Managing money is tough, and it can be especially difficult if you’re surviving on a fashion model salary.
Whether you’re walking the runway or attending photoshoots, how can you keep your finances in check and on track?
Read on to learn a few helpful tips for effective money management that will help your hard-earned cash go further.
Save For Modeling Expenses in Advance
As a model, you’ll be asked to attend casting calls, auditions, and other events that could cost you a pretty penny to attend. In some cases, you won’t be paid for travel which can eat up a lot of your budget.
The best way to continue working on a fashion model salary is to create a savings plan dedicated to these work-related expenses. Have some money put away into a high-yield savings account so you’ll always have a separate resource when you need it. If you’re asked to fly to London for an audition, you’ll have no problems saying yes with this extra cash put aside.
Do Your Homework While Living on a Fashion Model Salary
The world of modeling is quite competitive, and you likely won’t make it big overnight. With this information in mind, remember to make smart business decisions as you pursue your modeling career.
Look more deeply into every single agency that you’re interested in before you sign any paperwork.
Always read contracts carefully and look for any red flags so you can avoid trouble later on. If possible, consider hiring an attorney who can help you with contract law and consider enlisting the help of an accountant to manage your money wisely.
Budget Like a Pro, Live Like a Model
You can easily live well on a fashion model salary as long as you know how to budget your money wisely.
Consider pooling your resources together and get a roommate who can help you share the cost of rent and utilities.
Write down your average monthly salary, and then keep track of every single bill you pay each month.
Subtract that amount from your pay and you’ll have the remainder, which can be used as disposable income or put into savings for thinks like agency fees, new clothes, and travel.
If you’re still stuck in debt, consider this debt solution to help you consolidate everything together into one easy payment. With a good budget in place and a bit of planning, you can easily live well on a meager model salary.
Live the Model Lifestyle
Although the average fashion model salary is fairly modest, there’s no reason you can’t continue to pursue your dreams. As long as you have a good financial plan in place and consolidate your debt, you can keep working hard until you make it big.
Pool your resources by getting a roommate and create a savings account to help you with expenses so you can say yes to that next casting call.
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