Money Management for Yoga Teachers
How smarter money management can help yoga teachers and other wellness solopreneurs survive and thrive in the modern era
Reading time: 2 minutes
As a self-employed yoga teacher based in Lichfield, Staffordshire, Katie Russell (pictured) built her business around helping others find balance, but behind the scenes, her own financials needed a little help along the way.
Like many solopreneurs and micro-business owners in the UK, she launched her wellness venture with passion and purpose, but with little formal guidance when it came to money management.
“I knew how to teach yoga, build a loyal following and run a class, but I didn’t invest as much time in understanding the importance of setting aside funds for a rainy day or my tax bill,” she admits.
In her first couple of years as a sole trader, Russell made the mistake that countless small business owners quietly make — assuming that staying afloat month-to-month meant she was doing fine. But when her first tax bill landed, a sinking feeling hit hard.
“I just didn’t have sufficient funds to cover it,” she says. “It was a horrible feeling. I wasn’t being reckless, I was just never taught how to structure things properly.”
This experience, while common, is rarely talked about. Many solopreneurs, freelancers and creative professionals work in isolation, often picking things up as they go along, with few formal systems or support to fall back on. The assumption is that you’re either good with money or you’re not, but for lots of people, there’s a grey area filled with trial, error, and costly lessons.
SMART TOOLS
After using spreadsheets to stay on top of her finances, Russell eventually discovered Money Squirrel, a money management platform designed specifically with self-employed people in mind.
“I only wish I’d found it sooner,” she says. “It’s changed the way I think about money entirely.”
Money Squirrel allows users to link virtual ‘pots’ of money for different purposes — tax, savings, future investments, and allocate income as it comes in. Importantly, those pots can earn interest too, meaning any hard-earned cash is working quietly in the background.
“I love that I can now set aside money for tax automatically. I’ve even got a pot for a future retreat in Portugal I’m planning,” she laughs. “It feels empowering rather than scary.”
What sets the platform apart, she believes, is that it understands the mindset and chaos of solopreneur life, irregular income, busy schedules, and the need for tools that work with, not against, you.
“There’s not enough practical, emotional or educational support for people going it alone in business,” she says. “We’re often juggling everything and just hoping we’re doing it right.”
Russell now shares her experience openly with other wellness professionals and creative freelancers, encouraging them to get to grips with their money sooner rather than later.
Om Magazine
First published in November 2009, OM Yoga magazine has become the most popular yoga title in the UK. Available from all major supermarkets, independents and newsstands across the UK. Also available on all digital platforms.
