Money management skills are the key to financial freedom, for someone engaged in the hair and makeup profession money management may not be a primary skill. However, the good news is that it can be learnt over time and you could become an expert in managing your money in a very short period. The two most important qualities to building effective money management skills are persistence and dedication. Here are some money-saving ideas which can get you started on your money management journey:

1. Budget your expenses

For a hair and make-up professional, the income may not be consistent, hence making it necessary to budget the cash inflow and outflow appropriately. This is one way of ensuring that you spend only on your needs. Any unwanted expenses could be gradually eliminated from your expense list. This is a sure way to build your savings and invest them appropriately.

2. Identify ways to increase your income:

Look at means to increase your income consistently, you can leverage social media and post regularly to create a meaningful following. Creating your website and gaining testimonials from clients could increase your business.
Many of the professionals thrive on the word-of-mouth network, it is important to create a rapport with the client to build a successful base to expand your outreach. As your clientele increases, you should look for sustainable means to grow your business yet maintain the standards.

3. Use tax breaks efficiently:

There are a lot of benefits that are extended to professionals, if you are earning a taxable income, you will have to file for your taxes including your income statement and balance sheet. You can claim for business expenses on a lot of spending that you have incurred with respect to your profession.
For example, if you have spent to upskill yourself, then the same can be shown as a business expense.

4. Start small, stay consistent:

Often, the biggest deterrent for any investor is their mindset that small savings cannot build wealth. However, avenues like mutual fund investment plans can help build a sizable corpus over the long haul. You can start investing in a mutual of your choice with as little as Rs. 500 per month through Systematic Investment Plan.

5. Discipline and commitment to investments can take you a long way:

The two most important pillars of investment planning are discipline and commitment. By staying committed to investing over the long haul and inculcating a disciplined approach of aligning your investments to your financial goals, it will be possible to realise your dreams. The key aspect to keep in mind is that the needs have to be realistic and you will have to acknowledge your limitations in terms of cash inflow and work accordingly.

These are some simple pointers by which you as a hair and makeup professional can manage your money efficiently and effectively.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.