For a digital Google Drive version that you can edit online, click above.

For a digital Google Drive version that you can edit online, click above.


{Listen to the audio of this week's challenge}
Be sure to complete your deposit for your 26 weeks savings challenge - details below.

This week we are going to be talking about side hustles AKA small business!

If you follow me on social media or are frequent reader of the Clever Girl Finance Blog, you know that I'm a huge advocate of small business, whether as a full time or part time venture, because small business is a great way to build wealth.

If owning a small business or growing an existing business is something you are interested in doing, now is a great time to start!

Let's talk through what you should be doing to keep your business and business finances in top shape.

Your Business Idea (for business newbies)

Not sure what type of business to start? Well a good place to start is to think about what you are really good at doing e.g. baking, cooking, graphic design etc. Do people compliment you about it often?

You can also think about something you are really passionate about. Do you enjoying doing / creating things related to your passion? Starting here can help you come up with a great business idea to pursue.

 Your Business Plan (for new or existing business owners alike)

Whether your business is brand new or tenured, having a laid out plan for your business is essential to it's success and you definitely want to get one done before you spent any (more) of your hard earned money.

Your business plan doesn't need to be a 100 page document. It can simply be a few pages that maps out the details of your business including the following:

  1. What your business is about
  2. Legal requirements for your business i.e. deciding on your business entity
  3. Who your business is for i.e. Your target audience and avatar (ideal client)
  4. Your intended products and/or services that you plan to sell
  5. Pricing and marketing plans for your product and/or services
  6. How you will manage your business 
  7. Your competition
  8. Your business goals
  9. Your business financials

Keep in mind that as your business grows and evolves, your business plan may change and so plan to review your written plan every few months and make adjustments as needed.


Your Business Finances

Having a good grasp of your business finances is super important because unless you can manage your business finances the right way, you will struggle to be profitable and in turn struggle to keep your business running.

One of the most important things to do, is to keep your business finances separate from your personal finances

While you can use your personal money to fund your business intially, you need to ensure that you have separate banks accounts for your personal life and for your business.

Here are some tips when it comes to using personal finances for your business -

  1. Build the funds you'll be putting into your business into your personal budget this way you don't impact your other expenses and personal finance goals.
  2. Deposit your personal funds into your business account and make your business transactions using that business account not your personal account.
  3. Keep track of how much personal money you are putting into your business.
  4. When your business starts to make money, reinvest the earnings back into your business so your business can become self sustaining and you can also start to pay yourself a percentage of your business earnings as a salary.

Other important things you should be doing for your business finances:

  1. Create a business budget to track your business expenses and income.
  2. Be aware of all your operating costs (i.e. how much you need to keep your business up and running each month).
  3. Track all your income and expense categories closely to see what areas are driving the biggest profit or losses e.g. are you overspending on certain things that you can cut back on? Are certain products or services earning you more money than others? How can you further promote them?
  4. Plan for taxes. If your business is profitable you will probably owe taxes - be sure to talk to an accountant.
  5. Take advantage of an app or software to help you manage your business finances. Examples include FreshbooksWaveApps (free), QuickBooks etc.

Your challenge this week is to use the downloadable worksheet on this page to make sure your business finances are in order if you are interested in or are currently working on a small business!

Be sure to check out the business tips section and the business finance section of the Clever Girl Finance to learn more about running a financially successful small business.

Extra credit if you are considering starting a busiess:
Click the image below to watch the academy bonus on "How to start a side hustle on less than $50 a month".


P.S. Don't forget to share your progress in the Facebook group!


It's week 24 of The 26 week savings challenge!

This week, your savings deposit amount is $95.00

(If you've been consistent with your deposits, this week's deposit will bring your balance to $1176!)


  1. Make your transfer.
  2. Check off this week's amount on your savings challenge schedule.
  3. Share your progress in the Facebook group!

Note: This challenge will be on-going throughout this accountability program in addition to your other weekly challenges.