Do you ever count the same money over and over again?
This is a horrible habit I have been adopting ever since I began working from home.
Allow me to give an example of what I am talking about.
Counting the Same Money More Than Once
- Let’s say I complete a project for $250.
- As soon as the campaign is done I mentally add $250 to my bank account.
- Hubby says something like, “We need a new soft serve ice cream maker.”
- I reply with, “Hey, no problem. I just made $250”.
Once I am actually paid for the project and have it in my account this process seems to happen again.
- I physically add the $250 to my bank account.
- Hubby says something else like, “You know we could really use a marshmallow rocket launcher.”
- I eagerly chime in with, “I got it! Just got paid $250.”
Boom. Money just spent twice.
That is how I count the same money over and over.
It’s not wise. It can get you into trouble.
Sometimes I go a step further and count the money a third time if I know a project is looming.
So, that’s just “possible” money…and that’s when I really suck at life.
How to Stop Double Spending your Earnings
Obviously, this is why
The sooner you properly manage your side hustle earnings, the better.
If something like
An easy way to track income using the same line of thinking as above would be to list the project, amount, and then the following check boxes:
Check the boxes as the project progresses. Only count it as actual income once it’s paid and in the bank!
You can do this on Excel or use paper, as well. Again, it’s all about the system that works best for you.
Now that I incorporated my business, I don’t have a choice but to keep accurate books, but in the beginning that was not the case.
There were a lot of other issues back when I didn’t have a good
I didn’t have an accurate amount of what I was earning, I didn’t track past-due invoices (which, I am sure, some were never paid!), and everything for the business was jumbled with personal giving no clear picture of how I was doing.
When you decide to start a side hustle, try to make an income tracking system that works for you right away.
If you are like me and enjoy trying many work from home gigs, even separate each one so you can see which ones are worth your time.
It will save you some headaches, help you come tax-time, and stop you from double spending like I was!
Note: We don’t buy such randomly strange items. They are just what popped into my mind while writing this. The rest of this post is quite accurate.
Can you relate to counting the same money over and over?
How do you manage your money responsibly?