Creator Money Week Day 3: Set Your Budget

The purpose of Creator Money Week is to set influencers/content creators up to be paid. We’re spending the entire week talking about money as creators. And today, we’re talking about setting your budget as content creators. 

Budgeting is a life skill and will help you understand how much money is coming in and how much money is coming out (being spent). Plus, creating a budget helps you feel more in control and helps you see opportunities to help you achieve your financial goals. 

 When you create a budget as a creator, you start to take your finances and your business more seriously, and you set yourself up to be paid. We’ll walking through the 5 steps to setting your budget as a creator.

Step 1: How much money are you bringing in?

Step 2: How much money are you spending for content creation, your side-hustle, creative passions, etc.?

Step 3: How much net profit are you bringing in?

Step 4: Set aside 30-40% in taxes (& consult with a tax professional or CPA)

Step 5: Evaluate how much you need to set aside for health care, savings, and other financial goals

You might have heard the 50/30/20 rule – where 50% if your income goes to your necessities (groceries, housing, insurance, childcare, etc.), 30% for wants (gym membership, getting your hair done, entertainment, etc.), and 20% for savings and paying down debt. But it’s important that you do the work to understand where your financial health and well-being is at.

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