How to Manage your hard earned webcam earnings better
It’s difficult to save money as a cam girl because you never know how much money you’re going to make each day. Even the top girls with very high webcam earnings fluctuate in earnings each month. Not knowing how much you’ll make each day, let alone each month, makes saving money seem next to impossible. When you have a great day camming it can be tempting to treat yourself and splurge on something fun and frivolous. Unfortunately, with that kind of attitude towards finances, you could find yourself struggling to buy groceries.
If you’re smart about your money you can help avoid an end of the month scramble to pay rent. You could even find a way to save your money for long term goals like buying a house, planning for retirement, or starting a college fund for your children. Depending on your income level there are two fool proof plans to save money. The first plan is the basic survival plan. If your camming income barely covers your rent, food, and bills, you won’t be able to save a lot, but if you put away a tiny bit each paycheck your bank account (and stress level) will thank you.
If you’re on the survival savings plan try to stash away 10% of your earnings each cam session. For example, if you make $50, save $5. It may not seem like a lot but it will pad your bank account and come in handy if you have to miss a cam show or an unexpected cost pops up. If you’re making a larger income than a part time cam model and you can afford to save more then you should think about a long-term savings plan. To keep things simple follow the 50/20/30 rule. Here’s the breakdown:
50 percent of your income should go towards essentials. That may seem high but once you consider what falls into that category it makes financial sense. Things such as housing, food, transportation, and utilities are all essentials. Obviously each person has different essential costs (i.e. you may live in a location where your rent is cheap but it costs you a lot in gas money to get to work) so adjust accordingly.
20 percent of your income should be put towards financial obligations. That may sound similar to essentials but these are items that will help you get ahead financially versus things you need to pay to survive. For example, paying off student loans, planning for retirement, and putting away money for emergencies are all financial obligations.
30 percent of your income (and this is where you can really make a difference in your budget) are items that enhance your lifestyle. Some financial experts would advise against such a frivolous category but quality of life is very important and it’s necessary to have some small luxuries. You work hard, you should be able to enjoy your money. There are some tricky costs in here that may seem like they belong in the financial obligations category. Items like cell phone bill and cable bills appear to be financial obligations but you could sacrifice movie channels for a cheaper cable
bill and you can always decrease the cost of your cell phone bill. Those items are completely personal choices and that’s why we put them in the lifestyle category.
If you’re having a hard time deciding on how to spend less money (and keep more of your webcam earnings in the long run) try these simple tips for cutting unnecessary expenditures:
1) Buy groceries and make food at home instead of eating out or ordering take out. If you spend $10 on each meal out you’re spending $210 or more a week on food. You can reduce your cost of eating by finding recipes that stretch your meals. Think about roasting a chicken on Sunday night and using that chicken throughout the week in burritos, salads, and soups.
2) If you cam from somewhere other than you home try to find a rideshare program to reduce your gas bill. There are tons of programs that help people find rides to and from work. It’s good for your wallet and it’s good for the environment.
3) Write down what you spend your money on everyday for an entire week. Even if it’s a couple dollars on a cup of coffee see where you could save money. That cup of coffee could be made at home for a fraction of the cost of a Starbucks espresso.
If you feel like you’re not able to control your webcam earnings on your own speak to an industry friendly financial specialist. There are many financial advisers versed in the adult industry and the financial trappings that come with working in this field. There are lots of resources that can help you budget your money and save up for things as small as a pair of shoes or as large as buying a condo.