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Using “Profit First type Pots” in your personal life.

Using “Profit First type Pots” in your personal life.

September 16, 20242 min read

A client once asked me how to do Profit First type pots in his personal life.

This has made me realise I’ve never really shared my experience of how I organise my personal finances in a profit first way.

I was using several personal bank accounts years before I read the profit first book and it wasn’t until I started helping others implement it that I realised I did it in my personal life already.

So, if you are keen to be as organised in your personal finances as you are in your business finances, then let me try and inspire you by telling you how I manage it.

My monthly salary gets paid into what I call my savings account (it is actually a current account but it’s where my “surplus” cash is left.

Every month I send money to my “Tax Account”, “Bill Account”, “Travel Account” and “Spends Account”.

My Tax Account is a savings account that I keep my personal tax in until its due to pay, when I then transfer it back to the main account and pay it via card (This is a percentage of my pay).

My Bill Account is a current account that covers all my regular household bills.  It pays the mortgage, electricity, gas, insurance, broadband etc (This is a fixed amount every month).

My Travel account is a joint account with my partner and we both put the same amount into this account every month so we can travel together. We just keep this topped up every month and use to it pay for travel and spends when we can get away (This is a fixed amount every month).

My Spends account is a TransferWise account and card as I spend time in 3 different countries with two currencies, however, it could have a very simple account with a debit card only. 

This is my favourite account as this pays for my hobbies which are eating and art!! It covers my food shop, petrol, clothes, craft stuff, things for the house, and going out socialising.

More often than not it looks rather sparse towards the end of the month but that’s the point, I know that once it’s gone, its gone and having this card makes sure I don’t overspend.

The rest of the income stays in the main account (unless it’s invested somewhere) and I now and again I use it for emergencies (like the €950 dentist bill I received last month!!) but I do try not to use this account at all.

And that’s how it’s done, well for me anyway. Obviously, everyone is going to have different priorities. You may have a young family and need to save up for them for instance.

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Tracy Irwin

Tracy’s business career took off at age 21 when she joined a small electrical contractor taking care of the day-to-day running of the office. In just a couple of years, the firm grew from 12 electricians to 150 and became so successful that, in 2006, it was bought out by a much larger organisation. While it was great news for the company, Tracy felt like sobbing! Because she knew it was highly likely someone would take ‘her’ accounts away from her, and they did. Her role changed to Contracts Manager … a great job with lots of responsibility, but she missed her previous position’s financial planning and detail. During this time, a friend asked Tracy for help with her payroll, and it was this request that gave Tracy the idea of offering a payroll service to small businesses that would be cost-effective and time effective. She established self-employed status to keep everything above board and began her ‘part-time entrepreneurial life’! A passing comment by her boss that her payroll business was “a nice hobby, but she’d never make a living out of it” fuelled her determination to make it work, and she decided it was time to take the plunge: she gave up her full-time job to focus on her payroll and accounting business. With the help and support of her mum, she formally launched TI Accountancy into the South Lakes & Furness business community in 2002. The last two decades have been spent growing TI Accountancy. With her thirst for knowledge, progressive attitude and the support of her team, especially her directors (two of whom began as apprentices), she prides herself on ensuring the company’s policies are modern and forward-thinking. It’s crucial to Tracy that the business continues to adapt and grow, leaving a valuable imprint on the business community they serve for years to come. Tracy now fulfils her role in the business from her home in Spain and remains open to fresh ideas and methods of working and new ways of helping their fantastic clients. She’s also studying for a degree. That still leaves time to act as a trustee for two charities: Women’s Community Matters, which offers a variety of one-to-one support, courses, activities, support groups and access to specialist services for vulnerable people. And Sisterwood, who, in a forestry setting, provides an educational programme to young adults who identify as female and whose mental well-being affects their daily life. Time is also found for creativity, and her hobby of crochet allows her to make gifts for loved ones’ babies and donate handmade gifts to charities to raffle. When she’s not busy doing everything mentioned, Tracy loves walking with her partner, Gerard, and dogs, Pixel and Bentley and welcoming family and friends into her home for a well-earned break.

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How Tracy has helped other clients ...

Ashley Leeds


As a business coach myself, I know the benefit of working with someone to keep you in check. Tracy is that person. I'm a busy guy with so many things grabbing my attention and with my disposition to help people, my business has grown, but more by luck than engineering.

With over 30 years of sales experience, you'd think I'd have that part of my business nailed. Sadly not.

But working with Tracy has helped me to overcome my barriers to being a sales guy in my business which has seen a step change in not only my attitude but my new sales and pipeline. We have also implemented a new sales process and my funnel is properly focussed with awesome calls to action.

Tracy is patient but thoughtful with her questions and she pushes me when I need a kick and is there for me when I need an idea or a nudge.

Since working with Tracy, my business has grown, my prices increased and I am confident that the prep that we have put in will see me smashing my goals.

On top of that, with her awesome ideas for being super smart with time I am finding I have more time in my business and I have learnt to say no.

Working with Tracy has definitely had a transformation for me. Even my friend noticed the way that I was talking about my business and the new spring in my step.

Tracy is awesome. If you get a chance to work with her, grab it with both hands and you'll not regret it.

Dr Chris Wood

Tracy has a special ability to help decide the complexities of running your business and the numbers that come along with that. In a nutshell, her coaching has not only helped me run my business more efficiently and intelligently but also helped me gain control of running my business again so it doesn't run me!

Antoine Marsden


Tracy is the lighthouse that will show you the rocks when you are likely to run aground but will also keep you safe when you are tired and weary from looking over the finances in your business. She helps you to expand your thinking and gives you scope to visualise how you want your business to look and she will help you make it reality.

I can honestly say I have never met an accountant who will add such huge value outside of doing the numbers for a business. She is thoughtful, kind, flexible, forgiving and nurturing but she will pull you up when you need it and tell you things that you might not want to hear, but have to.

She is a fantastic person inside and out, and I can't see me working with another accountant Don't hesitate to hire her for your business or to help you manage your own finances. She's the best investment you will make.

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