The financial and time freedom of being our own boss is incredible, but let's be real – the financials can be a wild ride in our industry. I’ve experienced some wild swings in my income, from $6k to as much as $29k in a month, within the same calendar year.
Let's dive into the art of handling finances to set ourselves up for stability in times of abundance and times of trouble. We’ll explore personal budgeting, business budgeting, emergency funds, maintaining client relationships, and multiple income streams.
Personal Budgeting
First things first – let's get real about where money is going. No fancy math here, just track every dollar we spend, whether it's rent or that extra shot in our morning coffee. We're talking about everything, cash or card. And yes, just because we spend it in cash doesn’t mean it didn’t exist *wink wink*.
I do mine in an Excel spreadsheet with basic functions. You can choose something like YNAB (You Need A Budget) or even hook your credit cards up to an application that will categorize them for you. I prefer the hands-on process of Excel. The first reason is that it makes me aware of every transaction. The second reason is because applications are fallible and/or need babysitting to get the categories right.
This isn't just about budgeting; it's about being mindful. I’m not here to say you can’t treat yourself with a fancy $9 coffee or a luxurious designer bag. What I want for you is knowledge. If you see a trend where you’re spending money in areas that you don’t care about, you can change. But you can’t change if you don’t have information to start with.
The more we understand our money flow, the better equipped we are to guide it to make our dreams a reality.
Business Budgeting
Now, let's turn the spotlight on our business. Calculate what it costs to keep your business running. Ads, incalls, Lyfts, manicures and pedicures. Knowing our business expenses isn’t just for taxes, though it will help when tax season comes around. It also helps us make savvy decisions on our pricing, which influences income, and business investments (i.e. our expenses).
Tracking our spending isn’t about shaming anybody or any business practices. It’s gathering information. We empower ourselves to make better decisions with better information. For example, if we see ourselves spending a lot on one ad platform but we get very few clients from it, we can reduce or eliminate what we’re spending there.
Business bookkeeping isn’t just numbers on a screen. It's our guide, steering us clear of financial potholes, and ensuring we’re on the scenic route to financial success. We regularly revisit and adjust business budgets as our business evolves – it gets to grow and adapt with us. We can add investments that make us more money and stop spending on things that don’t give us returns.
Building an Emergency Fund
Life's unpredictable. Time to build that emergency fund using the budgeting skills we just mastered. Add up your must-haves – rent, bills, insurance – basically, everything you need to survive. Experts say aim for at least three months' worth; I prefer to play it safe with six.
It's not just about hoarding cash; it's about having a financial superhero ready for those 'oh-no' moments. Open a high-yield savings account (HYSA) and stash that cash away. It's not for splurges, a down payment for a house, or Agent Provocateur having a sale. It's your backup, your financial back up for those 'oh-no' months. Having it in a HYSA quietly in the background, means it is always ready to swoop in when life throws you a curveball.
Yes, the reality is money doesn’t grow as much in a HYSA as the stock market. But the main reason for a HYSA isn’t to grow the money. It’s to keep money in a place where it can grow a little while still keeping it within reach for emergencies. We don’t want to add another worry – the price of our investments – when we’re already in a financially tough spot.
Reaching Out to Clients Regularly
Clients are the heartbeat of our business, so let's keep that love alive with a little client relationship management (CRM).
It's not just about sending the occasional "Hey, I hope you’re doing well, wanna pay me?" email or text message. Client relationship management is about keeping us on their minds and showing our clients that they’re special to us.
Happy clients aren't just a one-time gig – they're our golden tickets to more enjoyable dates, longer dates, and consistent income. Maybe even more presents to be spoiled with! Good client relationships make life easier. Less social media posting, less screening and potentially less money spent on ads.
I use Notion to take notes. Birthdays, topics we discussed, what I wore, gifts I’ve given, revenue per client, and other important notes about my client.
Implement a CRM system to keep things organized. It's not just a fancy term; it's our secret sauce for client satisfaction and a thriving freelance career.
Creating income diversity
One way to create more stability is to diversify our incomes. It doesn’t need to be a full-fledged second business unless we want it to be. But think of ways we can add an “intro” offer or side offer to our companionship. Maybe you want to sell panties or start an OnlyFans on the side.
Personally, I have a fan site; I chose it for a few reasons. One, It shows clients I’m legit – not a scammer. Second, it lets them get to know me before we meet IRL. And third, if they think a $25 subscription is too much, then we’re not a good fit.
Just because we don’t make as much creating content or selling panties doesn’t mean it’s not worth our time. If something happens to FSSW again (hello the pandemic!), we won’t be left solely relying on our emergency fund. The side money will extend our ‘oh-no’ fund so we have more time to pivot and plan.
If you don’t have the bandwidth or desire for the examples above, you can expand your reach. One way is offering duos with one or a couple of specific companions on our websites and have them do the same for us. We mutually benefit from each other's marketing efforts, it’s a win-win.
By investing some time into our networks and money into a mini duo photoshoot, we can increase our bookings where we wouldn’t have had as many. We love making money, but we love it even more if us and our friends are making money too, right?
Freelancer sex worker life can be a wild ride, but our finances don't have to be. Master personal and business budgeting, stash away an emergency fund, keep clients close, and create a backup plan.
Let’s raise a glass in 2024 to more cash, less financial stress, and a business that not only survives but thrives. Armed with these financial strategies, you're ready to navigate the twists and turns of slut life.
The information in this article/on this website is for general information only. It should not be taken as constituting professional advice from the website owner - Tryst. Tryst is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the website information relates to your unique circumstances. Tryst is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website or article.
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