Financially Well

Financially Well

When you drive a truck and run your own business there are small actions you can take to control your money

Why it matters

Money worries can impact your health and your relationships.

  • It’s common and it’s normal to feel low or stressed when you have money worries.

What should I do?

  • Know your numbers – keep good records.
  • Know your needs.
  • Know who to go to for advice and when you need to go.

How should I do it?

Know your numbers – keep good records.

  • Know how much you get paid and when, and how much you pay out and when.
    • Mark “Money In” and “Money Out” on a calendar. Keep the calendar close for quick reference on any particular day.
    • Some drivers use Pocketbook – an APP that allows them to track all incomings and outgoings on the phone.
    • Tracking incomings and outgoings lets you make sure you have enough money in your account to cover bills when they come in.
  • Develop a system to quickly and easily file every invoice and receipt that flows into and out of your business.
  • A good basic system is to buy a pocket document file holder and store copies of all invoices and receipts in alphabetical order.
    • Keep copies of all bank statements. Do this for each financial year (1 July to 30 June).
  • A qualified accountant or certified book-keeper can help you design a record keeping system that suits you and your business.

Know your needs

  • Make a list of what worries you have about running your business.
  • List business tasks you think you are good at, tasks you find easy and tasks you find difficult.

Know who to go to for advice and when

  • Talk to a trusted Chartered Accountant (CA) or Certified Practising Accountant (CPA) and establish a good working relationship with them.
    • Discuss your needs: discuss the list of business tasks you think you are good at, tasks you find easy and tasks you find difficult.
    • Together, you will be able to plan the best way they can support you and the frequency of meetings they will have with you.
  • A qualified accountant (CA or CPA) will help you to fully understand:
    • your true tax position so there are no surprises, and make sure your tax obligations are kept up to date.
    • your business structure, reporting obligations, tax advantages and pitfalls, record keeping and book-keeping.
  • Talk to a qualified financial adviser to plan for your financial future, protect your current income, insure your life, and plan for your retirement.
  • If you are experiencing, or at risk of, financial hardship you can talk to a rural financial counsellor. It is a free, confidential service. They can give you individual support to meet your needs and help you to make the right decisions for your business.

Other places

Other places for support
Sources