If you’ve ever felt that sickening feeling that wakes you in the middle of the night when you know you just don’t have the money to pay your bills, then you’re going to love today’s guest. 

Anthea Falkiner is the owner of Bright Spenders, a company that works with small businesses owned primarily by women to help them take control of their finances, cash flow and know with confidence, they can always pay their bills in their businesses and in their private lives.

Anthea and I go waaaay back, when I worked with her for many years as her mentor, helping her to establish her first business. So we talk a little about lessons learned from starting one business and building it into an asset she could then sell, then the reason she started Bright Spenders.

Here’s what you’ll discover today:

  • The transparent story of Anthea’s wake-up moment, and what can happen when you are not living extravagantly, but simply don’t pay attention to your finances.
  • Why women in business are at greater risk of financial stress.
  • The types of expenses that can tip you over from seeming OK to, Oh S#*t, I can’t pay the bills.
  • Why making your spending decisions based on your bank balance is a recipe for disaster
  • Why budgets, as they are usually done, don’t work
  • How to separate your personal and business finances so you have “fences” around your finances as a small business owner.
  • The exact number of accounts you need to manage the finances in your business
  • How to determine how much your business needs to pay you each week.
  • The 3 accounts you need to manage your personal finances
  • What happens if your business doesn’t make enough to pay you 🙁
  • Why great revenue does not guarantee you will have better control of your finances than a smaller business

Anthea has some great free resources for calculating your expenses for your personal finances and your business plus heaps of free training so you can make a change in your personal financial management this week.

And hey, this is a total no judgement zone here. I know this is something I haven’t totally nailed myself which is why I have Bazza da Book-keeper so I can sleep at night 🙂

I’ve also created a bonus flow chart for you of the steps you need to take and accounts you need to set up so you can implement what Anthea has shared today.

BONUS WORKSHEET

Plus a special podcast bonus for you today. An action guide and flowchart  to download “How To Take Control of Your Small Business Finances… and Sleep Soundly”.

You can watch the video, listen to the audio, download from the podcast directory, or read the transcript below. Never miss an episode. Click here for all the ways you can subscribe.

Click the image below to download the BONUS worksheet!

Anthea’s Bio

Anthea is founder of Bright Spenders, an award-winning personal finance specialist and certified Spending Planner. She has personally mentored hundreds of small business owners, professionals and executives and helped them save a combined $1.5 million in the last two years alone. She’s been featured in Money Magazine and on Channel 7’s Weekend Sunrise, and the program she teaches has helped over 30,000 Australians get on track and get ahead.

A Special Message From Janet

Thank you so much for being here. I know there are a lot of podcasts you could choose to listen to  and you chose to join me on Romance Your Tribe Radio.

Woohoo!

I’m honoured and  grateful for your support.

If you enjoyed this week’s episode, I’d love for you to take a quick minute to share your thoughts with us and leave an honest review and rating for the show over on iTunes!

Read The Transcript Here

Janet Beckers:          Hello everybody. Janet Beckers here and I’m really excited to welcome you and introduce you to a lovely, lovely friend of mine, Anthea Falkiner. Hi, Anthea!

Anthea Falkiner:        Hi Janet. How are you?

Janet Beckers:          Really, really good. Anthea and I have known each other for years and years and years because Anthea has been a client in numerous once of my programs for quite a while. Just really building up your first business and we’ll talk a little bit about lessons from building a business and then lessons from then selling a business and moving on. So we’ll cover a little bit of that. But today is core one is something that I know, you know, is just huge for us in business is really getting a handle on your finances so that when those bills come in that you are just with absolute confidence and lack of stress knowing that you have got the money there to be able to pay your bills and that you are in total control of everything to do with your finances, without getting into that total overwhelming geeky type designs.

So, I’m really excited that we’re going to be covering this topic because I know it’s something you know that I’ve struggled with for years and it’s something that I know that makes a huge difference when you nail this in your business. So very exciting to have you here. So get ready to take notes, everybody. But first of all Anthea, let’s just talk a little bit because everybody here that is on the line that is listening is in business or if they’re not in business yet, they’re setting up a business or they may have been in business for years. And so it’s really lovely to hear a little bit about your story, about why you’re doing what you do now. And so people could get a bit of an insight into their because you’ve got a lot of lessons to be able to share with people.

Anthea Falkiner:        Yeah, thanks! I’m so happy to be here and I just… I’m particularly passionate about helping small business owners and particularly female small business owners. And I know you work with a lot of female small business owners to get some traction in this area because as women and as small business on as we can really be behind the eight ball a lot. Like I see so much small business owners not paying themselves super, not getting their tax sorted so that they’re left with a huge tax bill at the end of the financial year or quarterly bass or whatever. And you know, when you’re setting up a business, your cashflow is so unpredictable, you know, it’s not like, we’re really, I think, you know, in a lot of ways we’re at an advantage because we… There is so much room to be able to generate the kind of revenue, the kind of income that we want.

But we need to be in control of the finances big time because there’s no one paying placebo is no one telling us to, you know, to manage it so that we’ve got the text sorted, and what, you know, I have a very personal story with struggling with finances being a small business owner. My husband also runs a small business. So you know, together we kind of, I don’t think we are living particularly extravagantly or anything like that. We just work hoping with life. We were doing life by remortgaging constantly, at the point where we couldn’t do it anymore. You know, we were luckily living in this, you know, in Sydney on, you know, in the eastern suburbs, the value of property was going up and up and up. But we got to the point where actually we had so little equity that we couldn’t actually keep going with that.

Janet Beckers:          Right. And you know, there would be a lot of people who are listening here that can really, really relate to that. Yeah.

Anthea Falkiner:        And I think, you know, our focus, there’s so many focuses as a small business owner on like you’re really a general manager, you know, you’re… And often we’re coming to small business, having worked at maybe as employees, having sole responsibility for one aspect of that business, but all of a sudden you’re having to deal with the marketing, the sales, you know, the finances, the client interaction and your head explodes. And often people would drop the ball around this stuff and you sort of think ohhh, it’ll just work itself out if I focus on the revenue. But unfortunately if you haven’t got your expenses locked down, your expenses are going to catch up with your revenue. It actually doesn’t matter how much you earning, if you don’t have those expenses locked down and you don’t have your cashflow locked down at some point it’s gonna come back to bite you. And that’s what we found.

Janet Beckers:          Yeah, and you know what, that’s… I love that you’ve really picked up that difference between revenue because I mean, that’s an old saying, you know, revenue is vanity, profit is sanity. And there are so many times that I will find that people are focusing on how much revenue they’re making, but they’re not making enough profit to pay themselves, but they’re focusing on that revenue and it’s a really rude shock because you think you’re doing okay. Yeah, so that’s a really good story. Thank you for sharing. That was the challenge that sort of got you going down this path.

Anthea Falkiner:        There was, I mean, you know, there was sort of business and personal aspects to it. You know, we were kind of remortgaging to, you know, Rick had to pay out his ex wife and his ex partner and raise his daughter as a single parent. And you know, so it wasn’t sort of anything extravagant that we were doing by any means. But we got ourselves into situation and I just hear it time and time again, often, you know, people will seem to be going along fine for a certain period of time and they factor in, I can factor in all those regular predictable expenses that they can see. And you know, that happened within a year or so. Most people can have a handle on those, but it’s the unpredictable expenses, it’s the long term replacement costs of things that often people are winging it with.

And then not actually, they haven’t got a really comprehensive handle on all of their expenses. So I’m talking about things like, you know, and it’s not hugely expensive, but driver’s license renewals every five years or replacing your car tires every three years, replacing a car battery every couple of years, replacing your hot water system every 10 years, mobile phones, every three years, computers, every three years, you know, cause five to 10 years or 15 years or whatever. And people kind of, they’re just crossing their fingers and hoping that they’ll have the money by then and just hoping that the revenue and the profit will have just, manifest it so much that those things will take care of themselves. But, actually they don’t unless you factor them in. And the problem that we say often, and this is what happened with us is that when you haven’t factored in those things, you’re basing your spending decisions on your bank balance and your bank balance isn’t a good indicator of the exact whether or not you have money to spend on whatever it is.

Like, if you want to spend money on your business, if you want to, you know invest in something or if you want to go on a holiday or buy that dress or go out to dinner and you’re looking at your bank balance to tell you whether or not you can do it. Yeah, you really have no idea. You really kind of flying blind. So what we do is actually help people factor everything in have a really clear plan for spending and base this spending decisions on targets that, you know, work with their account. But not. I’m not solely reliant on the bank balance cause you know, your bank balance goes up and down every day, you know?

Janet Beckers:          Yeah. And you know, you’ll be going, yeah, yeah, yeah, we’ll love, you know, let’s go away for the weekend. We can do it, you know, and there’s enough money there in the bank, and then it’s like, you know, a few weeks later that you go, Oh yeah, the [inaudible] was due.

Anthea Falkiner:        That’s right. Yeah.

Janet Beckers:          Everybody that’s done that, I know I have.

Anthea Falkiner:        Everyone, everyone has done. And then the expected things, you know, let alone all those unexpected things that most people aren’t factoring in. I have no judgment by the way. I was totally there and this is why I do what I do now is because we found a way out of that and we found a really good, very unique kind of solution which is, I just hate the word budget because it’s so doesn’t say what we do because a budget is such a… It’s a really rudimentary crude kind of tool for managing your money. It basically, it shows you that it’s possible to spend less than you earn. Like usually budgets of us are based on a month or a year say and it will be like an often people will take it from their profit and loss statements or something like that.

They’ll go, okay, this was our gross income. These are our expenses, this is our personal expenses. Oh, okay. I can say it’s possible to spend less than we earn and have something leftover, but there’s no road map to follow. There’s no… It doesn’t factor in time at all, which is a really crucial part of the issue, you know, the timing of payments. The timing of when a clients pay you when your income comes in and when those bills go out or when those expenses happen is crucial. And it’s also crucial to have the right kind of fences around your finances as well. So I’ll talk a little bit more about that, you know, as we go along. But

Janet Beckers:          Yeah, that’s brilliant. So I think, so one of the big things we’ve got here is, if you’ve been listening to this today and go, “I just don’t get it. Like, why is this a problem?” You know, go you. But if you’re listening to this and going, Oh yeah, yeah, a bit embarrassed to say that’s been me or that is me. I’ve been doing this as I was saying like no judgment here because I think most people have been in that situation and it doesn’t, you know, a lot of times you will see people, that on the outside are doing exceptionally well. You know, they may be having great revenue, they may be having a great lifestyle, but you don’t know. You know what’s happening with them, you know, how much are they really making the most of the income prices, you know, in the property prices as you gave that great example at the beginning. So if you’re listening to this, just know like totally, that’s okay. And that’s the past from today backwards.

So, how about we have a look now at really helping people to get started here? So everything that is happening now so far is just in the past. We’re letting that go. So this is the new plan moving forward. So, and we keep in mind here we’ve got personal side of things and we’ve also got business because as I was saying, most people listening to this podcast are in business. So, and I love that you can be talking about this from both sides. So let’s do that. Let’s get stuck straight into them. What do we do? What do people do if you’ve got a business? And a lot of what you’ve just talked about really, really, really resonated. So let’s go step by step what people can do now.

Anthea Falkiner:        Yeah. Okay. Awesome. Cool. So I just wanna pray curse in this by saying that we’ve worked with hundreds of small business owners now over the last few years and we’ve done, we’ve taken some, what I do is we give people, a starting point and then we track their results over time. And we’ve calculated that roughly we’ve helped people save about $1.5 million in the last couple of years alone, which is fantastic, really amazing. And it really shows that what I’m going to teach you today really works. You definitely want to do these things. So the first thing, there’s a couple of things. One is creating those fences that I talked about before. So what I say a lot of, and you know, maybe if you are listening in and you do some of this already good on you, but a lot of small business line, especially when they’re starting, haven’t got that separation between business and personal.

Yes, really. And so often what they’re doing is using a credit card to cashflow their business and then paying it off at the end of the month. And you know, and most people can do that reasonably well. That can pay off the full amount. But the problem with that is that if you haven’t got a really good handle on all of your expenses, all your predictable, anything that’s got a date and an amount of money attached to it, all your unpredictable expenses, so your clothing, your car repairs, your, medical expenses, you know, those things that are a bit rubbery, a bit sort of, you know, that you’re going to need that money, but you don’t know exactly when you’re gonna need it. And then all the long term replacement costs. If you haven’t got a handle on those things, then and you’re basing your spending decisions on how much money is coming in and you may be able to pay off your credit card this month and the next month and the next month.

But then all of a sudden some something on predictable will hit. Like the hot water system will go something like that. And you’ll be like, “ah, okay, now my bank, now my credit card balance is creeping up and I haven’t actually been able to pay off the full amount this month” and this is how it starts. It just slowly over time builds up until such a point where you can’t actually pay off your credit card in the full each month. Yeah. Because you haven’t factored in those expenses. So I’m thinking of a particular client at the moment who, they have a very successful business where they make fiberglass malls for one of the big model home companies and huge revenue, you know, they’re doing really well. It’s a family business. They’ve got their sons working for them. But they’d racked up, you know, $80,000 worth of credit card debt because they really didn’t have a handle on all of their expenses.

Yeah, and so we got them off using the credit card. So, they’re actually they still use the credit cards, but it’s in a very controlled way. So, coming back to the kind of fences that you need around your finances that we talked about before. On the business side, you need a business bills account. You need a tax account, a totally separate tax account. And depending on the nature of your business, you may need a third account for unpredictable business expenses. Some businesses don’t need that. Some business can do it all within the one business account with some actually might need a separate account. And then on the personal side, you need at the very least three basic accounts and possibly a third as a fourth as an emergency fund. So you need a bills account for regular, predictable expenses.

So, this is for… It’s not just bill’s quote-on-quote like electricity bills, mortgage payments. Although those things definitely go into that account. But it’s also things like birthdays, which are very regular and predictable. Everyone has a birthday. It happens at the same time every year. You know, Christmas happens every time at the same time every year. You know how much you want to budget for it. So anything that has a date, basically you can also include some longer term replacement costs of things in that account as well. So things like car’s tires, car’s servicing every six months, things like that. That’s the bills account. The second account is the unpredictable expenses accounts. And this is anything that doesn’t have a date. So you’re gonna and it’s not a longterm savings account. It’s for things like clothing, car repairs, medical expenses, those robbery kind of expenses that you’re going to need that through the year.

And so what I get clients to do is work out, okay, so how much do you think you need for clothing for the year? Say… And then they say, okay, well I think I need $2,000 for clothing for the full year. We divide that up into either weekly to weekly or monthly transfers and we transfer that money out of the bills account into that separate account. So you’ve got your business account, looking at the total picture of your personal expenses will tell you how much you need to draw in personal drawings from your business account that goes into the bills account and from the bills account that goes out to your unpredictable expenses account. And then the other account I should draw a diagram and I’ll give you one. You can put it in the show notes, let’s do that, that’d be great. And then the other one is the weekly spending account.

And if you just did this one thing alone, I guarantee you would save so much money. And what this is, is I call this the triple F.I. So it’s the food fuel, fun and incidental. So, it’s a groceries. A little bit of, you know, if you told me I can’t go without my once a week coffee out or you know, I can’t go without having coffee every day, that’s my thing or pizza on a Friday night or whatever. You just work out how much that exact amount of money that you need for that. Seeing how much do you need for groceries, how much do you need to fuel? And maybe just 20 bucks, six or for a little bit of wiggle room or something like that. Added it all up. And then per week you create the same trends. The automatic on autopilot that goes across to the weekly spending account, every single week on the same day.

And you get used to living off that amount of money and it’s cash. It’s your cash. It’s not a credit card. You know, like I encourage visa debits are great because you can, you know, you’ve got the facility of a phaser, a mastercard, whatever, but it’s your money. And then what people find is like, we’re incredibly adaptable human beings. You know, if we have a set amount of money every week, we just, we’ll leave within that. You know, if you get to die five or six and there’s no money in that account, which rarely happens because we just sort of adapt to it. Then you’re just staying home and you know, eating what’s in the cupboard or what’s in the fridge. Yeah. You’re riding your bike more. You know, we just… But the problem is that when people have it all in the one account, it just operating out of the one account or maybe they have one account and a credit card and they put everything off the credit card is no control. There’s no sense of this is enough. This is what I need to spend in order to get to my goals. Because that’s one thing I haven’t mentioned yet, which is the super point important piece is that you want to put your goals front and center because if you have clear goals that will determine what these other amounts and transfers and everything need to be to help you get to those goals.

Janet Beckers:          And I love how… Because at the beginning you were saying, well, you know, you’ll be going off what your bank balances and think, oh yes, I can afford it. So I love what you’ve done here is you’re not trying to change the way that we always do that you know where you’re going. Oh yeah. Like the example I gave. Yeah, we can go away this weekend. You know, because we’ve got the money in the bank. It’s just that the account that you’re looking at has only got enough money in there that you are allowed to spend, but you’re still using exactly the same psychology that you would’ve used before, which I quite like that’s… You’re not taking away that psychology. You’re just making the amount.

Anthea Falkiner:        You’re giving a realistic. Yeah, yeah. Based on the real picture of looking at all of those different expenses that you have, the interesting thing about that is that, you know, sometimes like we’ve worked with people who are on such a different range of incomes. You know, some people who are earning 50 grand a year to 50 grand a month, you know, like really different ends of the spectrum and it makes no difference how much people are earning. It’s all to do with the control. You know, often people on hiring comes are actually struggling with that. They’re struggling with less control and hemorrhaging money faster than the ones who have less because there’s a necessity there to really lock it down. Yeah. But with that lack of control, there’s also a lot of anxiety that comes with that. So, I just hadn’t thought about, I had a point there and I… It’s just lost me for a second. It’ll come back.

Janet Beckers:          A lot of thing I was thinking as you were talking about goals is you talked about when it comes to your personal, so you’ve got your main bills account. Then you’re sort of taking it from there into the unpredictable account. So don’t go dipping into that one everybody. Okay. Then you’ve got your weekly, but is there another one that you might have, say four for your savings? Like would you just have that, like where does that fit in here? Is that something is a priority like is at first and everything goes backwards? What are you recommend me?

Anthea Falkiner:        Yeah, so I think it’s a really important to look at what those goals are because the goals will definitely determine the choices that you make around other areas of spending. Definitely. I think this is where I said three basic, but an extra one for an emergency fund because if you don’t have an emergency fund with at least sort of two and a half grand sitting in it, which would cover, it would cover you for, you know, if your car broke down, you had a major mechanical repair. If he got sick for a few weeks, if a family member died and you had to fly somewhere, it would kind of cover those things, right? So it’s not… It won’t last for too long, but it will just allow you not to have to rate for a credit card to put those things on a credit card.

So, I think that’s really important. In terms of your goals, so if your goal is to actually pay yourself super and invest in your retirement, which I really recommend people look at because I often hear as a small business on is just going all just, I’ll put that off. You know, I’ll wait until like I’ve got other things I’ve got to pay employees, suppliers, they put it last and really we know that if you want to get ahead, you’ve got to pay yourself first and that is paying yourself first. So Super, you know, is one of those things you can set a regular transfer out to a super account and that’s factored into your spending plan as a part of your, we call it an expense, but it’s really, you know, part of your savings. Um, in terms of like holidays or saving for a home deposit, say it was saving for a home deposit or for an investment property.

You know, you wanted to, you’ve got your home but you want to get ahead, you want to cipher or deposit on a new property or something like that. Then you want to totally separate account for that. And you want to make it automatic so that that money is just whisked away before you don’t want that hanging around in your account. So I often tell people it’s best to work off a zero balance budget. And what I mean by that is every dollar is accounted for in some way. Every dollar has a job. So that isn’t no sort of, you know, I mean obviously one a factory and a little bit of coffee money or into 10 honey, you know, you want to be able to, one of the things I really noticed actually is that I often used to deprive myself, deprive, deprive, deprive, think because I didn’t have a clear handle on it. And I was like, I was always anxious about spending money. But when you actually factor those things into your plan and you can see everything is covered, it’s okay, I can actually go out to these concert tonight and not have a conniption about whether or not I’m going to be able to afford it. That’s actually quite a freeing sort of experience. But just having everything in there. And then, and the paying yourself first, you know, whisking that money why into a completely separate account makes a huge difference. Definitely.

Janet Beckers:          Yeah. And I think the nice part about where you’ve also said there about, well your working out exactly for your goals, what your business needs to provide to you. And so what I know is going to happen when people take your advice here and have set this up is they’re going to go, “Oh shit, my business can’t pay me. What it needs to pay me”? So then it really does make you face, okay, what can I be doing in my business that’s going to be smarter so that it’s going to pay me? It becomes… Because a lot of times people will go into business not because, “hey, that’s the best way for me to make a stack of money”. It’s because it seems freedom. Like I can do what I wanna do on escaping. You know, somebody else telling you how to spend my time.

And so very often I’ll find that people will be going into business. And I’m the classic example of, you know, it took me a while going into my business, I was doing what I love making money and, but really it was more around doing what I loved and then the money came. But what I’ll find a lot of people will keep on doing things because they’re loving it, but they forgetting that business, it owes you, it is there to provide you with the lifestyle that you want. And so when you were talking about at the beginning about always, you know, making sure that they’re separate is because then it allows you to go, okay, business, pick up your game, baby. You’re meant to be working for me. It’s a very, very different mindset. The thing it as the thing that is supporting you rather than the other way around. Yeah,

Anthea Falkiner:        yeah, absolutely. And I think what often happens with people when they start businesses is the enjoying… like you’re saying just the ability to be able to have that freedom and do what they’re passionate about. But after a few years when they realize that actually the business is not supporting them, that’s a stressful, stressful experience and you end up giving up all that hard work that you’ve done and going back to a job because you haven’t got control around something that you can get control about. And that can actually, this is what I was thinking of saying before, when I lost my train of thought is often people will come to us and that there actually isn’t enough income for their lifestyle. Right. Okay. And you would think, well, why would you bother doing a budget then? Why would you bother doing this if there’s not enough income?

I’m like, but what happens is when people get that clarity that they need and they have worked out all of their lifestyle costs and that actually have a plan and they can see exactly what that shortfall is per week. it gives them… It empowers them to actually go, all right. So people can actually say, Oh, okay. I say that I have a $200 weekly, shortfall. They can see the exact number that then they can go, Oh, I OK, will they find just, you know, bought on one more client. Or if I just, you know, whatever it is, I can actually say, all right, okay. And then they go out and do it. It happens every single time because people have that clarity. They step into that then and because they’re not worrying about the finances that can actually see the road, the path forwards, all of a sudden it phrase up all these creativity and opportunity to start to hear opportunities and start to respond to all that great stuff. You know, whereas when you’re stressed about and don’t really know whether or not everything’s going to be covered, it really clouds your mind and kind of blocks off opportunities.

Janet Beckers:          Yeah. That is such a great point because that’s absolutely gonna happen, that there’s, especially if the way that you’ve been living at the time has meant that there has been, you know, a credit card debt or, you know, whatever else is that something’s being given you an artificial sense of your lifestyle, that a lot of times people are going to avoid even doing this work because they’re thinking, I don’t…

Anthea Falkiner:        I don’t want to face it.

Janet Beckers:          I don’t want to face it. I don’t want to face it. And you know what, if that sounds like you, if you’re listening here, that’s okay. Like, just accept that that is a really normal thing to do that avoiding and I’m saying it’s okay because that was my default for a long, long time and I am distress, I’ll do that as well. You know, that’s why when I first started my business, I got a bookkeeper before I was even making money because I wanted to know exactly how much I was losing. Because why now? He’s always there and he’s always telling me, you’re in the green. If you’re not, it’s something you’ll be in the red, you’re in the green, you know, all this. Somebody who can keep you really, really informed. It is incredibly empowering.

Anthea Falkiner:        Yeah.

Janet Beckers:          It’s empowering because you know what you’ve gotta do.

Anthea Falkiner:        Yeah. Well, if you think about int… And this is a horrible analogy, but it’s a bit like, you know, you have a wound, you need to rip the band-aid off, expose it to the sunlight so it can actually heal if

Janet Beckers:          yeah.

Anthea Falkiner:        that’s kind of leaving denial and it is our human nature to just not want us. Like we just think, “Oh, I haven’t got time. I haven’t got time to deal with that right now. That’s a huge one”. But if you can just invest on talking like half an hour a day for a week or one Saturday, literally, it doesn’t have to take you a whole lot of time. I’ve got a whole bunch of resources that people can help to start this process. But that’s all it takes. You know, like we’re talking a week at the most, to get a handle on what the full picture is. And if you can’t invest a week or you know, like half an hour a night for a week or one Saturday, then there’s something wrong. You know, like really that’s not a whole lot of time, but we can blow it out of proportion. We can just think, “Oh, it’s just, I don’t know where to start. And it’s all whelming” and you know, that can really…

Janet Beckers:          I love it. So for people who are listening now, so number one, you know, we’ve already talked about no judgment, baby. So what ever your finding is happened in your life and in your finances and how that affects your business at the moment. That’s okay. That’s just in the past from today. The next part there is just really going, you know what? I may want to deny this but I am actually going to be… I love the step by step and we’ll do that. We’ll put a bit of a flow chart either of how you know, where your money goes and those little account numbers because that can be a really nice thing that we’ll just add as a little cheat for people. That’ll be a simple thing for us to do. And so we’ve talked about those parts there. What would be really, really good now is for people who are listening, so what’s the next steps? Like where can people go to get some resources so they can do that half an hour a week, half an hour, a day for week? Like where would I go to get those resources to make it really simple for them?

Anthea Falkiner:        Yes, I, I’ve got a couple of, I’ve actually got two different PDFs. One is a personal expense, income expenses checklist, which covers everything. It literally, it’s six pages long. It will… It has everything that you could possibly ever spend money on and probably lots of things you’ll never spend money on. So you can just put a line through those things, right?

Janet Beckers:          Excellent.

Anthea Falkiner:        But It will trigger you to think, to actually think about all the things you need to factor in. So all of those long-term replacement costs all of that sort of stuff. So that’s a great one. It’s like this is… I just put this on my site for people to just download themselves. They don’t even need to like sign up for an email list or anything like that. So I’ll just give you the links to those as a personal one and there’s a business one as well.

Actually, do I have the business one on my site yet? I’ll find… I know I have it ready. I’ll let you know anyway. I’ll put the links below. I’ll get it off there if it’s not. So, that business one has all the different, you know, if for every business, all the different types of expenses you might need to think about. So I stopped there, but I always tell people, start with your personal. So I would just say download the personal one first. Cause if you haven’t got a handle on all of your personal expenses is really not like, it’s really important to get a handle on that first before you dive into the business side. So, that would be the first start. And then look at the flow chart and work out which you’ve probably got a bunch of accounts already that you can repurpose for these purposes.

So that would be the next step is thinking about which accounts. I always say that the bionic sort of extra aspect to that is this particular software that we use. So we use a very unique forward looking kind of a system that is very different to anything else I’ve come across. So most budgeting systems look backwards. They’ll tell you what you spent your money on and it’s all about tracking expenses and you know, all that kind of stuff, which really is useless. Like we used to keep boxes and boxes of receipts. It did not help us one iota in forward planning piece does, it’s a bit like kind of like a crystal ball for your finances where you can actually plug everything in program at all in and actually say a 365 day view of what your bank account is going to look like. One year, two years, five years and 10 years, right up to 10 years if you wanted to look at that.

And it will show where the shortfalls are. So if this is your starting balance today, you know, and this is your income flow, these your expenses, you’re going to experience a short fall on August the 15th. It’s going to go below. And that’s incredibly empowering information.

Janet Beckers:          That’s fantastic!

Anthea Falkiner:        So if people are interested in finding out more about that, they can just go to my website, which is brightspenders.com.au and it will have information on all of those things, but definitely start with the expenses. And then you know, if you want to find out more, there’s stacks of free resources, articles, lots of…

Janet Beckers:          I’ve actually, yeah, I’ve been on [inaudible]. You know, I’ve been on your email list for each of your businesses actually because I like to look at again, all these ads, what she’s doing, she’s so good. And so, yeah, you really fantastic articles, really, really useful. And so that’s brightspenders.com.au definitely.

And everybody listening, we’ll put links in the show notes, so if you’re listening on iTunes or you’re watching it on YouTube or wherever else you find good point, then just come over to where it clicks to go to the page, to the webpage or just go to romanceyourtribe.com look under podcasts and you can just search for Anthea or money or budget or where all those sorts of things. And you’ll find we’ll have the links there to the pages where you can go and get those resources that Anthea has got for you, where you can go and find out more. And we’ll put together, you know, I like a cheat sheet download that’s just got that flow chart for the, you know, with where the expenses go, like what those accounts are. Because that’s great what you’ve talked about with those fences. This has been so amazingly helpful. Anthea really, really, my mind’s buzzing here. I’m gonna find out more about your food planning software. I think that’s a great tool for people to have for personal and for businesses as well.

Anthea Falkiner:        Yeah. I use it for both. I have two separate, yeah, plan my business finances going forward, but also personal life. Keep them very separate.

Janet Beckers:          Mm. Mm. I think that’s a great idea. I love that. I, I mean I get my bookkeeper who does our forecast for me and I just know, I just find it. You can sleep at night because you know what’s going on. Yeah. it’s really fantastic. So, yeah, so that’s just going to be wonderful. So everybody go there, check out Anthea. So for people to find you is to go to your website, the best place to go.

Anthea Falkiner:        Yeah, brightspenders.com.au, I’m also on Facebook, just bright spenders and I’m on LinkedIn, I’m not on Instagram yet. Too many focuses all of ones. Actually one of the things that I really learned from you, Janet, is when you starting in business, not to try and do everything at once and to just really kind of chunk down what you could do in the next 12 weeks. That would be high priority, high bang for buck and just focusing on that. And so that’s why I haven’t got an Instagram page. That’s my excuse.

Janet Beckers:          Isn’t that funny? Because when you were saying you haven’t got Instagram yet, I’m going good. Good. Because you can claim the space.

Anthea Falkiner:        Yeah.

Janet Beckers:          Absolutely. It’s being very, very strategic and so, yeah, that’s great. You know, that’s a good takeaway for everybody, those 90 day planning and that one big focus can just revolutionize your business. Yeah. And so one of those things can be to sit all of this stuff up and having it running like clockwork as going to make a huge difference in your personal life and your business life. So, yeah, thank you so much for your time. Anthea thank you everybody who was here. One of the best things that you can do for Anthea and I is to give us some feedback, because we love sharing what we do and one of the best things to know is have we helped you?

So anything that you’ve got from today that’s in our heart, you can, you know, leave a comment down below if you, where ever you are, whether, you know, you’re on the website, whether it’s on social media, leave a comment, go and find Anthea over on Facebook, not Instagram and over the website and just drop her a message and tell her what you’ve done. Like what was an aha. Honestly, the best thing that you can do for us and what I would be exceptionally grateful for is if you’re listening on iTunes, I’d be very grateful if you would give a star rating for what you think and also leave a comment. And if it’s a comment specifically on today’s episode, that would be brilliant. What did you learn from Anthea today? Would be right. So that’s my big ask of you is to take a minute or so to do that. Because that truly keeps us motivated to keep on making sure we over deliver through here. So thank you everybody for being here and go and take some action. Get it done, baby. Thank you so much, Anthea absolutely!

Anthea Falkiner:        It’s a pleasure. It’s great to be here. Always.

Janet Beckers:          Yeah. Bye!

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