5 Essential Monthly Financial Habits

Running a business by yourself is no joke. You wear all the hats: marketer, customer support, project manager… and yep, chief financial officer too. But here’s the thing: if you’re not giving your business finances a regular check-in, you’re basically driving blind.

Whether you're a freelancer, coach, consultant, or creator, sticking to a monthly money routine can save you from surprise expenses, late payments, and cash flow chaos.

TL;DR 

Staying on top of your business finances doesn’t have to be a headache. These 5 monthly habits can keep your solo venture running smoothly, help you make smarter decisions, and seriously reduce stress. Here’s a quick breakdown of what to do:

• Track Your Cash Flow Like a Pro
  List all income and expenses monthly using a tool like Cashflowy or a spreadsheet. Know what’s coming in, what’s going out, and spot patterns before they become problems.

• Send Invoices & Chase Payments Promptly
  Don’t wait! Send invoices as soon as work is done and follow up on unpaid ones. It’s your money, claim it.

• Reconcile Bank & Credit Accounts Monthly
  Log into your accounts, match transactions, and flag any surprises. Cancel subscriptions you forgot about and keep everything clean and accurate.
  
  

1. Review Your Cash Flow (Know What’s Coming In & Going Out)

Why it matters:

Cash flow is the heartbeat of your business. If you’re not tracking what’s flowing in and out, you could end up short when it’s time to pay bills...or worse, yourself.

What to do every month:

• List all income streams (clients, products, subscriptions, etc.)

• Tally up your monthly expenses (software, tools, services, etc.)

• Identify trends: did you spend more this month than last?

• Use a spreadsheet or tool like Cashflowy to visualize it clearly

Pro Tip: Set a calendar reminder for the 1st of every month. Call it your “Money Meeting” (yes, even if you’re the only one attending)

2. Send Invoices & Follow Up on Outstanding Payments

Why it matters:

Cash flow gets tight when you forget to bill people or let unpaid invoices slide. You did the work, get paid for it!

To-dos:

• Review all completed projects or billable hours

• Send invoices promptly (ideally, same day as completion)

• Check for overdue invoices from previous months

• Send friendly follow-ups or late payment reminders

3. Reconcile Bank Accounts & Business Credit Cards

Why it matters:

This is where you catch sneaky fees, fraudulent charges, or subscription creep (you know, those tools you forgot you’re still paying for).

Steps to take:

• Log into your business bank and credit accounts

• Match each transaction with your expense tracking system

• Flag anything unfamiliar or questionable

• Cancel unused subscriptions or duplicate charges

4. Review & Categorize Business Expenses for Tax Time

Why it matters:

Tax season shouldn’t be a nightmare. If you categorize expenses monthly, you won’t have to play detective in April.

Monthly checklist:

• Categorize each expense (e.g., software, office supplies, meals)

• Separate personal and business charges (if using the same card... though ideally, don’t)

• Save receipts digitally using apps like Expensify or Dext

Staying on top of this monthly = no scrambling during tax season and no missed deductions.

5. Check In On Your Financial Goals

Why it matters:

You didn’t start your solo business just to survive, you want to grow. Monthly money check-ins keep you aligned with your goals.

Ask yourself:

• Did I hit my revenue goals this month?

• Where did most of my money come from?

• What can I improve next month?
  Do I need to adjust my pricing or cut back expenses?

Bonus tip: Create a simple dashboard or spreadsheet to track goals. Seeing your progress month-to-month can be seriously motivating.

Make It Easy With Tools & Templates

Feeling overwhelmed? Don’t be. Once you get into the habit, this whole routine can take less than an hour each month.

Here’s what can help:

• Download a free monthly financial checklist for solopreneurs

• Try Cashflowy for automated cash flow tracking and getting paid faster

• Set a recurring “Money Monday” event on your calendar

Ready to Make It All Easier?

You’ve got the habits. Now let’s make them stick (without the stress).

Cashflowy is built for solopreneurs like you. It automagically:

• Tracks your cash flow

• Categorizes expenses

• Sends invoices + follow-ups

• Preps tax-ready reports

• Customizes your invoices

And more.. All in less than an hour a month.

👉 Try Cashflowy for free and make Money Monday your new