Inside Good Money Club: How to Manage Your Money EP#48
Psst! Ever wondered what it’s really like inside Good Money Club? In this sneak peek episode of Money Secrets, Fi gets real about the thing that breaks (and builds) small businesses: cash flow.
If you’ve ever obsessed over cutting costs while quietly avoiding the bigger question: how do I bring in more? this insight to one of our recent club sessions, “How to Manage Your Money” is the perspective shift you need.
Listen to Episode 48
What You’ll Learn in This Episode
Cash ≠ revenue: Why “money in the bank and how it moves” is the metric that matters most.
The growth trap: How fast growth (new team, inventory, expansion) creates cashflow crunches, and how to plan for the lag between expenses and income.
Self-trust with money: The subtle ways we sabotage revenue (discounting, slow follow-ups) and how to build evidence that you are good with money.
Profit First 101:
Flip the formula to Income - Profit = Expenses.
Use multiple bank accounts (Income, People/Owner’s Pay, Expenses, Tax, Profit).
Pay yourself first, then profit, then expenses; the ATO last (allocated weekly).
Make temptation harder: Keep profit/tax out of sight (even in a separate bank) if you tend to spend what you see.
Enforce a rhythm: Why weekly transfers make the system stick (habits > heroic bursts).
Credit cards = muddy water: How available credit blurs your true expense limits and fuels overspend.
Toothpaste rule: Use only what’s needed — even when the tube’s full, so you invest intentionally, not impulsively.
Slice the pie with percentages: Clear Monday-morning allocations so you always know what you can actually spend.
Think bigger than $30 decisions: Spend less time agonising over micro-costs and more time engineering $30k decisions that grow revenue.
Inside Good Money Club: How to Manage Your Money
Money Secrets Podcast – Episode 48
Introduction
We've made a lot of progress as a society in many areas, but one thing that hasn’t changed enough is our relationship with money. If we want to tip the scales in favour of marginalised people, we need to understand the secrets to making money in small business.
The more we talk about money — especially the secrets that usually stay behind closed doors or on the golf course — the more empowered we become. My mission is to get more money into the hands of good people, specifically business owners like you.
Because I believe small business can change the world. And to do that, we need to be making more money.
Acknowledgement of Country
This episode was recorded on the lands of the Wurundjeri People of the Kulin Nation. I’d like to acknowledge them as the Traditional Owners and custodians of this land and water that I live, work and play on.
I pay my respects to Elders past and present, and recognise that sovereignty has never been ceded. This always was, and always will be, Aboriginal and Torres Strait Islander land.
Profit First, Cashflow Reality & Trusting Yourself With Money
Too many small business owners spend their energy cutting costs instead of learning how to make more money. In this episode of Money Secrets, Fi breaks down what really matters — not just revenue or profit on paper, but cash in the bank. She shares how to use the Profit First method to take control of your money, build confidence, and finally trust yourself to make smart financial decisions.
Revenue Is Vanity. Profit Is Sanity. Cash Is Reality.
Fi opens the episode with a truth that every business owner eventually learns the hard way: revenue looks impressive, but it doesn’t always mean there’s money in the bank.
Cashflow problems are one of the biggest reasons small businesses close — not because they aren’t profitable, but because the timing of income and expenses is out of sync. Fi explains that managing cashflow isn’t about being frugal; it’s about being strategic. Knowing when money moves in and out helps you make informed decisions and reduces the fear that often comes with managing finances.
Why Women Are Better at Managing Money (Even If We Don’t Believe It Yet)
A big part of the conversation is about trust. Many women subconsciously believe they’re not good with money — which leads to hesitation, discounting, or missing opportunities.
Fi challenges that belief head-on.
After 25 years of watching women manage money, she’s seen that women are often better at it than they think. They’re intentional, resourceful, and excellent at building financial stability once they have a clear system.
When you build evidence that you can handle money — by paying yourself first, saving regularly, and tracking where it goes — that trust compounds.
The Profit First System: Pay Yourself First
At the heart of this episode is Fi’s introduction to the Profit First method — a philosophy that flips traditional accounting on its head.
Instead of calculating:
Income – Expenses = Profit
Profit First teaches:
Income – Profit = Expenses
That small shift changes everything. You decide in advance how much profit you’ll take, and spend only what’s left. It’s a system that prioritises your business’s sustainability and your own financial wellbeing — not just covering the bills.
Fi walks through how to set up separate bank accounts for income, expenses, tax, and profit, so you always know where your money is going. Yes, it’s annoying at first — but worth it. Because clarity is confidence.
Make More Money (So You Can Spend It Wisely)
Here’s Fi’s favourite part: you don’t need to feel guilty about spending money.
If you love investing in coaching, travel, or professional development — go for it. The secret isn’t to spend less; it’s to earn more so that you can spend freely and intentionally.
As Fi says:
“If you like spending money, awesome. The more you bring in, the more you can spend — and it actually works.”
When you shift your focus to generating revenue, not restricting expenses, business starts to feel expansive again.
Good Money Club
Are you a female or LGBTQIA+ business owner who wants to make more money and create meaningful change? My 6-month program, Good Money Club, is designed to help you do exactly that.
We work on your pricing, positioning, business model, and mindset — so you can build your bank account and your impact. Read more about Good Money Club.
Final Thoughts
Money management doesn’t have to feel restrictive or overwhelming.
By separating your accounts, setting aside profit first, and trusting yourself to make smart choices, you create both structure and freedom.
Profit First isn’t just a system — it’s a mindset shift that helps you stop fearing money and start leading with it.
Outro
Thank you for listening to Money Secrets. If you loved this episode, please subscribe, share it with a friend, or leave a review. Your support helps us get these conversations into the hands of more good people who deserve to thrive in business.
We’ve come so far as a society in many ways, but money is one of the areas where progress hasn’t been enough. If we want to tip the scales in favour of marginalised people, it starts with understanding the secret: money in small business.
In this podcast, Money Secrets, host Fiona (Fi) Johnston—Chartered Accountant, small business advocate, and impact enthusiast—dives into the conversations we need to have about money. The secrets that once stayed behind closed doors (or on the golf course) are finally out in the open.
Fi’s mission? To get more money into the hands of good people, like you. She believes small businesses have the power to change the world, and the key to making a bigger impact is to make—and manage—more money.
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Thank you to everyone involved for bringing this podcast together. We are excited to hear from you with any questions, feedback or suggestions for future episodes that you might have. Send a Direct Message to @peach.business
If you are excited for what’s to come, please like this episode, follow the podcast and share it with your friends. We are thrilled you're here.
Want to find out more about Good Money Club? It's for female and non-binary business owners ready to make more money and impact. Join us?
Check out my FREE Pricing Training you need to set your prices for profitability.
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This podcast episode was recorded on the lands of the Wurundjeri People of the Kulin Nation and I'd like to acknowledge them as the Traditional Owners and custodians of this land and water that I live, work and play on. I'd like to pay respect to elders both past and present, and note that sovereignty has never been ceded. This always was and always will be Aboriginal and Torres Strait Islander land.
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