Personal training income varies, but it can be more straightforward. When you keep track of it. Just like calories. And just like calories, income can be deceiving. The amount your clients is paying hourly is not what you’re taking home. As an independent contractor you have gym rent and taxes to factor in at minimum. You also have certification costs, continuing education, licenses and may have marketing expenses. As an employee hidden expenses are not as much of an issue, but the number on your paycheck might fluctuate from week to week.
Benefits of keeping track of income
- Lower your stress level. It may seem stressful to keep track of at first, but once you get used to it the opposite happens. When you know.
- Make decisions more strategically.
Once you know what your cost of living is you’ll benefit from tracking income. Even if you’re an employee. When it changes from paycheck to paycheck, you need to keep track to get a real sense of what’s happening in your financial life. Just like a client who eat different meals constantly.
As you track your weekly and/or monthly income, compare it to that cost of living you figured out. Each month you’ll either be ahead or behind. It’s not until the end of a few months or the whole year that you’ll know if you came out ahead or behind. But, keeping track monthly at least keeps you from getting too far in a financial rut. It also helps you know when to boost your marketing efforts.
The big financial picture
Keeping track of income over the weeks and months of a year will help you cultivate better money habits. Doing this from year to year reveals business trends helping you make strategic career and business plans. It also reveals when the best time is to take a vacation (during traditionally slow weeks).
