Savings 101 for the Self-Employed Creative

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Creatives Do Money
Creatives Do Money
Savings 101 for the Self-Employed Creative
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Have a question you want answered on the podcast? Email Eowyn your Q in text or audio form: hello@plumtreemoney.com I can’t wait to hear from you!

This week on the Creatives Do Money Podcast, Episode #10


Welcome to Creatives Do Money!  Each week we explore the topics of everyday money management, solo business ownership, and how we are fueling our creative futures.  I’m your host, Eowyn Levene, money mentor, massage therapist, and watermelon enthusiast.  And I’m on a mission to help you build the lasting financial stability that frees you up to do your work without hustling anxiously for the next dollar.  

This is the first of a 3 Part Series tackling some essential money management questions: Savings, Debt Payoff, and Retirement Investing for the Self-Employed Creative.

Today we’re starting with Savings 101: how to get started, the three crucial kinds of savings to put in place for yourself if you want to build financial stability.

“{Savings is} about independence. It’s about stability, it’s being able to predict your financial life despite having variable income, and for me, reducing anxiety.”

Eowyn Levene, Creatives Do Money Podcast, Episode 10

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In this episode

The Why, the What, the How of Savings 101 for Creatives (04:38)

  • Why save
  • Saving vs Investing

The Right Approach to Saving Money on Variable Income (07:55)

  • Pay yourself first
  • Why automation is not your friend when it comes to savings if you’re a self-employed creative with variable income
  • Use a budget for the best growth
  • A strong savings system is the best way to stay out of debt forever more

As of 2016 46% of Americans wouldn’t be able to come up with $400 should they need to in case of emergency

Eowyn Levene, Creatives Do Money Podcast, Episode 10

Three Pillars of Savings (10:33)

Planning your Emergency Fund (15:22)

  • How much to save in your emergency fund, and how do you get started?
  • And how much should you plan to put in your emergency savings?

How to Maintain Motivation over your Savings and Financial Journey (17:11)

  • Break big goals down into smaller
  • Celebrate all wins
  • Actually feel the abundance you’ve created rather than looking at how far you have to go
  • Use visual trackers for getting out of debt and for saving money
  • Create a financial freedom community for yourself and join ours <3

How to Free up Money to put towards Savings (21:20)

  • Pay off high interest debt
  • Cut spending Impactful areas to look at include entertainment, food, personal care, and education
  • Other ideas on building up savings

Tips and ideas to Supercharge your Savings Journey (24:39)

  • Start really small, and make it steady
  • Don’t compare yourself to others on your financial journey
  • Use windfalls to get ahead on your savings
  • Don’t wait for all high interest debt to be gone before starting to save
  • Reduce spending temptation and use an ‘I’d like to buy’ list
  • Use the 24 hour rule for non-essential spending that’s outside your budget
  • Keep your savings out of sight at multiple different institutions or cash notes
  • Challenge yourself to put any money you’ve decided NOT to spend into savings immediately

Resources

Related content

Resources / Links

Connect with me further

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Please share, subscribe, and review

Thank you for listening to this episode of Creatives Do Money Podcast. If you enjoyed this episode or know someone who wants to get out of debt and save more on a creative’s variable income, please share, subscribe and review on Apple Podcasts or Google Play Music so more folks can find the show and enjoy it too.

Theme Music and Podcast Mixing

Michael Atkinson:  www.michael-p-atkinson.com


Download a Transcript of the Episode

Disclaimer

On the Creatives Do Money podcast, we talk a lot about money, but I am not a financial advisor or expert, and am not offering financial advice.  I share from my own personal experience, and that of my clients and community.  All content shared on this podcast is provided for entertainment, education, and information purposes only, and the podcast is intended as a self-help tool.  

For my full disclaimer covering all content on this website, and the podcast, please read here.  

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