Maintance fund

I don't put away a mileage figure. I run until I have enough spare to caver a major expense or two without having to dip into my personal savings. I like to have 12g or so available. When I spend some of it repairing something I go right back to building it up to at least where it was. Works for me.
...Plus, I'm paranoid and fix/replace anything as soon as I feel it may cause further issues...some call it being "fussy" etc. I'd say I'm particular hahaha

 

I hold back 25 cents/mile and put it in a dedicated maintenance account.

This may seem excessive to some, but I run less miles so I take a larger percentage of cpm than most probably would. I also run a 1979 tractor, so when something starts to go, it can often times run into more of a restoration than a repair.

 

I have a separate bank account for the business and one for personal. I allocate a set salary to myself at the first of the month and everything else stays in the business account. No need to stash away a separate fund for maintenance. Just separate the business from the personal and you will not have to play money games with different "funds". And having separate accounts makes it easier to manage your money flow and helps provide a hedge or reminder to not spend out of the business account for things other than business. Nothing says that you couldn't pay a "bonus" to yourself once in a while. Just don't let those "bonus" payments become a regular thing.

 

What Cowpie1 said times 2. It works for me as well and pay myself a bonus when I need some extra goodies. The only problem is, my other half wants a bonus to when I get mine so I do it without her knowing.

 

i'd tell the other half to get her own income to implement her bonus.

why should you have to support TWO bonuses.

 

I believe she thinks since I recieve the "fringe Benefits" that makes her entitle to the bonus.

 

I pay myself a $1000 a week , everything else in my business account.. I keep taxes seperate in my business savings.

 

I've done that as well to some degree. I just don't let my total business account accrue beyond a large amount as at the end of the year I'll be taxed as if I personally made that money regardless of if "I" own the bank account or "my company" does. So I use it on business expenses where necessary (read: chrome) to keep my business balance in check when it gets unnecessarily high.

 

Rule of thumb is $20k in the maintenance fund - That can cover virtually any transmission or engine need.
It's kept in a totally separate fund and dedicated ONLY for that need.
I will not touch it under any circumstance - except for a major breakdown or issue with the rig.
Not for insurance nor for any bills (non rig related)...

In fact, when I only have $20k in it - I consider myself broke. I never count the 1st $20k.
Kinda like how some people will stash $1k in their checking and never 'add' it into
the check register...

$12k isn't really much, but if that's all you have, it's not bad - Many guys have less...whatever
you can afford is what matters...
If a repair or overhaul could put you out of business, then you need to consider increasing the maintenance fund amount limit..