In a previous blog, I discussed planning for slow periods as an EXP. A topic that is similar in nature is how essential it is to budget your funds during both slow and busy periods. So here are a few tips to keep in mind to ensure you are practicing smart money management. If you would like to download a FREE EXP Monthly Budget Sheet just CLICK HERE, and fill out the form at the bottom of the page. Also, feel free to check out this weeks YouTube video all about Budgeting as an EXP!
Whether it is $5 or $50, ensuring you save at least 10% of any compensation earned is important. Why? Because it will assist you in developing great saving habits and aid you in planning for slow periods. Find ways to save money and separate your wants from your needs. Needs are things that you can’t live without, such as food, housing, proper clothing, and transportation. Wants are things that are not essential but things that we deem important. Refer to my breakdown of industry seasons for more information and be sure that you have properly budgeted and saved for the slow times as an EXP. This will ensure that you stay ahead on your bills and can put aside funds for a “just in case” instance because they will occur.
Set a Realistic Budget
If you are one who does not like to budget your funds, then implementing this tip will take getting used to. Accounting for every dollar spend may seem like a tedious task, but doing so will ensure you are able to budget accordingly, and are able to maintain a realistic budget. How much are your expenses vs. income? How much debt do you have? What if any funds do I have after paying any monthly bills? These are all questions to ask yourself when setting a budget.
Set Financial Goals
Whether it be at the beginning, in the middle, or throughout the year, ensuring you have set financial goals and are working toward them is important. When setting goals, you must ask yourself:
- Am I looking to pay off any debt?
- Do I want to purchase a home?
- Is there a particular amount I want to save this year?
- Do I want to open a new business?
- Do I want to advance or begin a new career?
Determining these things will assist in setting your financial goals. As an EXP, it is important to remember that doing all of this is a waste of time if you do not apply the principles and commit to making changes.
Contracts change, clients change, and tour opportunities change in the blink of an eye. No job or opportunity is a guarantee until you have signed a contract, and even then, it is still subject to change. With that being said, you have to make sure that you are adequately preparing and setting yourself up to achieve your financial goals.