Finding the right work-life balance is one of the biggest challenges for all women. For those of us running a business, that challenge is next level. Between running a business, managing a household, and trying to carve out time for yourself, it can feel like you’re juggling a hundred things at once.
According to psychotherapist Katherine Morgan Schafler, it’s actually impossible to juggle all the things well.
“I don’t know one balanced woman,” she writes. “For most women, living authentically looks on the surface like the opposite of balance. The most fulfilled women I know are terrible at being balanced, and I mean, truly, iconically awful at it.”
Having said that — there is good news. With the right financial strategies, you may not balance all the things perfectly, but you CAN make this balancing act a little easier. Here are some tips to help you manage both your business and personal life more effectively.
1 Set Clear Financial Boundaries
One of the first steps to achieving work-life balance is setting clear financial boundaries between your business and personal life. It’s easy to let the two blur together, especially when you’re deeply invested in your business. However, keeping separate bank accounts for business and personal expenses can help you stay organised and give you a clearer picture of your finances. This separation also makes it easier to track expenses, manage cash flow, and avoid the stress of mixing personal and business funds.
2 Pay Yourself a Regular Salary
As a business owner, it can be tempting to reinvest every penny back into your business. But paying yourself a regular salary is crucial — not just for your personal financial health, but for your mental well-being as well. When you set a consistent paycheck for yourself, you’re better able to manage personal expenses, save for the future, and reduce the anxiety of wondering if you’ll have enough money to cover your needs. Treating yourself as an employee also helps you recognise your value and hard work, which is essential for maintaining a healthy work-life balance.
3 Automate Your Finances
Time is one of the most valuable resources for any entrepreneur. By automating as many financial tasks as possible, you can free up time and mental energy for the things that matter most — both in your business and personal life. Set up automatic bill payments, recurring transfers to savings, and automated bookkeeping processes. Not only does this reduce the risk of missing payments or making errors, but it also helps you stay on top of your financial goals without having to micromanage every detail.
4 Plan for the Unexpected
Life is unpredictable, and that’s why it’s important to have a financial cushion in place. An emergency fund can provide peace of mind, allowing you to focus on your business and personal life without constantly worrying about what might go wrong. Aim to save three to six months’ worth of living expenses in an easily accessible account. This buffer will give you the flexibility to handle unexpected challenges, whether it’s a slow business month or a personal emergency, without derailing your work-life balance.
5 Outsource When You Can
Sometimes, the best way to achieve balance is by letting go of tasks that drain your time and energy. Consider outsourcing certain aspects of your business, like bookkeeping, marketing, or even admin tasks. While it might seem like an additional expense, outsourcing can actually save you money in the long run by allowing you to focus on the areas where you can add the most value. Plus, it can free up more time for your personal life, helping you maintain that elusive balance.
As a female entrepreneur, balancing your business and personal life is no small feat. But by setting financial boundaries, paying yourself regularly, automating tasks, planning for the unexpected, and outsourcing where possible, you can create a healthier balance that supports both your professional and personal goals. Remember, taking care of your finances is also taking care of yourself — and that’s a win-win for everyone!
Reach out if you’d like to chat about outsourcing your bookkeeping.
