Budget Plan – An Unexpected Windfall

Now check this out — what if Santa Claus comes to town and leaves a nice financial windfall under your Christmas tree? What a sweet surprise! Maybe this is your reward for taking a chance and competitiveness for a lucrative assignment that by some miracle, you won. Along with making sure that you'll deliver, if not surpass, your new client's expectations, you should as well think about how you can effectively allocate the proceeds from the billable hours.

Most often, we approach the subject of financial contingency planning from the negative side and prepare ourselves for unexpected expenditures that could have destroyed a budget or seriously depleted our savings. But why not manifest prosperity and think about what you can do if your ship comes in? Here's a sampling of where extra money can be applied:

Erase debt

Without a doubt, pay off or pay down all outstanding debts. Interest rates are at loan shark levels and eliminating the burden will increase your credit score and decrease your stress level. If you are not in debt, then pay ahead on monthly installation obligations such as health and auto insurance policies or renewable business licenses and certificates. Payment of these types of accounts payable is recorded as an asset on your Balance Sheet.

Professional development

Are there continuing education workshops, courses, or certificates that, if acquainted, stand to enhance your stature and brand? Is there a conference that not only provides useful information, but also good networking opportunities? Explore how you might raise the bar on your qualifications and make yourself a more employable and more highly paid consulting Solopreneur.

Business investment

Maybe your billable hours are insufficiently generous to allow you to buy a new car? Ask your accountant or business attorney if the new automobile can be designated as a company vehicle and permit you to write off some portion of the expenses, plus depreciation, to sweeten the investment. You might also consider purchasing a more powerful computer and making other technology upgrades, or buying office equipment, such as a new desk or an ergonomically correct office chair. Much smaller, but still significant, branding upgrades that are worth an investment may include a new invoice statement, business note cards, stationery, or holiday greeting cards.

Retirement account

Fund your retirement account to the maximum annual amount with pre-tax dollars. If you have extra money, open a Roth IRA account in tandem with your primary retirement account and enhance your financial future with after-tax dollars. Verify first the financial guidelines required for simultaneously holding these two retirement funds.

General savings

You may also meet with a wealth manager, if you meet the investment minimum and can find someone who can be trusted. Alternately, on your own you can research and invest a couple of thousand dollars in a mutual fund that is indexed to the stock market and watch it grow (and it will, despite some ups and downs along the way).


Oh, go ahead! When's the last time you took a wonderful vacation? Solopreneurs work so hard and we worry so much about how we'll be able to satisfy our clients, find new clients, win back lapsed clients, generate relevant content marketing, distinguishing ourselves from competitors and on and on. I do not know about all of you, but I am sometimes so exhausted it's absurd! Recently, I've been able to take brief local vacations, but I dream of taking two weeks or even more in Marrakesh, Morocco. Or Bahia, Brazil. Or Shanghai. Or Rome. Or Tokyo. Or Mumbai.

Thanks for reading,