What are Drawings
'Drawings' means the amount of money you will take from the business to cover your personal living expenses. (Some people refer to this as their 'wage' but correctly it should be referred to as Drawings.) Base this amount on what you need to cover your personal expenses.
Make a list of all your regular expenditure and then add to that things that you only spend money on every now and then, such as birthdays and Christmas.
Be realistic with your estimates - don't be tempted to underestimate your living costs just to make your cash flow work!