It is crucial for you to consider planning for your financial security and financial future. It’s a well known fact that earnings for hairdressers are far below other industries and professions. Most people in our profession have no medical insurance, pensions, retirement, and benefit packages like other professions and industries. Far too many of our colleagues are working paycheck to paycheck just to pay their bills.
Many of our salon owners are working 10-12 hours a day just trying to stay in business.
Despite these challenges,you can protect your financial security by starting your plan of action.
As you gain experience and growth in the beauty profession, it is my wish that at I can get you started towards thinking about your financial future.
It is not how much you earn that is important, it’s what you do with what you earn that matters. Your first step towards financial security starts at money management.
The following keys will help you better manage your money.
Budgeting — you must develop the self-discipline to look at what you spend, prioritize your spending habits, then set a weekly or monthly budget and stay within your budget. Remember this rule: never spend more than you earn.
Control Your Spending — don’t spend money you don’t have. You may want to try a little financial frugality. as an example you may want to take a sandwich and snack to work instead of spending money at a fast food restaurant. Instead of buying your coffee at Starbucks, bring something from home with you to work. I personally buy my coffee at Mc Donald and receive my senior discount.The money you save from not dining out, learn to stash it away in an interest bearing account. The same should be done with your tip money, if you can afford to set it aside.
Habit of Saving — try to put a little money aside with each pay check. Pay yourself first. Get in the habit of frugality when spending your hard earned money.
Stay Out of Debt — especially credit card debt. If you do use a credit card, pay on time. Don’t let it get out of hand or you’ll never be free from debt.
Educate Yourself — Read about money management and financial planning, it will open your eyes. Learn the power of compounding interest. You work hard for your money, make sure you’re money works hard for you.
Legal Tax Deductions — itemize all your expenditures, take advantage of all your legal deductions.
Open a Roth IRA or Simplified IRA account — a great way to save money on your taxes, many benefits.
Seek out Financial Resources — read resources and books on money management, financial planning for your retirement.
Google Search — type in money management, retirement planning, financial planning etc. A wealth of information is available much of it free.
Once these steps are in place, seek out people who can give you advice on how to plan for your retirement. By doing all of this, you can take control of your financial future, and worry less about how you’ll afford to pay your bills in the upcoming months and years. Budgeting and managing your money will help you to take control of your financial future as well as help you take te worry and stress of financial pressures.offers great advice and educational books that will open your eyes.
Suze Orman offers fantastic resources to help you.
You have spent a majority of your career developing your artistic skills, you may want to learn how to work smarter not harder as an expert in financial planning.
A recent study showed that 60 % of all Americans have less than $ 1000.00 dollars in their savings account.You don’t need to fall into that category.
You work very hard on earning money, but you must work extra hard on making it grow. The key to your financial future is to take action and do it now.