Have you been wondering how to avoid debt as an influencer? Well, the answer lies in creating the perfect budget.
Creating the perfect budget can put more money in your pockets, as well as lead you to bigger and better opportunities. Not to mention, it will have a positive effect on your career as an influencer.
While it might seem like creating the perfect budget is an art form that only a select few know how to unlock, it truly is quite the opposite.
In fact, I’m here to tell you, anyone can do it — even you!
According to DebtConsolidation.com, budgets should be “simple.” So why is it that so many influencers are in debt?
I’ll tell you why, it’s because they haven’t created a simple budget that they can stick to. To add to that, when you don’t keep track of your finances, little purchases here and there end up adding up to more than you could have ever imagined.
Every influencer needs a plan of action in order to be extremely effective. That’s why it’s key to have a multifaceted influencer strategy that incorporates not only outreach, but also includes your influencer expenditure budget.
The truth of the matter is, when you don’t have a budget in place, it’s easier to spend more than your means. Plus, any financial expert will tell you that it’s crucial to avoid debt at all costs!
How To Create An Effective Influencer Budget
The most simple way to approach budgeting is to use the 50/30/20 rule. It’s a popular budgeting framework that anyone can try. (Click here to learn more about budgeting)
Basically, the premise is as follows:
- Spend 50% of your after-tax dollars on fixed expenses and other necessities,
- Spend no more than 30% of your budget on wants, and
- Make sure that at least 20% of your money goes toward savings and debt repayment.
If you follow this budgeting rule, then you’ll be better off now and in the long run.
For example, you’ll have enough money to cover fixed and variable expenses, little to no debt (if you have debt, rest assured it would be manageable), and enough money in your savings account to not worry about your standard of living in the future.
Best of all, you can easily download templates online to help you monitor your spending.
How To Avoid Debt and Achieve Financial Freedom
With any business undertaking, it’s imperative to avoid debt as much as possible. Your goal should be building capital and earning a substantial profit.
As an influencer, the lines are a little blurred because you can shoot to fame overnight, which can throw your finances off balance. Therefore, it’s vital to have a good grasp on your finances from the start.
Since many of us weren’t taught about creating budgets or balancing finances in high school or college (because it wasn’t relevant to your major), knowing which resources to turn to is the next best thing.
If you’ve incurred debt, in any amount (influencer or not), one of your current goals should be getting yourself out of it ASAP.
For more information about influencer marketing, visit www.LuvlyLongLocks.com.
