Thursday, June 20, 2013

Some tips for easier budgeting for working girls

Some things I thought might be helpful to the girls who just starting out on their own or are not great with saving and budgeting.

Everyone will tell you “Save for a rainy day”, but some people find it hard: cash burns their pocket and they just can’t seem to hold on to it.

Here are some tips on how to make things easier.

When you first start out (especially if you are young and new to business), you’ll be very busy.
It will seem that endless stream of phone calls and clients will never end. Not so.
It will end (or slow down significantly) a lot sooner than you probably imagine.

So the trick is to plan ahead and budget. I am offering ways of “savings” that are different from just putting money aside, as they will make it impossible for you to just blow your cash on a pair of shoes you fell in love with as you were passing that famous shoe shop.

Say you’ve had a great profitable day (or even a week) and now have several hundred (or maybe thousand) in your pocket. What’s the plan?

Think of most expensive line in your expenditures. That’s right-RENT.
So pay a few weeks (or even a month) ahead.
I am yet to meet a landlord (and I am a landlord myself )  whom is going to say NO when you inform her/him that you’d like to pay rent in advance.

In saying that, DO make sure that you communicate what you’re doing to landlord clearly, so he doesn’t think that you accidentally put extra money into his account (there are some unscrupulous types who will pocket extra money you’ve paid).
Look at the calendar, calculate and spell out exactly what date are you paying up to. If you are paying online, put that info into “notes” section, if in cash (ESPECIALLY then), ask for receipt stipulating your rent has been paid up to **** date.
This will take off a lot of pressure for when things are slow.

Next thing-supplies.
When you first start out, it is especially important to build up significant reserves of condoms, lube, sponges, female condoms, dams.

NZPC only charges $20 for a block of 200 Durex condoms. X-Large and tight fit ones are even less.
Every time you have $20 or so spare, buy some in various sizes until you have literally hundreds.

Condoms are not something you should ever skimp on. If you feel condom has stretched out too much during BJ-change it. If you feel the size is wrong-change it. If you go through 4-5 condoms during any particular booking-so be it. You safety comes first and foremost.

It makes me sad when I read about girls who place TWO condoms on the nightstand when a client arrives. What if one breaks? Or slips? And you negotiated multi-shots? Then what?

I always have a pouch with a couple of dozen in all sizes on my nightstand plus several hundreds handy not far from the bed in a drawer.
Imagine you have only a dozen left and suddenly your day got really busy and the phone is still ringing.
With horror you eye four remaining condoms when you know you have three one-hour bookings coming and no time to run out to buy more... You will have to cancel a booking and you lose a couple of hundred dollars because you didn’t spend $20 when you had time and money.
So stockpile supplies until you are confident you have plenty and then replenish the stocks systematically.

Your advertising budget is next: pay for your ad few weeks or a month ahead. Or just put the money into your ad company account, if you are not working all the time. NZGs are great with this: your money is safe with them and they keep meticulous computerised records of your account balance, so you can use the money you’ve given them for your future as whenever you want to advertise.

Next item should be towels and linen.
Whenever you have a good day/week, buy an extra towel or two. Guys love expensive large soft towels and high thread count linen and it won’t seem like a big deal for you to spend $35 for one towel when you’ve just earned $600 that day. But it will if you had only a couple of bookings that week.
Do this until you have at least two dozen towels and a dozen or so sheets.
Then make sure to throw away the ones that seen too many washes and became tattered.

Stockings are by far the most requested item for WGs to wear, so find the brand that suits you best and buy a pair or two. Have at least 4-5 pairs in your drawer, as they get snags and runs and it is a bad look to greet a client in “holy” and “runny” stockings.

Be sure to invest in a pair of black and a pair of red high-heeled shoes for work (if you feel expanding colour pallet later, feel free, but those are basic staple). These should be fairly good quality and have “sexy” factor to them. Try to use those for work only, this way they will last longer, as they won’t wear and tear during “street” wear.

Stockpile things like body wash, deodorant and soap whenever you see those on sale. These items don’t go bad and last a long while and it’s always good to have a variety of body washes and soaps to offer to a client.

Every time you are “flash with cash”, invest in the makeup, lotions and creams you normally use-they will last a while and you won’t stress if you run out on your “slow” week when you really cannot afford to spend $70 on that moisturiser that your face so desperately needs.

If you know yourself to be a bit of irresponsible spender, buy vouchers from the grocery store you normally shop at whenever you had a profitable day. This way you won’t spend the money on something else and will have food when things are slow.

Also, vouchers from your regular hairstylist, manicurist, aesthetician and massage therapist could be a way to "save for the future".

After you’ve done all this and if you still have money to spend, take CASH ONLY and only as much as you want to spend when you go out.
Recent studies showed that a person spends more if they are paying with “plastic”. Something in our brain triggers “thrifty” attitude when it’s “live” cash we are about to spend.

I am a big believer in rewarding myself for my work. The job is not easy and we do need to treat ourselves.
But we also need to make sure we have something to show for our efforts later.

So traditional savings (as in putting money away into savings account, term investment, etc) should figure prominently.

However, if you find yourself to simply unable to go “traditional” route, I hope above suggestions help, as you will still feel like you are shopping, but at the same time you are, in fact, saving in a way.
If you find yourself in the midst of slow day or slow week, you will feel a lot more relaxed.