You know that thing…the one you bought because you thought you had to have it? The one it turns out you’ve never really used? Yeah, I’ve got them too!
There’s that light meter I never learned how to properly use. The CD of actions I bought the first time I went to WPPI that I’ve still never even loaded (but can’t get myself to toss). The $125 book on photography that I ordered three years ago and have yet to crack open. I’m sorry to say that I could keep going.
It’s easy to get sucked into all of the shiny objects being offered BUT I had to get smarter! Over the years I developed a little system to keep my spending in check.
In today’s episode I’m sharing the 2 questions I ask myself when I’m considering a purchase and my little trick for justifying my spending when the honest answer is no better than the fact that “I really want it!!!”
CLICK TO TWEET IT OUT! —> “Do not save what is left after spending, but spend what is left after saving.” – Warren Buffet
After the video I’d LOVE TO HEAR FROM YOU! Do you have items in your “closet” you realize you didn’t need OR do you have any great tips on spending wisely! We’d love to hear in the comment section below!
Love the BACKDROP? We do, too! It’s Spangled, from the fabulous Drop it Modern!
I needed this… perfect timing Leah 🙂 Thank you!
Hurray! I’m so glad you enjoyed it Amy! I think we all need the reminder as we come up on buying present season! I sure did!! 🙂
What would you recommend as a good % to save and set aside for the future when money or time saving opportunities pop up? Or just to save in general to invest back into your business.
Thanks Leah, Awesome as always!
PS: My daughter loves to watch your silliness at the end of each video. As do I. Happy Friday!
I would stat by saving how much you NEED TO HAVE to cover your bills/responsibilities. Try to have one month, then two and then 3 set aside in your savings account and then keep working that up and up and up. This is assuming that you are a debt free business. If I was not debt free, I would first work to get to that 3 months of savings and than I would put and additional profits into debt until they were gone! If my absolute, ‘had to have to take care of responsibilities’ was $5000.00 a month, I would work to get that first month in savings and eventually $15,000.00 in savings. The next thing to consider is slow months! If you know that Jan to March are dead for you… Set money aside to prepare for that in your high months like May thorough July and September through November.
Last… I set a monthly income for myself and then I can take dividends as profits permit throughout the year or at the end of the year. In general, I don’t think photographers have to much trouble giving themselves permission to put money back into their business but I do believe the majority of the purchases made were not wise and are not going to affect your bottom line for the positive.
Thanks, Leah! Another great video. But I gotta ask – where did you get the darling chevron shirt? I must have!
Ha! Okay so I try to NEVER wear the same outfit twice for a Video Friday episode and well, as much as I’d love to “take one for the team” and buy a new outfit every week that wouldn’t be inline with this video. LOL So…. I sometimes do my new clothes and sometimes I borrow from my girl friends closets. This one was borrowed so I actually don’t know. Sorry!
I just love you 🙂
😀 Thanks Lyndsey! <3