Why Photographers Should Learn About Money
Whether you’re a professional photographer or just love taking pictures, understanding money can make a big difference in your life. Let’s dive into five key reasons why money management matters for photographers.
Reason 1: First up is empowerment. When you know how to budget, save, and spend wisely, you have control over your money. This means you can make smart choices about how to use your earnings. Maybe you want to buy new camera gear, go on a special trip, or save for the future. Knowing about money helps you achieve these goals and feel more in control of your finances.
What is budgeting? It’s a financial plan that tracks your income (money coming in) and expenses (money going out) over a specific period. The goal is to find a balance between your income and expenses.
Budgeting involves three things:
- Tracking your income. This includes your salary, any side hustles, and anything else that brings in money.
- Knowing your expenses. This includes all your bills and regular costs, like rent, utilities, groceries, transportation, and entertainment. It can also include debt payments and savings goals.
- Allocating funds. Once you know how much money you have coming in and going out, you can figure out how much you can allocate to different categories. This might involve cutting back on unnecessary spending to free up money for things you prioritize.
The idea of budgeting is to create a plan that allows you to cover your essential expenses, save towards your goals, and still have some money left for fun.
Felicia Simmons said, “Budgeting is the first step toward financial security.” And she is not wrong. If you want to waste your money and not know what you spend them on, don’t budget. Budget today and have control over your money.
Reason 2. Next is security. When you understand money, you can avoid common financial problems. You’ll know how to spot scams, manage debt, and save for emergencies. This security means less stress about money and more time to focus on your photography.
Financial literacy helps you identify and avoid pitfalls that can drain your resources. You’ll develop a critical eye for scams and misleading financial offers. Understanding how interest rates and fees work helps you avoid predatory loans and high-cost credit cards.
In Ghana, many people some years ago decided to invest in gold. They were scammed into something they knew nothing about and asked no questions. And they were promised massive interests. This blew back on their faces and they lost money. if they learned about money, they wouldn’t have made that mistake.
I must say, I would have fallen for the scam if i had money at the time. I was broke, and couldn’t afford to be scammed. LMAO
Reason 3. Reason number three is planning for the future. Financial planning helps you set and reach long-term goals. Want to buy a house or pay for your children’s education? Learning about money helps you make smart investments to reach these goals. You’ll be better prepared for the future.
Reason 4. Fourth is peace of mind. Money worries can be really stressful. But when you know how to manage your money, you can relax more. You’ll feel confident that you’re on track to meet your financial needs. This peace of mind allows you to enjoy life and focus on your photography.
When I started out as a photographer, I quit my teaching job to go all in. I regretted that decision quickly. You know there are dry seasons when you are a freelancer. There will be seasons where you have no clients, and depending on the kind of person you are, this decision can be long or short.
Photography, like starting any business is hard work. Don’t depend on creativity to be fed. Treat your business like a business if you want to make money. To create more art, you need to make more money.
I did not have that peace of mind as a full-time freelancer. I really did not. I was always on the look out for where the next gig was going to come, to the extent that I took gigs that were so cheap, by that I mean, my speedlite was more expensive than the price I accpeted to photograph that gig. Yes, I was that desperate.
Poverty does not and will not give you peace of mind.
Ralph Waldo Emerson said, “For every minute you are angry you give up sixty seconds of peace of mind.” Financial worry is a source of stress. It even affects your sleep and your over all health, especially causing a spike in your blood pressure.
What must you do if you are not earning enough? What did I do? I got a job. That’s it. Get a job. In the new book I’m writing, I’ve got a portion for this.
Reason 5. Last but not least, better decision-making. Financial literacy helps you make better choices. You’ll be able to compare prices, avoid impulse buys, and make thoughtful purchases. This skill isn’t just useful for money matters — it helps in all areas of life.
Also, you will be able to turn down jobs that you know will harm your peace in the long run. We’ve all been there. A client stressing the hell out of you. It’s never a nice thing.
You want to learn about money to make enough of it so you can turn down stressful clients.
And there you have it — five reasons why photographers should learn about money. Understanding money empowers you, keeps you secure, helps you plan for the future, gives you peace of mind, and improves your decision-making. Thanks for reading, and please, if you have not subscribed yet to my podcast yet, I implore you to hit that subscribe button.
