The road to financial literacy is a long and arduous one but none of us can deny that it’s a subject we should always keep top of mind and learn more about. It's easy to be an expert on spending money but investing and other forms of dealing with money was always a faraway “adult” thing to do. Years go by and suddenly it feels too late to learn all of the daunting terms and processes that come with finances. As a beauty professional, it can be difficult to find industry-specific resources so we gathered our favorite tools and information hubs to help you get started on your journey!
A good way to get a pulse on where you currently stand in your financial literacy journey is by taking this quick 6-question quiz. Yes, there is a possibility your score will make you cringe, but this is a great place to start and see what you need to research and learn more about.
Now that you have some basic terms down, we need to know how to apply them to specifically navigate the beauty industry. We had Certified Financial Educator, Licensed Professional, and founder of Beauty Finance Group, Anna Manukyan, host a webinar with PBA that goes over the fundamentals of that Beauty Professionals need to be successful in creating and maintaining financial goals.
Want a more specific class about raising your salon prices without losing clients?
Need more in-depth learning? The beauty industry can be a complicated beast when it comes to choosing the right options for financial prosperity. Whether you’re a Business of One trying to find a more efficient bookkeeping process, a Business Owner navigating rent vs profit, or simply needing deeper explanations for tax filing, you’ll find the right episode for your needs. “Profit and Beauty: A Show for Salon Professionals” by Desarie Anderson has an extensive library of relevant information for the industry.
More of a reader? PBA Members have access to a library of publications so you can stay on top of key trends, consumer behavior, and industry projections. Learn how to book your chair back to back, make your shipping strategies more efficient, how to open, remodel, or run a successful beauty salon, and so much more.
We get it, this is a lot of information, but where do we go from here? An amazing first action item would be nailing down your budget. NerdWallet recommends the 50/30/20 budget, which suggests that 50% of your income goes toward needs, 30% toward wants, and 20% toward savings and debt repayment. They also offer a free Budget Planner Worksheet that does all the math for you!
A budget planner is a great way to start your financial roadmap but we have lives outside of saving money. Buying a car or house? Needing to plan for education? Have an emergency? These are all things we need help with navigating. 360 Financial Literacy has great guidelines for navigating these processes.
P.S. PBA offers scholarships for you to continue to advance your career!
P.P.S. We have a Disaster Relief Fund to help out beauty industry professionals from emergencies following natural disasters.