Tutor Business Budget

Unless you run a large tutoring or non-profit tutoring business, keeping a tutor budget is fairly simple.  For simplifying your life and tax purposes, you should have a separate checking account.  You do not need a business checking account, just a personal one.  If you do want a business account, you will have to apply/register for a DBA (Doing Business As) according to your state guidelines.

You can use this free tutor business budget form to help you track your income and expenses.  Print 12 of them and keep in a binder.  Here's an example of how you could budget your business:

At the beginning of the month, total all of your anticipated expenses and incomes.  As the month continues, write down the deposits you make and purchases.

I use my separate account to deposit all tutoring session checks and then use a debit card to purchase various expenses.  This gets recorded in the income section of the budget plan.  I record expenses in the correct column on this budget sheet.  You can include an envelope to hold any receipts to have them all in one accessible place.

At the end of the month, you do not want to be in the red.  I transfer 25% of my net earnings into a separate savings account to help me save for taxes due at the end of the year.

I highly recommend that you give yourself a pay day out of your tutoring money only when necessary.  Because we don't live solely on my income, we do it once a year.  You can do it bi-monthly if you want, monthly, or semi-annually.  Just make sure that you leave the money in your savings alone and that you don't totally drain your tutoring account.

Use this budget to help you track and account for your income while filling out your taxes.  Having it all separate from your personal account and in one place makes it whole lot less painful during tax season.

If you want to download my free budget planner, just drag and drop it to the shopping cart on the right hand side.  Then checkout!  Want more information on planning for an irregular income?  Read more here from Dave Ramsey.

Do you have any budget questions for me?

Tutor Business Budget Planner

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