Ask Ruchi

Dear Ruchi, I’ve been so lucky to receive 2 significant raises in the last year at work. Funny enough when I was looking at my numbers, I realized I actually am saving less than I was the year before. I know I have certainly celebrated and gone on a few vacations and feel less “worried” about my money, yet there is less in the bank. What am I missing here? Am I just overspending?

Dear Ruchi, I am a woman business owner and I find that me and my colleagues all have a lot of the same “issues” when it comes to money. We work so hard but still have moments where we are unsure of ourselves and end up making less than our male friends (even when we feel like we’re doing well). Is it just me or is there just a genuine difference in how we handle money compared to men? It feels like we don’t have the same stressors.

Dear Ruchi, my partner and I have very different ways of communicating and have been talking a lot about "love languages" lately. I'm curious about how different love languages might intersect with financial matters in relationships. How do I navigate discussions about money with a partner while taking this into account? I want to ensure that our financial conversations are productive and actually strengthen our relationship!

Dear Ruchi, every year when January hits, I find myself swamped with credit card bills and the repercussions of my holiday shopping and end-of-year expenses from December. I know spending more during the holidays is normal, but I need to create a balance so I don’t feel like this next year. It never fails to stress me out. What should I do to help cope with this stress and also plan better for next year? Help!

Dear Ruchi, I can't believe 2024 is just days away. In 2023, I was much better at organizing my finances and have made great progress. (I even achieved a few goals along the way- yay!)  As things come to a close, I want to make sure I have all of my bases covered to step into another successful year. What are some things I should add to my financial checklist before handing things over to my accountant?

Dear Ruchi, I am finally at a place in my small business journey where I am breaking out of my scarcity mindset. There is so much going on in the world and at times I feel helpless. What makes me feel most impactful is making donations to funds, charities, etc. that help causes I am passionate about. I feel better when I do this but want to make sure I am being smart about how I donate, especially when doing so under the identity of my business. Can you help?

Dear Ruchi, I’ve been having a hard time handling my finances lately and it’s adding so much stress to my life. I feel like I am struggling to get a hold of my income streams all while balancing my family, job, and personal life. I can feel the stress making it worse as I lose focus and clarity. What can I do to get centered and start handling this with more ease?

Dear Ruchi, as Q3 comes to a close, reality is setting in! I can’t believe tax season is approaching again. This year, I want to do things differently and be more prepared. I always wait until the last minute but this year I really want to set myself up for success. What should I start doing now to get ahead of the game?

Dear Ruchi, I am a new parent and my head is spinning thinking about all that lies ahead for myself and my family; mostly exciting, but partially nerve-wracking. Though my daughter is young, I have already started thinking about how I am going to teach her about money as she grows. Money was always a stressful topic in my household growing up and I don’t want to repeat that same cycle. How do I start planning for these financial conversations as she grows?

Dear Ruchi, I have been working hard on implementing gratitude practices into my daily life. Though I can easily think about the people and things I am grateful for, I want to take it a step further, particularly in the realm of finances! I am ready to embark on a financial “level-up” in my life and I wonder how I could implement this into my gratitude practice. Are money and gratitude actually connected? How do I get started?

Dear Ruchi, I think it’s finally time to hire within my business! I can no longer manage every moving piece of my business alone, but I am nervous about the financial risk of hiring. What are the financial considerations I should be taking into account when building a team? I’m not sure where to start.

Dear Ruchi, freelancing has given me such a sense of happiness and freedom. When I was first starting out, everyone warned me to be careful and make sure I was still investing in my retirement, health insurance, and all of the other things corporate jobs typically give you that I now have to supply for myself. Though retirement is a long way away, I want to prepare for my future. Right now I am just overwhelmed and trying to figure out where to start. Any advice?

Dear Ruchi, I have been focusing on creating better habits in all areas of my life this year. It’s time I finally make self-care a priority. While I’m ready to dedicate my time and energy to healthier habits in terms of diet, exercise, and mental health, I feel unclear on how to implement healthy money habits. With financial security being one of my biggest goals this year, I want to make sure I weave my finances into my healthy habit-making as well. What can I do?

Dear Ruchi, I started my business last year and though things have been going well, I feel quite lonely. I am so happy with my decision to start my own business but I never realized how deeply losing the social elements of my corporate job would affect me. I really loved connecting with coworkers every day but now work is so different. Am I the only one who feels this way? How do I incorporate this back into my life?

Dear Ruchi, this year I am really aiming to make my finances a top priority. I am a small business owner that dedicates all of my time and energy to keeping things stable for myself and my team. I want to find a way to make more money to help mind the current gap of stressful inflation prices.  Do you have any recommendations on what I can do for a quick boost?

Welcome, 2023! We’re kicking off the year with something a little different on our Ask Ruchi column by setting an intention with a word of the year. 

Our word of the year is: PROSPERITY

Q: Dear Ruchi, this is my first year running my own business and I am a little nervous heading into tax season. I’ve been organized with my business expenses but still worry about missing things. I’ve heard from my colleagues that there are a lot more deductions I can take since I work from a home office. What are some things I might be missing?

Dear Ruchi, I am new to the entrepreneurial world and have been working with 2 clients whom I charge hourly. Now that I am getting more leads, I want to adjust how I do things to be more stable. Sometimes my work feels inconsistent from week to week as my clients cut or add hours from time to time. What should I do?

Dear Ruchi, Tax time always brings up so much anxiety for me. I run my own business so things aren’t as simple as they used to be when I simply had my corporate paycheck. To be honest, I never know where to start when it comes to getting organized for the filing deadline. Do you have any advice as to how to prepare? Next year I want it to be seamless with minimal stress. I am ready to make a change!

Dear Ruchi, I really love being self-employed and freelancing has given me a brand new outlook on my career. Though I am happy, the financial aspect can be tricky. From month to month my income can vary by a lot and sometimes I worry that the inconsistency will put me in a scary place. How should I be planning for the future, saving for emergencies, etc. when I’m not always sure what my bank account will look like each month?

Dear Ruchi, I am SO bad at managing my money and always have been. Being a business owner, this makes everything feel 10x harder. It’s so hard to run a business in such a crowded market and I feel a lot of fear and stress when it comes to dealing with budgets, finances, and making smart money moves for the future. I want to break out of these habits, so I can set myself and my business up for success. Where do I even begin when I feel like I have dug myself into a deep dark hole? Help!

Dear Ruchi, I am in the very early phases of starting my new business. I am concerned that I am not setting things up “properly”. I always thought opening an LLC would be the only option for me but I have heard several different opinions.

Dear Ruchi, I have spent over 15 years working in the corporate world and feel it is finally time to pivot into my true calling. I am seriously considering leaving my job and starting my own business. This is a big jump and I am very nervous. As I inch closer to taking this leap, what is the best way to financially plan as I get started? What should I consider before jumping ship?

Dear Ruchi, last year I had an incredibly high tax bill that I was not prepared for. I was SO shocked and still quite frankly don’t fully understand how taxes work for a business owner like me. I don’t want to be in the same position this year and need some guidance on how to avoid this in the future.

Currently, my business is small enough that I use spreadsheets to keep track of things and do everything manually. As I grow, how should I think about my bookkeeping? What should I automate first, what tools should I consider?

Dear Ruchi, as a business owner I often find myself managing just about everything. Being so busy, I worry I am not accurately tracking my books and managing my finances properly. Plus, to be honest I always become a little paranoid around tax season and worry that I am missing something important. When do you know it’s time to hire/outsource your bookkeeping or financial management if it’s not your core business?

Dear Ruchi, I have an old client invoice that I am just realizing was never paid. Is there a way to get a tax deduction on this? What should I do?

Dear Ruchi, this is my first official year as a business owner. I am getting worried about tax season even though it is many months away. When it comes to anything accounting related, I instantly feel stressed and confused.

Dear Ruchi, After many months of hard work, my business is finally taking off! I have been extremely busy and short-handed which I know means it’s time to hire help.

Dear Ruchi, I am a fairly new business owner who feels totally lost when it comes to organizing my finances.