” account.

@sarahmacdonald697 2 жыл бұрын

this is awesome!

@westboylstonfitbodybootcam3560 4 жыл бұрын

Thank you for the video. This is a helpful start. I'm a little unclear on this: are you using %'s or ##s?

@MatterhornBusinessDevelopment 4 жыл бұрын

%'s are better if your income is irregular. Larger income weeks will then make up for lower income weeks.

@autumnallen1998 Ай бұрын

Thanks for the video! Would credit card payments and student loan payments fall into debt or monthly?

@MatterhornBusinessDevelopment Ай бұрын

I would put them in the debt category!

@user-hs2wo3kj1e 8 ай бұрын

What bank (s) work best for multiple individual personal bank accounts without all the fees? Thanks and thanks for the video too.

@MatterhornBusinessDevelopment 8 ай бұрын

I highly recommend credit unions for that. They usually don't have fees. Just speak with one of their bankers ahead of time to make sure there are no fees and that they will support multiple accounts.

@mikeciavolino2250 2 жыл бұрын

Hi! This is great, thank you. How do you determine what percentages to allocate your accounts after the monthly bills are paid? Or even before? In PF, Mike sets the fixed percentage for Op Ex and you have to fit your monthly expenses into that budget. Do you do it the same way? If so would like to hear about it. Thanks.

@MatterhornBusinessDevelopment 2 жыл бұрын

For my personal finances I did it a little backwards. I first created my monthly budget, since most of my expenses are already fixed: car, rent, insurance, etc. I looked at what I was spending on other things or course too, groceries, eating out, etc. Then I figured out the percentage of those expenses based on my income. Then like I said in the video, I have my “monthly” account with a certain percentage and my “daily” account with a certain percentage.

@MatterhornBusinessDevelopment 2 жыл бұрын

There are no fixed percentage ranges for divvying up your personal income.

@Starz09 Жыл бұрын

I always struggle with the fun account, debt, financial goals. How do you work that out?

@mikeciavolino2250 Жыл бұрын

@@Starz09 thanks so much for your reply! How do you figure out the percentages for each when it is personal income not business income?

@TheeBadTake 3 жыл бұрын

Im happy see this video , I was just thinking about this. Can I Make my household profit? Maybe its not profit, Maybe its save using the profit first system. So before I even watch the video,,, Im just happy to know people are thinking about it.

@MatterhornBusinessDevelopment 3 жыл бұрын

That’s great! Using it in my personal finances has really helped.

@leahmunroe1640 3 жыл бұрын

how do you figure out the percentages? for each account?

@MatterhornBusinessDevelopment 3 жыл бұрын

Your expenses for each account divided by your income will give you a percentage. You will probably have to play with it for the first 90 days to get it right.

@anhfitness 3 жыл бұрын

Thanks for sharing!

@MatterhornBusinessDevelopment 3 жыл бұрын

You’re welcome! Thanks for watching!

@alexisrambo1223 4 жыл бұрын

Abby, great info.

@MatterhornBusinessDevelopment 4 жыл бұрын

Thanks!

@forrestyoung4795 4 жыл бұрын

Curious to know your allocation percentages if you’re willing to share!

@MatterhornBusinessDevelopment 4 жыл бұрын

For my personal finances I have 30% go into my "daily" expenses account, and 30% go into my "monthly" expenses account. The rest is divided up to make debt payments, set aside for taxes (my husband is an independent contractor) and savings. I have no idea what is "normal" for everyone else, but I just took my bills and divided it by my income to see what I needed in each account.

@forrestyoung4795 4 жыл бұрын

Matterhorn Business Development Thanks!! I would definitely agree that percentages are going to be different for everyone depending upon salary and cost of living. I was just curious what percentages you were allocating! Much appreciated!

@nicoleayers9742 Жыл бұрын

Nicole Ayers 0 seconds ago love all the account ideas! But what % of your income to you allocate to each of the other 5 accounts?

@MatterhornBusinessDevelopment Жыл бұрын

These are going to be personal to you and your finances! Start by writing down all expenses that fall into the categories mentioned in the video, then figure out your average monthly income and what percentage each category is. If you have specific goals, for example you want to be saving 5% into a house fund but are only saving 1% right now, slowly build up to that goal percentage!