Let's be honest. The majority of hairdressers don't think creating a budget is a fun way to spend their free time. Balancing our spending and income feels like an uncomfortable task because we enjoy planning our weekends, our dinners, and what we'll wear the next day.
A budget gives you confidence and financial freedom because you know where your money needs to go and how much is left over. Such as if you can afford the future education session or if you won't have to eat mac and cheese for the following week. Knowing your cash flow won't stop you from pursuing your goals for this year, it will do the opposite. Additionally, it assists you in creating a plan for investing and saving—two things that are extremely important in the beauty industry.
Budgeting based on income:
As an employee, it should be easy for you to keep track of your monthly revenue total. It may not be as simple if you're a freelance hairstylist. Your client appointments and retail sales may change from week to week. Try to be as accurate as possible when estimating your monthly income; after a few months of budgeting, you'll have more accurate numbers. After taxes, tally up your entire revenue for the month. Include all income sources, such as full-time employment, side jobs, freelance income, etc.
Budgeting for everyday expenses:
If you examine your spending honestly, you could be surprised. Instead of it making you feel guilty, a budget should inform you of where your money is going each month so that you can feel confident in the decisions you are making. You put a lot of effort into earning your money as a hairdresser, so you want to spend it wisely.
Creating a budget tracking system that works for you:
The next step is to select a tracking system for your budget. We know this sounds like a lot of work, but find the will and courage to attempt something new—having a plan is essential for effective budgeting. As we all know, there are apps for anything these days! You can download a ton of options for free if you enjoy using apps to budget for your expenses. There are so many apps that help for budgeting that serve as a money manager for your personal finances.
You may be thinking, “I’m a hairstylist, not an accountant.” There is an alternative if using an app makes you uncomfortable. Envelope budgeting is a great option. Put your credit cards in your sock drawer and begin living solely on cash as your first step. Whichever tracking system you use, it has to work for you. It may take a little time and practice, but after a few months, it will become second nature.
Budgeting for education:
When deciding to continue your education as a hairstylist, you need to make sure it is something that fits into your budget. Finding a brand that works with your budget is extremely important. Many brands offer payment plans for stylists so continuing your education is not a huge burden on finances. Here at Sierra and Sage Hair Extensions we offer payment plans- making it easier to get a return on your investment. If you are interested in extension education, visit our classes on our website - just simply follow the link below. If you are interested in a payment plan, check out using Sezzle.
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Financial planning is not usually easy, but having the right plan in place to reach your goals is always a good idea. Having your budget plan ready to go will help ensure that signing up for an education class gets off to a strong start and stays that way. The more education you have, the bigger off a budget you will have!
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