We asked successful entrepreneurs and creatives to tell us about whether they have a budget and how they think about spending decisions and have shared some of their responses below.
Shelsey Sybrandts | Barber & Artist
I’ve been using a budget since 2017 and it has changed the way I do everything such as how I successfully reach specific goals. I treat my finances as a gift and trust to me to use wisely and effectively. I learned how to use my budget to give me permission to spend rather than restrict me. Budgets get a bad rap but they give you more freedom than you realize. I’ve read finance books and tried different techniques to save money and spend it intentionally. I find Dave Ramsey’s baby steps to be the most helpful and simple to follow. Following his advice I’ve become debt free, been able to meet saving goals, float through financial hardships of a pandemic and cash flow my entire business venture of opening my own barbershop. Sinking funds are amazing also to help save for bigger expenses. You put the few dollars away every week or day and watch it grow without realizing you’re missing those few bills. I live simple and frugal which helps with meeting saving goals. Read more>>
Bass Bridgforth | Conscious Creator of COLO Inc
I have never been richer than I was at 19. At 19 I had multiple businesses. Businesses not registered with the Secretary of State. One of which was brokering fake IDs to Hogh School and College kids. While I was in high school and college. In those times I spent lavishly- becoming a connoisseur of kicks and cannabis, a collector of rare whiskeys, and an afficionado on all live sports and concerts. I spent as fast as it came until one day it didn’t come so fast. That’s a story for another time… Fast forward to me 7 weeks out of rehab and back home in colorado. Coming back with on a scooter with a Grade 3 ankle sprain (looking like I had a softball for an ankle bone), coming back to face possession charges in court, and freshly having broken it off with my 8 year college girlfriend (a true sweetheart). I ended up sleeping in my car and camping in the summer of 2018 as I struggled to keep gas in my car and food in my belly. In that situation I knew I needed this. The air of desperation to fuel my fire and give me the hunger to make the neces changes. It was in a moment, at a gas station when I was contemplating stealing a protein bar to go with my gas I had to buy. Read more>>
Wendy Wright, LMFT | Financial Therapist
I intentionally don’t use the word “budget”, but instead use the word “plan”. In my work as a Financial Therapist, I help my clients find ways to improve their relationship with money. Part of this can often start with intentional word changes. The word “budget” can bring up imagery of restriction, judgment, and shame, especially for those who have struggled with this. By shifting the word to “plan”, often the imagery changes to something more flexible and adjustable. And this is a key component to financial healing — building in flexibility and learning a shame-free way to make adjustments to the plan. For my own money life, I use a planning and tracking tool to build my monthly and yearly money plan. I find it key for entrepreneurs to know their personal money needs in order to then build a business that fuels overall life satisfaction. Knowing your personal money life, needs, and wants, impacts your business plan and things such as pricing and setting aside money for time off. Read more>>