Are You Working Hard But Still Broke? Here’s What Tradies and Small Business Owners Need to Know About Money

Are You Working Hard But Still Broke? Here’s What Tradies and Small Business Owners Need to Know About Money

May 14, 2025 | Credit Score, Debt, Debt Payment, Debt Repayment, Financial Education, Financial Freedom, Financial Health, Financial Management 101, Relationships, Retirement, Saving Money, Self Development

Let’s talk straight.

You’re working your guts out. The tools are always in your hands, you’re answering calls at all hours, quoting jobs, managing clients, juggling suppliers, and doing all the behind-the-scenes stuff nobody sees. From the outside, you look successful – people assume you’re rolling in it.

But you’re not.

Behind the scenes, you’re quietly stressing about money. There never seems to be enough to get ahead. You’re chasing late invoices, dipping into your personal savings, and wondering why you feel broke when you’re working harder than ever.

Sound familiar?

If you’re a tradie or small business owner stuck in this cycle, let me be the one to tell you: you are not alone – and it’s not your fault. But it is time to do something different.

Let’s unpack what’s really going on, and what you can do right now to change the game for good.

Why Hard Work Alone Isn’t Paying Off

There’s this old-school mindset that says: “If you just work hard enough, the money will come.”

But here’s the truth: working harder doesn’t guarantee financial success.

You can work 60+ hour weeks and still be broke if:

  • Your pricing isn’t profitable
  • You don’t have a money system in place
  • You’re not managing cash flow properly
  • You don’t have a plan for your income
  • You’re guessing instead of tracking

Hard work is important – but smart money management is where the real financial freedom begins.

 

Why Hard Work Alone Isn’t Paying Off

The Trap Most Business Owners Fall Into

When you’re running your own business, you wear all the hats – operator, bookkeeper, marketer, customer service rep… and somehow, you’re supposed to be a financial expert too?

It’s a lot. And most people end up winging it.

Here’s what that often looks like:

  • All your income goes into one account (usually the same one you use to buy groceries).
  • You pay bills as they come up, hope there’s enough left over for tax, and pay yourself last (if there’s anything left).
  • You do jobs, get paid, then start from scratch trying to get more work.
  • BAS time? Cue panic.

That kind of financial chaos leads to one thing: burnout.

Because let’s face it – there’s nothing more frustrating than working your butt off and still feeling like you’re just scraping by.

Let’s Fix This: Money Tips Every Tradie & Small Biz Owner Needs

You don’t need an accounting degree or a finance background to turn your money situation around. You just need a few smart systems, a clear plan, and a coach who gets where you’re at.

Here’s where to start:

1. KNOW YOUR REAL NUMBERS

Let’s start with a basic but powerful truth: If you don’t know your numbers, you don’t know your business.

You need to get crystal clear on:

  • What it costs to run your business monthly
  • What you need to earn to break even
  • How much you need to pay yourself regularly
  • What profit you’re actually making

Many tradies and small business owners confuse revenue with profit – but just because you billed $10k this month doesn’t mean you earned $10k.

Once you see the real numbers, you’ll understand why the money keeps vanishing, and what needs to change.

2. PAY YOURSELF A WAGE – YES, YOU!

Here’s a wild idea: You deserve to be paid like an employee in your business.

Too many business owners pay themselves last – if at all. That ends today.

Start setting a weekly or fortnightly wage for yourself, even if it’s small at first. The goal is consistency. It helps you budget your personal life and builds a healthier relationship with your business finances.

You’ll be amazed at how this one habit shifts your mindset from chaos to control.

3. CREATE A MONEY FLOW SYSTEM THAT WORKS FOR YOU

This is a non-negotiable. If you’re running everything through one account, your finances are a mess (even if it looks like it’s working).

Set up a dedicated business account and keep your personal expenses out of it.

From there, set up these buckets:

  • Income Account – where all client payments go
  • Owner’s Pay Account – your personal wage
  • Expenses Account – materials, tools, fuel, etc.
  • Tax & GST Account – set aside 25 – 30% as you go
  • Profit Account – yes, you should be making profit!

This keeps everything cleaner, easier to manage, and stress-free come tax time.

4. DON’T JUST HUSTLE – PRICE PROPERLY

Undercharging is one of the biggest reasons business owners stay broke.

You’re not just getting paid for your time – you’re charging for your expertise, overheads, insurance, fuel, time off tools, admin, and the value you bring to the job.

If your pricing doesn’t factor in all of that (plus a margin for profit), you’ll always be playing catch-up. In THE EDGE, we teach a powerful pricing formula to help you know your numbers and charge with confidence – without feeling guilty about it.

Don’t Just Hustle - Price Properly

5. BUILD A BUFFER, NOT JUST A BUSINESS

You know what’s worse than a quiet month? A quiet month with no savings.

A simple business buffer – 3 months’ worth of expenses, is your safety net. It turns a slow season from a disaster into a non-event.

Start small. Set aside a small percentage of every job into a savings account. Over time, you’ll build a cushion that gives you breathing room when you need it.

And trust me – you will need it.

6. PAY YOURSELF A WAGE – YES, YOU!

Most business owners don’t fail because they’re lazy. They fail because they didn’t plan ahead.
That’s why a big part of The Edge coaching program is helping you build your Money Game Plan:

  • How much do you want to earn?
  • How many jobs or clients do you need?
  • What are your monthly expenses?
  • What’s your profit target?
  • What’s your 6-month and 12-month plan?

When you have a clear plan, everything becomes easier. You know what you need to do, when you need to do it, and how to stay on track.

7. GET SUPPORT – DON’T GO IT ALONE

One of the biggest mistakes I see? Trying to do it all yourself.

Running a business is hard enough. Trying to fix your money struggles without guidance? That’s like trying to build a house with no blueprint and one arm tied behind your back.

That’s where THE EDGE 6-Week Coaching Program comes in.

It’s designed specifically for tradies, solo operators, franchisees and small business owners who are great at their trade but tired of being stressed about money.

You’ll learn:

  • How to manage cash flow like a boss
  • How to set up your business money system
  • How to price your services properly
  • How to plan for BAS, tax, and quiet seasons
  • How to pay yourself consistently and profitably

And most importantly – you’ll have support, accountability, and a step-by-step plan to follow.

Final Thoughts: It’s Time to Take Your Power Back

Being broke while working hard isn’t a badge of honour – it’s a signal that something needs to change.
You deserve to enjoy the rewards of your effort. You deserve to have money in the bank. You deserve a business that supports your life, not one that drains it.

If you’re ready to ditch the stress, sort out your money once and for all, and build a business that truly pays off, then THE EDGE is your next move.

Join THE EDGE: Your 6-Week Business Money Makeover

 ✅ Designed for tradies, franchisees and small business owners
✅ 6 weeks of step-by-step financial coaching
✅ Simple systems that work (even if you hate spreadsheets)
✅ Learn how to price right, manage cash flow, and finally pay yourself
✅ Personalised support and no-fluff accountability

Let’s stop surviving and start thriving.
? Join The Edge now and take control of your business money.

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Empty Nest, Full Wallet: How to Thrive Financially When the Kids Leave Home

Empty Nest, Full Wallet: How to Thrive Financially When the Kids Leave Home

Aug 27, 2024 | Building Financial Muscle, Credit Score, Debt, Educational Series, Episodes, Financial Health, Financial Management 101, Home Loan, Mindset, Mortgage, Relationships, Retirement, Saving Money

Ah, the empty nest—a time of mixed emotions. On one hand, you’re sad to see your kids go; on the other hand, you’re secretly excited about the extra closet space and lower grocery bills. But what about your finances? With the kids out of the house, it’s the perfect time to reassess your financial situation and set yourself up for a thriving future. Let us get started, with a healthy dose of humour to keep things light.


However, a side note: if you’ve still got your adult kids at home, then this may still be relevant, especially if your kids are working and earning an income, which can now contribute to the household to help out with the bills and groceries.

1. CELEBRATE YOUR FINANCIAL FREEDOM

First things first, take a moment to celebrate. You’ve raised your kids and launched them into the world—no small feat! Now, it’s time to focus on you. Review your budget and make adjustments to reflect changes in your household. With fewer expenses, you may find more money to put towards your financial goals. Give yourself a small reward for all your hard work. You’ve earned it!

2. TURBOCHARGE YOUR RETIREMENT SAVINGS

With the kids out of the house, if not, it is still time to ramp up your retirement savings. Increase your contributions to your retirement accounts. If you’re over 50, take advantage of catch-up contributions. Review your investment portfolio and ensure it aligns with your retirement goals. Consider consulting with a financial advisor to optimise your strategy. Remember, the goal is to ensure a comfortable and secure retirement.

3. DOWNSIZE OR RIGHT-SIZE YOUR HOME

If you are lucky and the kids have left, you might find your house feels a little too big. Consider downsizing into a smaller, more manageable home. This can free up equity, cut maintenance costs, and lower utility bills. If downsizing is not an option, consider right-sizing—making changes to your current home to better meet your needs. Whether it’s converting a bedroom into a home office or creating a cosy guest room, the goal is to make your home work for you.

Consider downsizing into a smaller, more manageable home. This can free up equity, cut maintenance costs, and lower utility bills.

4. PAY OFF DEBTS: THE EMPTY NEST ADVANTAGE

Use this time to pay off any remaining debt. With fewer expenses, you can allocate more funds towards debt repayment. Focus on high-interest debt first, then tackle other liabilities. Becoming debt-free is a huge milestone that can provide financial peace of mind. Plus, it frees up resources to enjoy your newfound freedom and pursue your passions.

5. TRAVEL AND EXPLORE: THE WORLD IS YOUR OYSTER

With fewer responsibilities at home, now is an ideal time to travel and explore. Make a travel budget and plan trips to suit your financial situation. Look for deals and discounts, and consider travelling during off-peak hours to save money. Travelling, whether for a weekend getaway or a dream vacation, can enrich your life and leave you with lasting memories. Just remember to budget for it; no one wants to come home to a pile of credit card bills.

6. PURSUE NEW HOBBIES AND INTERESTS 

With more time on your hands, why not explore new hobbies and interests? Whether it’s gardening, painting, or learning a new language, investing in yourself can be incredibly rewarding. Budget for your hobbies and look into low-cost options. Many communities offer free or low-cost classes and events. Plus, engaging in activities you love can boost your happiness and overall well-being.

7. REVISIT YOUR INSURANCE NEEDS 

Your insurance needs may have changed now that the kids are gone. Review your life, health, and home insurance policies. Ensure you have enough coverage without overpaying. Consider increasing your health insurance coverage as you age, and look into long-term care insurance options. The goal is to protect yourself without unnecessary expenses.

8. ESTATE PLANNING: SECURE YOUR LEGACY 

Now is a great time to review your estate planning. Ensure your will, power of attorney, and healthcare directive are up-to-date. Consider creating a trust to protect your assets and provide for your loved ones. Discuss your plans with your family to avoid any surprises. Working with an estate planning attorney can give you peace of mind and ensure that your wishes are followed.

9. VOLUNTEER AND GIVE BACK

With more free time, think about giving back to your community. Volunteering can bring a sense of purpose and fulfilment. Look for opportunities that match your interests and skills. Giving back, whether through mentoring young professionals, volunteering at a local charity, or participating in community events, can enrich your life and have a positive impact.

10. STAY CONNECTED WITH YOUR KIDS (WITHOUT BANKROLLING THEM)

Just because the kids are out of the house doesn’t mean they’re off the payroll. Set clear guidelines and expectations for financial assistance. Encourage your children to develop financial independence while still providing guidance and support. Stay in touch through regular communication and visits, but avoid becoming their personal ATM. Teaching them financial responsibility is one of the most valuable gifts you can give.

Congratulations on achieving the empty nest stage! You can thrive financially and enjoy this exciting new chapter by celebrating your financial freedom, increasing your retirement savings, downsizing, paying off debt, travelling, pursuing new hobbies, reviewing your insurance needs, securing your estate, giving back, and staying connected with your children. Now, enjoy your empty nest—you have earned it!

Are your kids still at home? Do you struggle to create and stick to a budget, consistently overspends, or live paycheck-to-paycheck? Do you have existing debts from multiple sources or high-interest loans? Or do you have little to no savings and hasn’t established an emergency fund? Then, I got you!

The Learning Hub at Financial Management 101 can help you address these problems so that you can live a happy and satisfying life without financial struggles! The Learning Hub at Financial Management 101 promotes long-term financial stability, provides insights into wealth-building strategies, and equips you with the skills to adapt to economic changes.

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Midlife Crisis or Opportunity? Finding Financial Zen in Your 40s and 50s

Midlife Crisis or Opportunity? Finding Financial Zen in Your 40s and 50s

Aug 7, 2024 | Book of the Week, Building Financial Muscle, Credit Score, Debt, Educational Series, Financial Health, Financial Management 101, Mindset, Mortgage, Relationships, Retirement, Saving Money

So, if you listened to and read my previous blog and podcast, you would have heard some advice for those in the financial sandwich age 35 to 50.
So, let us talk about people in their mid-40s and 50s. This is the stage where you are old enough to have gained some wisdom but young enough to wonder if you have made all the right financial decisions. If you feel like you are on the verge of a midlife financial crisis, take a deep breath. Your trusted financial coach is here to turn that crisis into an opportunity, with a dash of humour to keep things light.

1. THE MIDLIFE FINANCIAL CHECK-UP

Do not skip your financial checkup any more than you would your annual physical. Take a hard look at your finances. Review your budget, debt, savings, and investments. Are you on track to achieve your goals? If not, it is time to make adjustments. Think of it as a financial tune-up. You would not drive your car with the check engine light on indefinitely, so do not neglect your finances.

2. DEBT DETOX: TIME TO CLEAN THE HOUSE

Debt is like that guest who overstays their welcome. It’s time to show it the door. Start by listing all your debts: credit cards, student loans, car loans, and any other liabilities. Tackle high-interest de bt first using the avalanche method or start small with the snowball method. Whatever strategy you choose, the key is to be consistent in your payments. Celebrate small victories along the way—each paid-off debt is a step closer to financial freedom.

3. REVIEW YOUR RETIREMENT GOALS

By now, you probably have some retirement savings, but is it enough? Use retirement calculators to estimate how much you’ll need. Adjust your contributions if necessary. Do not be concerned if you are falling behind. If you are over 50, consider maxing out your retirement accounts or looking into catch-up contributions. And remember that every little bit helps. Even small increases in your contributions can make a big difference over time.

4. HEALTH SAVINGS ACCOUNT (HSA): THE TRIPLE TAX BENEFIT

If you have a high-deductible health plan, an HSA is your new best friend. Contributions are tax deductible, funds grow tax-free, and withdrawals for qualified medical expenses are tax-free. It’s like a financial hat trick. Plus, after age 65, you can use HSA funds for non-medical expenses without a penalty (though you’ll pay regular income tax). It’s a win-win.

5. SIDE HUSTLES: NOT JUST FOR MILLENIALS

Who says side hustles are only for the younger generation? Your 40s and 50s are ideal times to investigate new income streams. A side hustle, whether it is freelancing, consulting, or turning a hobby into a business, can help you earn more money while also providing you with creative opportunities. It is also an excellent way to test the waters if you are thinking about changing careers or staying active in retirement.

6. PROTECT YOUR ASSETS: INSURANCE AND ESTATE PLANNING

Life insurance, disability insurance, and long-term care insurance may not be the most exciting topics, but they are critical for safeguarding your assets and ensuring your family’s financial stability. Review your policies and make sure they align with your current needs. And don’t forget estate planning. A will, power of attorney, and healthcare directive are all important documents that can save your loved ones a lot of stress and heartache.

Estate Planning ensures that your assets are distributed according to your wishes. Without a plan, state laws will dictate the distribution, which may not align with your desires.

7. INVEST IN EXPERIENCES, NOT JUST THINGS

As you get older, you realise that memories are worth more than material possessions. Prioritise spending on experiences that will improve your life. Travel, hobbies, and quality time with loved ones all contribute to your happiness and well-being. Plus, they don’t depreciate like that fancy car or gadget.

8. KEEP LEARNING: FINANCIAL EDUCATION NEVER STOPS

The financial world is constantly changing, and staying informed is essential. Keep your financial knowledge up to date by reading books, attending seminars, or taking online courses. Consider working with a financial advisor to help you navigate complex decisions and stay on track. Remember: knowledge is power, and it is never too late to learn something new.

Take these suggestions with a sense of humour and an open mind. Your 40s and 50s can be a time of financial growth and opportunity. So, dust off those financial cobwebs, make a plan, and move forward with confidence. You’ve got this!

Learn the fundamental concepts of how budgeting and saving are important to your financial well-being. Registration is now open for the course: Mastering Budget and Saving Techniques. This is a hands-on course with me guiding you on how to budget, track and look at managing your money like a pro.

Mastering Budget and Saving Techniques
enrol today and start your financial journey!
Free Budgeting Spreadsheet

MONTHLY COACHING

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Are you tired of living paycheck to paycheck? Do you want to make smarter financial decisions but don’t know where to start? This monthly financial coaching program is designed to help you take control of your finances and achieve your financial goals.
Midlife Money Crisis: Surviving the Sandwich Years Without Losing Your Mind (or Wallet)

Midlife Money Crisis: Surviving the Sandwich Years Without Losing Your Mind (or Wallet)

Jul 31, 2024 | Debt, Educational Series, Financial Health, Financial Management 101, Mindset, Mortgage, Relationships, Retirement, Saving Money, Self Development

Ah, the years of 35-55. When you are either too old to know the latest TikTok trends or young enough to have a general understanding of what TikTok is. Welcome to the sandwich generation, where you’re caught between raising kids and/or taking care of ageing parents. Your wallet feels thinner than a supermodel on a juice cleanse, and what about your time? Forget about it. But do not worry, your financial coach is here to help you navigate these treacherous waters with a smile.

1. EMBRACE THE BUDGET

First things first, let’s talk budget. Yes, it is the dreaded “b” word. However, creating a budget is similar to wearing stretchy pants after a big dinner—it is both comfortable and necessary. Start by tracking your expenses for a month. Once you have gathered the information, categorise your expenses. You may be surprised at how much you are spending on things like takeout or subscriptions you forgot you had (RIP, gym membership you have not used since the last government election).

Use Budgeting Apps

Emergency Fund: Your Financial Superhero

Consider this scenario: your car breaks down, your water heater explodes, and your child decides to join an expensive sport all in the same week. Enter the emergency fund, your financial hero.

2. EMERGENCY FUND: YOUR FINANCIAL SUPERHERO

Consider this scenario: your car breaks down, your water heater explodes, and your child decides to join an expensive sport all in the same week. Enter the emergency fund, your financial hero. Aim to save 3-6 months’ worth of living expenses. It may seem daunting, but start small. Set up automatic monthly transfers to a high-yield savings account. Over time, you will create a buffer that will save your bacon (and sanity) when life throws you a curveball.

3. CUT THE FINANCIAL FAT

Look, we all have financial fat. The little luxuries add up over time. Maybe it’s the daily lattes, the premium cable channels, or the tendency to buy gadgets that end up gathering dust. Identify these money drains and trim them. You don’t have to go cold turkey, but reducing these expenses can free up funds for more important things, like that emergency fund we just talked about. Plus, homemade coffee is not bad, especially if you invest in a good coffee machine; it will pay off.

4. PREPARE FOR RETIREMENT (YES, NOW!)

Retirement may seem like a distant dream, but believe me, it sneaks up faster than you can say “superannuation fund.” If your employer offers a retirement plan, contribute as much as you can, especially if there’s a matching program. That is free money, people! If you’re self-employed or your employer doesn’t offer a plan, look into other retirement accounts. The key is to start now, even if you can only contribute a small amount. Compound interest is like a snowball rolling down a hill—it starts small but can grow into something massive over time.

Smart Spending

5. TALK MONEY WITH YOUR KIDS (WITHOUT BORING THEM TO TEARS)

Teaching your kids about money is crucial, but it doesn’t have to be boring. Get creative! Find apps to give them a hands-on experience with managing money. Play games like Monopoly or The Game of Life to introduce financial concepts. And most importantly, lead by example. Show them how you budget, save, and invest. They’re watching and learning, even if they don’t show it.

6. THE PARENT TRAP: MANAGING ELDERLY CARE COSTS

Caring for ageing parents can be emotionally and financially draining. Start those difficult conversations early. Discuss their financial situation, insurance policies, and long-term care options. Look into resources, like local and government senior services, to help cover costs. And don’t be afraid to seek professional advice from a financial planner. They can assist you in developing a plan that strikes a balance between your parents’ needs and your own financial stability.

7. INVEST IN YOURSELF

Finally, remember to invest in yourself. Whether it is furthering your education, starting a side hustle, or simply caring for your health, investing in yourself pays off. A healthy, happy you is better prepared to face the financial and emotional challenges that come with being part of the sandwich generation.

Remember that managing your money from 35 to 55 does not have to be a nightmare. With a little planning, some wise decisions, and a good sense of humour, you can get through these years with confidence and possibly a little extra cash in your pocket. Now go conquer that budget like the financial superhero you are!

Learn the fundamental concepts of how budgeting and saving are important to your financial well-being. Registration is now open for the course: Mastering Budget and Saving Techniques. This is a hands-on course with me guiding you on how to budget, track and look at managing your money like a pro.

Mastering Budget and Saving Techniques
enrol today and start your financial journey!
Free Budgeting Spreadsheet

MONTHLY COACHING

Take Control of Your Finances Today!

Are you tired of living paycheck to paycheck? Do you want to make smarter financial decisions but don’t know where to start? This monthly financial coaching program is designed to help you take control of your finances and achieve your financial goals.