This video explains the 3 lessons every creative learns in finances too late. I’ll tackle how to budget and save money, especially as a broke artist. Planning a budget doesn’t have to be complicated and an easy budget such as the 50 30 20 budget can work for you too!
You can get to financial freedom and start managing your money the efficient way. As creatives, we just need a little push to the visual side so we can stop focusing on the numbers and start focusing on an easy way to understand our finances!
So often I find complicated dissatisfying diagrams trying to explain how to budget or get out of debt, but this doesn’t have to be the case!
Grab your notebook and let’s start to think about budgeting the simple + creative way!
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hey guys I'm Forrest like the trees today we're gonna talk about the three lessons every creative learns about finances too late so let's dive right in number one you gotta pay yourself first I feel like I learned this one a little late in the game I created a fashion line and the biggest mistake I always made when I sold garments was that I never paid myself at the end of the day I had no money to show for all the work that I had put in and as business owners and artists we always want to make sure our business is on its feet by reinvesting on upgrading our equipment but you have to remember you're not working for yourself for free you are your very first employee and the most important one and if you're not paying yourself properly at the end of the month then your business is really just a pool of your own free labor and you're basically an unpaid intern and personally I don't need any more internship hours log to my name so start paying yourself weekly bi-weekly whatever it is just give yourself a paycheck so the second lesson is to budget but budget to find clarity budget to clarify where your money is on the up so often budgeting is misconceive just counting every penny and is no fun but budgeting is really more about taking control of your money and knowing where your pennies end up you want to know where your money is going and how do you use your money to your advantage right if your money can work a little bit for you then why wouldn't you want to be in control of that budgeting doesn't have to be complicated either so just take a moment and explore different types of budgeting that can work best for you as an artist and that leads me to my third lesson one type of budget that I find super visual and easy to wrap your head around and you know this is especially if you're an artist or creative it's called the fifty thirty twenty rule it's a super simple way to remember where your money should go a budget for people who don't want to budget and so first think of a circle and we're gonna slice up your circle like a pie your circle is gonna be your income and we're going to distribute your income in two different sections 50 30 and 20 so slicer pie down the middle and 50% of your income is gonna be your knees like groceries rent insurance you know whatever the things that are necessary for you to keep thriving or surviving next slice the other half of your pie 30 percent is going to be anything that you want and we're separating your pie into once and needs so far do you want a new pair of shoes or do you need them whatever your wants are it should generally only be about 30% of your total income and so the remaining 20% is gonna go to your savings and this can be savings account or investments even but the more you save the more your money will work for you and you know make sure to start investing early the earlier you invest the better and so I hope some of these tips helped you guys out especially if you are creative struggling to get a hold of your finances if you guys have any questions just DM me on instagram at forest Alethea and i can help you to get the most out of your money now go get creative and manage your money thanks so much for watching if you like my video give me a little love like and subscribe below bye guys