The Ultimate Monthly Spending Plan: A Guide for Solopreneurs to Stress Less and Save More
Practical tips to create a guilt-free spending plan that works for your unique lifestyle as a solopreneur
As a solopreneur, you dedicate your time and energy to growing your business and serving your clients. But when it comes to managing your finances, you might feel overwhelmed by the idea of creating a monthly spending plan. Between irregular income, business expenses, and personal costs, it’s hard to know where to start.
You might find yourself asking, “How much should I reinvest into my business?” or “Can I afford to take a vacation this year?” When you’re unsure, financial decisions can feel paralyzing.
The good news is that you can bring order to financial chaos. By creating a thoughtful monthly spending plan, you’ll be able to spend guilt-free, save intentionally, and stress less about money.
In this post, I’ll define what makes a great spending plan and share three simple ingredients to make it as effective as possible for your lifestyle as a solopreneur. Ready to take control of your finances? Let’s dive in.
What is the perfect monthly spending plan for solopreneurs?
A monthly spending plan is similar to a budget, but it focuses on planning ahead and taking control of your finances. Many people dislike the word “budget,” so let’s leave that behind. Think of this as your roadmap to financial freedom—both in your business and personal life.
This plan is designed to:
Give you clarity about where your money goes.
Prepare you for unexpected expenses.
Empower you to spend without guilt.
The best part? By following this plan, you’ll have more confidence to focus on what matters most: growing your business and enjoying your life.
To create your perfect plan, focus on these three key ingredients:
Ingredient #1 - Visibility
The first step to creating a spending plan is gaining complete visibility into your finances. In other words, you need to know exactly where your money is going—and why.
Without visibility, you may unknowingly spend on things that don’t truly matter to you or your business. For example, subscribing to tools you rarely use or overspending on coffee shop workdays might seem minor, but they add up fast.
How to get started:
Track every expense: Use a notebook or app to jot down every purchase you make—business and personal—for one month. Writing it out by hand helps you connect with your spending habits.
Categorize your spending: Group expenses into categories like office supplies, software, marketing, and personal fun money. Be thorough and honest.
Transition to tools: Once you’ve mastered manual tracking, consider using tools like QuickBooks or YNAB to streamline tracking and categorize automatically.
By shining a light on your spending, you’ll gain clarity and confidence to create a plan that works for your life and business.
Ingredient #2 - Identify Infrequent Expenses
Infrequent expenses are the sneaky ones that don’t show up every month but can throw off your spending plan if you’re not prepared. Think about costs like annual software subscriptions, professional association fees, or tax payments.
Without accounting for these expenses, you may feel like you’re falling short of your goals, even if you’re sticking to your monthly plan.
How to prepare:
Make a chart: Create columns for Date Last Paid, Amount, Description, Frequency, and Amount to Save per Month. For example, if your business insurance is $1,200 annually, save $100 per month.
Review your year: Look back over the past 12 months to identify irregular costs and add them to your chart.
Set reminders: Use a calendar or app to alert you when these bills are due.
For example, if you pay your car insurance bill twice a year, it might look something like this:
Planning ahead for these costs ensures your spending plan stays steady, even when irregular bills roll in.
Ingredient #3 - Zero-Based Budgeting
This is where the magic happens. Zero-based budgeting is a method where you assign every dollar of your income to a specific purpose, ensuring your money is working as hard as you do.
Why it works for solopreneurs: Zero-based budgeting helps you manage irregular income by aligning your spending and saving with your priorities each month. It ensures every dollar has a job—whether it’s covering personal bills, investing in your business, or building your savings.
How to set it up:
Calculate your income: Record all expected income for the month, including client payments, product sales, or freelance gigs. If your income fluctuates, estimate conservatively.
List expense categories: Divide your expenses into business and personal categories like marketing, taxes, rent, groceries, and entertainment.
Assign every dollar: Distribute your income across these categories until every dollar has a purpose. For example, if you’re earning $5,000, ensure that your planned expenses, savings, and investments total $5,000.
Pro Tip: Don’t forget to include a “fun money” category for personal and business treats—like a coffee splurge or an online course you’ve been eyeing.
Putting it All Together
Creating the perfect spending plan takes time and practice, but the rewards are worth it. By focusing on visibility, preparing for infrequent expenses, and using zero-based budgeting, you’ll take control of your finances and move closer to your goals.
Start small. Track your expenses for one month. Add irregular costs to your chart as they arise. And when you’re ready, assign every dollar a job in your zero-based budget.
What’s next? Download our FREE Solopreneurs’ Financial Survival Guide to start building your plan today.
This checklist is designed to simplify your finances and take the first steps toward financial peace of mind.
Get Your Free Survival Guide Here
Take the first step today and let your money work as hard as you do.
