Your personal income requirements
When you are just starting your business, it russian phone number search makes sense to reinvest as much of your profits as possible into the business. Even when you decide to take a salary, you should strive to keep it as low as possible so as not to slow down the growth of your business.
One way to come up with this number is to carefully audit your personal expenses and create a personal balance sheet. Through budgeting, you should find the minimum amount of cash you need to live each month. This amount should include:
Rent and Utilities
Groceries, fuel, dining out, and more.
Debts including existing loans and credit card payments
Monthly, quarterly, and annual payments, such as auto insurance, health insurance, etc.
Average monthly miscellaneous expenses.
Your salary should be at least 10% higher than all of these expenses combined.
There are dozens of personal balance spreadsheet templates available online, not to mention personal finance apps and online calculators. Most of them are free!
Therefore, do not hesitate to check out some to find the most convenient way to maintain your personal budget.