Starting a rainy day fund for emergencies
- bruceh001
- May 23, 2021
- 2 min read
This is an article from the new Stylist News newspaper that I think is really important. I am going to copy and pasted some of it but the link at the bottom is the complete article.
One day, my wise accountant asked me to do a simple exercise: Divide my total weekly earnings by the actual hours I spend working in the salon. The next thing my accountant asked me to do: before purchasing anything, think about the hours of work the price tag represents.
Here’s an example in today’s money— suppose you lease a chair four days a week and earn $800, minus rent ($250) supplies ($100) miscellaneous (50), you take home $400, and if you work thirty hours that week, you are a $13.33-hour worker plus tips.
Just for fun, go back to purchases you’ve made in the past couple of weeks and give it an hourly wage. Here are a few probable examples: groceries $80: 6 work hours. Pair of shoes $90: seven work hours. Take-out $25: two hours. Happy hour: $30: 2.5 hours. A tank of gas $45: about a half-day of work. Amazon prime: one work hour. Dinner out? New car? You do the math.
Your hourly wage is a snapshot of your true earnings in today’s economy.
A work stoppage can happen to any one of us unexpectedly for many reasons other than a virus–a medical emergency, an injury, a family emergency, or maybe a salon closure. Here’s a salty statistic: one of every three people living in the USA will have a medical emergency within the calendar year. The formula for building an emergency fund is straightforward and unforgiving: spend less and put some money into an account you won’t touch.
Over The Top Salon Services is dedicated to providing the finest quality styling and barbering tools for Professional Hair Stylists and Barbers in the Portland Metro Area.
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