Before I made the leap into entrepreneurship, I had to steadily track how much money we would need in savings to cover all our personal and my business expenses. I needed a way to visualize the drain on my coins once I no longer had a steady paycheck coming in. I searched high and low but couldn’t find a tool that would tell me:
- How much money I needed in savings to take the leap.
- How long those savings would last if I made NO MONEY my first year.
- How much I needed to make while side-hustling to feel comfortable with taking the leap
Coming from a finance background, of course, I created an excel model. This is the improved version of my leap tracker! You can plug in your own numbers and categories and see what the model predicts.
Are you thinking about taking the leap into fulltime entrepreneurship? For most people, this is a decision that takes a lot of planning. Before I made the leap, my finances were one area I have to make sure were secure. If you’re how much money you need saved and exactly how long it will last you, here’s an easy tool you can use to map out a few scenarios for your self.
This excel tracker contains:
- A personal expenses budget tracker
- A business expense tracker
- scenario mapping if your side hustle is making some money
- scenario mapping if your business is not yet making any money
You can plug in your own numbers and categories and see what the model predicts.