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Write a list of your monthly fixed costs such rent, your mobile phone bill, travel costs and grocery costs. These are things that you have to buy each month and the price doesn't change, or changes very little month to month. Then, make a budget for the extra things that you like to spend on each month. Lastly, budget out savings. The figure that comes out at the end is what you should stick to each month. Having a budget will stop you from overspending and running out of money.
2. Save for emergencies
Modelling can be unpredictable, so it's important to save money to cover your expenses when you go through a dry spell. We recommend saving three months worth of emergency fund. This should cover all your necessary expenses for three months, such as all your fixed costs from your budget.
3. Set financial goals
Having a goal is important, but having a financial goal is essential! Creating financial goals will help you stay focused and motivated towards where you want to be financially. This might be a vacation that you want to take, a course you want to sign up for, or something bigger like a future home. Revisiting these goals each month and reviewing how close you are to reaching them will keep you inspired to meet them.
4. Invest
While you work on your career, your money can also work for you. There are many different forms of investment nowadays. Do some research and find what could be the best investment for you whether in an investment account, property, crypto currency or even just putting more money into your retirement account.
5. Save for taxes
Don't forget to save money from your paychecks for your taxes! While some agencies or platforms will do that for you, most don't. So, you'll need to save a percentage from each job you do for taxes. Talk to your accountant or tax advisor about how much to save from each job for your taxes.
Budgeting for Models: How to Manage Your Finances Like A Pro
October 12, 2021
As a model, you don't know when your next job will be, what it will pay and when that money will be in your pocket. While Ubooker prioritises getting you paid fast, knowing how to manage your finances well is essential for models. Here are our 5 tips to manage your finances like a pro.
1. Budget
1. Budget
Write a list of your monthly fixed costs such rent, your mobile phone bill, travel costs and grocery costs. These are things that you have to buy each month and the price doesn't change, or changes very little month to month. Then, make a budget for the extra things that you like to spend on each month. Lastly, budget out savings. The figure that comes out at the end is what you should stick to each month. Having a budget will stop you from overspending and running out of money.
2. Save for emergencies
Modelling can be unpredictable, so it's important to save money to cover your expenses when you go through a dry spell. We recommend saving three months worth of emergency fund. This should cover all your necessary expenses for three months, such as all your fixed costs from your budget.
3. Set financial goals
Having a goal is important, but having a financial goal is essential! Creating financial goals will help you stay focused and motivated towards where you want to be financially. This might be a vacation that you want to take, a course you want to sign up for, or something bigger like a future home. Revisiting these goals each month and reviewing how close you are to reaching them will keep you inspired to meet them.
4. Invest
While you work on your career, your money can also work for you. There are many different forms of investment nowadays. Do some research and find what could be the best investment for you whether in an investment account, property, crypto currency or even just putting more money into your retirement account.
5. Save for taxes
Don't forget to save money from your paychecks for your taxes! While some agencies or platforms will do that for you, most don't. So, you'll need to save a percentage from each job you do for taxes. Talk to your accountant or tax advisor about how much to save from each job for your taxes.
Image credits: Anna Ewers 2019, Shot by Hugo Comte, Styled by Hayley Wollens
