How much and how often should I be paying myself from my private practice?  

How can I effectively manage my business expenses? 

How much money should I spend on personal development each year?  

How much should I set aside for taxes? 

These are some of the most common questions I help therapists solve when they join my signature course, Money Skills For Therapists, and are looking to gain clarity into their business finances and create stability in their practices.  

In this podcast episode, I offer an in-depth overview of the various jobs your money must do, no matter how much of it you’re making or the size of your practice.  

But before we dive into the specifics of all these different jobs, the core concept that I want to leave you with today is that your money needs to take care of you.

(00:22:52) “What you can control is what you are doing with your money. We need to focus on what is in our control.” — Linzy Bonham 

In our professions, we give so much time and energy to our clients. We're also natural caregivers to our children or our aging parents, or we’re giving to our community and our friends in all these other ways. We tend to be very giving, self-sacrificing humans.

What’s important to remember is that when you build a business and start generating money, part of that business’ job is to take care of you so that you can keep showing up in life - both professionally and personally - and do the incredible work in the way that only you can do it.

Establishing Clear Boundaries: Fixed vs. Variable Business Expenses 

The first step to making your money work for you is to identify business non-negotiables like taxes, rent, software, utilities, and other expenses that are required for you to conduct business. Many practice owners find it useful to use multiple bank accounts – one for each large expense group like taxes, business expenses, and payroll – to help manage and visualize how much money goes toward each category.

For variable expenses, like personal development, getting clear on your budget, being strategic and making informed decisions can help prevent overspending funds you might need for license renewals or other necessary expenses.

And rather than swiping cash from the business to pay your mortgage or other personal bills just before they’re due, you can begin to create stability and security in your personal financial life by having a clear and consistent amount deposited into your personal checking account each month as a regular, reliable paycheck that you and your family can depend on.

(00:13:31) "Your business needs to be paying you regular, reliable paychecks that your family can depend on." - Linzy Bonham 

Optimizing Business Expenses for Private Practices 

(00:05:25) Separating Your Revenue into Necessary Expense Categories 

(00:07:17) Optimizing Business Expenses for Private Therapy Practices 

(00:10:35) Strategic Budgeting for Personal Development & Continuous Learning 

(00:13:37) Profit & Paycheck Systems That Create Financial Stability at Home 

(00:18:06) Establishing Expense Buffers to Sustain Your Practice During Rough Patches 

Action Steps for Therapists Who Want to Create Financial Stability with Their Private Practice

If you’re ready to feel calmer and more confident with your business finances, here are a few small but powerful steps you can take: 

• Open a dedicated bank account for taxes. Give your tax money a clear home so it’s always ready when you need it. 
• Get clear on your expenses. Take a look at both your fixed costs (like rent and software) and your variable ones (like trainings or supplies) so you know what’s truly required to keep things running smoothly. 
• Set a thoughtful budget for professional development. Decide how much you’ll invest in your growth this year — and give yourself permission to stay within that boundary. 
• Create a consistent paycheck system. Paying yourself regularly helps your personal finances feel stable and dependable. 
• Build small buffers into your business accounts. These little cushions can make all the difference when unexpected expenses come up. 
• Join my free masterclass. Learn the three most common mistakes that keep therapists from finding clarity and peace in their private practice finances — and what to do instead. 

Ready to feel confident with your money? 

Are you a Solo Private Practice Owner? 

I made this course just for you: Money Skills for Therapists. My signature course has been carefully designed to take therapists from money confusion, shame, and uncertainty – to calm and confidence. In this course I give you everything you need to create financial peace of mind as a therapist in solo private practice. 

Want to learn more? Click here to register for my free masterclass, “The 4 Step Framework to Get Your Business Finances Totally in Order.” 

This masterclass is your way to get a feel for my approach, learn exactly what I teach inside Money Skills for Therapists, and get your invite to join us in the course. 

Are you a Group Practice Owner? 

Join the waitlist for Money Skills for Group Practice Owners. This course takes you from feeling like an overworked, stressed and underpaid group practice owner, to being the confident and empowered financial leader of your group practice. 

Get to Know Linzy Bonham:  

Linzy Bonham is a private practice therapist turned money coach who helps private practice owners and health professionals feel calm and in control of their finances through her coaching at Money Nuts & Bolts and her podcast Money Skills for Therapists. 

It all started when she saw her extremely skilled colleagues struggle with the money side of business. Some had even left private practice, or were avoiding starting one, because the financial side was too stressful. 

So Linzy decided to help therapists and health professionals develop peace of mind about their money. Since so many were never taught these skills, she focuses on the “how” of making the business side of private practice doable, and even super satisfying. 

Follow Linzy Bonham:  

About Page:  https://moneynutsandbolts.com/about/ 

LinkedIn: https://www.linkedin.com/in/linzybonham/ 

Instagram: https://www.instagram.com/moneynutsandbolts/ 

 

Mentioned in this episode:

Start Feeling Calm and Confident About Your Group Practice Finances

Feeling overworked and underpaid in your group practice? You’re not alone.

Running a group practice can feel like carrying the weight of everyone’s paychecks — including your own — and wondering if it’s all really worth it.

That’s why I created a free guide called “How to Stop Feeling Overworked and Underpaid in Your Group Practice.” Inside, I’ll walk you through the four keys to becoming the confident financial leader your practice needs — so you can start feeling calm and in control of your money again.

This guide is the first step toward the same kind of financial clarity and confidence I teach inside my deeper program, Money Skills for Group Practice Owners.

🙌 Download your free copy today — and let’s start building a group practice that supports you, not just everyone else.

Get the Free Guide: How to Stop Feeling Overworked & Underpaid in Your Group Practice