Let’s face it, some of us barbers waste a lot of money. I know I have. Before we became an almost cashless society, almost all of our transactions involved cash. As a young barber, if i had a pocket full of cash, I felt like I good spend money all day. Of course that left me broke many days and wondering where did all my money go. We all know we should budget and save so here are some tips to help.
1. At the end of the day, put $20 in a shoebox, paperbag, envelope, or piggybank and hide it in your house. Do it after each day no matter what; good day or bad. You will be amazed at how easy it to save money when you do it regularly and don’t think about it. Once you reach $500 or $1000 put it in a savings account,certificate of deposit, or money market account.
2. Another method to help save is the first haircut deposit. With this method, simply save the first haircut of each day, no matter how much the service. Then deposit at the end of the day in our previously mentioned stash areas.
3.For those who are more confident in their ability to save, use the 20% daily technique. At the end of the day, put away 20% of the gross earnings of the day. Your savings will grow really fast with this method.
4. Another great savings technique for the more disciplined saver is the once a week method. The barber would pick a day; for example a Thursday, he would then save the entire earnings of that particular day.
Have you ever wished you had a little extra money at the end of the year? Here is a simple way to save and not miss it. It takes a little commitment; but not much. I want you to give 1 haircut a day to your tip jar or tip envelope. Don’t have one? Now is the time to get one. If you can commit your 1st or your last haircut of the day to this saving method, you will have a minimum of $3900 to play with at the end of a full year. Since it’s the middle of the year, our goal is to save at least $2000 by December 31st. Now let’s play….
Assuming you work at least 5 days a week and your average cut is at least $15, this method will work for you. Let’s take our first cut of the day; it could be $15, 20 or more; either way, lets stash that in our secret envelope or wallet side pocket. At the end of the day when you get home, that money goes in the secret stash compartment. Now, heres the tricky part. As you accumulate at least $75/week, week after week, you are gonna have the urge to start counting money. You are gonna have the urge to dip in your stash and go out, pay a bill, or do something fun with your hard earned savings. You MUST resist. At least until the end of the year. So, stash the money, put it away and DO NOT COUNT until Dec. 31st. The simple math is:
This is money that you didn’t miss and it will be very easy to put away daily after you become accustomed to it. Trust me, as barbers, a lot of us waste more than $15 day. Let’s use this money for our savings. Some of us have a higher price for our cuts, some of us are slightly lower. No problem, the idea is to stash that first or last cut. Personally, I like getting the first cut out of the way but its your personal choice. Try it and lets check back in December 31st.
Keep Cutting an Make Money!
If you are not taking credit cards at your barbershop in 2015 you are missing out on a ton of money. Most people do not carry cash and it’s usually an inconvenience for customers to have to leave the shop to go to an ATM. So what should one do? Many people have discovered mobile credit card systems which save them time, money and it’s super convenient. Several years ago, if you wanted to accept credit cards in your shop, the barber had to enter an expensive and lengthy contract with credit processors for the use of their machines. Today there are no contracts and each transaction literally cost pennies. The question is, which mobile credit card processor is the best? PayPal, Square or Intuit. Inquiring barbers need to know! #BOMbarbershopdebate Send your feedback to MrTaper@BarbersOnlyMagazine.com
Positive income growth for people who work in a city is an important factor in its value to prospective residents.
A city that demonstrates yearly growth in the earnings of its workers provides a reassurance of its economic health and presents an opportunity for more growth in the future.
Cities with significant median personal income growth over a longer period send a signal that the local economy is in an upward trend.
To find the cities with the fastest growing incomes, we looked at the growth in median earnings for workers in the period between 2007 and 2011.