We asked successful entrepreneurs and creatives to tell us about whether they have a budget and how they think about spending decisions and have shared some of their responses below.
Jessica Lizel Cannon | The Proactive Caregiver
I have maintained a budget since I was 9 years old when I first started earning income from my front porch candy store. I tried to follow in my maternal grandfather’s footsteps when I saw the joy his store brought to his customers visiting over the summer. Even though he allowed me to sample the inventory he also made it clear to set boundaries for the success of the business. I never paid myself when I was a child because I learned to reinvest my profits back into my business but as an adult, I realized I needed a mad money fund too. The good ole saying “all work and no play makes Jack a dull boy,” well this is true for Jane (me) too. I was taught to work hard and always save for the rainy day but learning to work smarter versus harder still creates stress. As an accountant, this makes sense looking at the bottom line all the time. Read more>>
Raymond Mac Donald | Guitar in Kombat
We always try to save money anyway we can. We print our own shirts and started doing our own recordings, which has saved us a lot of money. We try to use band money for band expenses exclusively. So far we’ve been able to use band money for most things, but when it comes to things like touring and more professional recordings, we might have to put up some of our own cash. None of us are really big spenders in our personal lives so it translates over. Read more>>
Crystal Lam | Makeup Artist & Software Technology Specialist
I’d like to describe my budget as flexible. I am not naturally the splurging type nor am I a frequent spender; I give credit to my parents for instilling this in me since I was a child. When I started working full-time, I got straight to saving for my future goals, such as buying a house, by splitting my income between savings and spending. As for my spending money, I use it to my discretion and to stop myself from feeling guilty about spending my spending money, I have mastered the “treat yo self” mentality. Read more>>