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Be very clear about the split between private and business expenses. Remember to file away any credit notes for breakages or short deliveries.Ĩ. Margins can be slim in this industry, so you need to know exactly what's selling well and where changes might need to be made. Bear in mind that earnings from tips do not count towards the national minimum wage.ħ. This is a separate payroll scheme which takes into account the value of tips collected, how the money should be distributed to employees, and what income tax should be paid. Tips are taxable earnings and in most instances the best way to account for them is through a tronc system. As with our first point regarding live entertainment, if you pay cash to casual workers, ask them to sign a receipt and keep a copy.Ħ. There may be times when you decide to employ casual staff, but even temporary bar or waiting staff must go through a payroll scheme, with tax and National Insurance contributions deducted in the usual way. Remember to factor in any other forms of income, for example from fruit machines, vending machines in toilets, or bookings for overnight guest rooms.ĥ. It's easier to keep an eye on gross profits and margins when different income streams are clearly coded.Ĥ. Accounting will be clearer if you ensure that tills are set up to differentiate between food and drink. When you have an accurate cash book, it will be much easier to reconcile till rolls with cash takings.ģ. Cash takings must also be carefully recorded, with separate sales codes for different types of transaction. We can help you review your budget and see where adjustments can be made to improve your finances.2.
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If you are having trouble managing your expenses or incorporating entertainment costs into a budget consider checking out our free budget and credit counseling service. Come up with activities that are entertaining but cheaper than other options. Go to a park, rent a movie, or visit a museum. Budget in advance for expensive entertainment activities. Overall, these are the main strategies to budgeting for entertainment costs while still having fun: These are all decisions we must make when thinking about our entertainment costs. Are they really worth $500? Maybe they are, but what else can $500 buy you? It may be a better idea to pass it up and have the money put towards something else.
Tickets can go for hundreds and even thousands of dollars for these events.
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Weigh out the financial costs and benefits before buying tickets to that next great concert or professional sports game. What you need to do is add these expenses to your budget and prepare for them financially. You don’t have to abandon movies, sporting events, and so on altogether. Museums and places of historical interest are often free or affordable, too.
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Or if you would rather stay inside, most movie theaters offer discount days or cheaper prices when you attend a matinee earlier in the day.
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Spring and summer are peak times for free outdoor festivals, but fall and winter bring great and fun entertainment opportunities as well. Even driving out of town for a free event or festival can be affordable. Families should take advantage of free events that take place locally. There is a lot of entertainment outside of the home that is not as pricey and may even be free. How much is your family spending on entertainment costs? Alternatives to high entertainment costs:
This breaks down to more than $200 a month. According to the US Department of Labor, the average American family spends a little over $2,500 a year on entertainment or about 5.5% of their earned income. These expenses, like all others, are important to keep track of so you don’t end up not being able to pay off the more important debts. How much do Americans spend on entertainment costs? Entertainment costs are high and can add up really quickly if you aren’t monitoring them with a budget.
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Have you ever thought about how much of your income is spent on entertainment? How much do you spend every time you go to the movies, a sporting event, or a concert? Do you find yourself buying TV sports packages every season? These may be some expenses that you are overlooking. By Clearpoint March 12th, 2013 Budgeting and Saving Money
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