Automate your monthly recurring expenses
As a member/owner, you direct (1) your personal salary, (2) your employment benefits and (3) your business expenses. This can be a daunting task that drains your will-power every month. So much so, that most of us don't ever get to improving our financial position. That's why we are automating this task as much as possible, so you get to free your mind to become better off.
The picture on the left by Ramit Sethi shows exactly how to manage your income on a monthly basis. By describing which amounts and percentages of your income go where in a visual way, you get to understand where your money goes every month.
The second step to this model is to automate the recurring transactions on a monthly basis, so you get to free up your attention and focus to improve on your finances and position.
In addition, being a freelancer and owner of the revenue you put through Hive Club, you'll need to add a second model that speaks to your business expenses. Instead of Salary, you will have Revenue which you divide into different types of expenses.
Unfortunately, Ramit does not provide us with the software to actually manage our finances in this manner. That's why Hive Club is doing exactly that to make this model plug-and-play for you. And we're looking for early adopters to test and co-develop!
To configure your dashboard, you will input your monthly revenue and your bank statements. The app then automatically categorises your expenses into personal expenses and business expenses, returning a recommended personal salary. The lower your salary, the lower your personal income tax and the more you can spend on employment benefits. Hive Club assists you with benefits such as insurance and retirement savings, as well as the calculation and submission of your taxes. The remainder of your revenue will then be available for business expenses, which you configure through a similar dashboard.