Ever Google Search 'How Much Should I Be Saving?' you are not alone when it comes to understanding what you need financially to have the financial freedom you deserve as an adult business or adult entertainer trying to manage your finances.
Let's be honest, the adult industry does not have a guaranteed income especially if you are working as a sole trader (sex worker, massage therapist, adult content creator and more) so it can be stressful trying to keep on top of your finances. It is easier to not think about it but this is dangerous because failing to plan, is planning to fail. We often hear from our clients that they don't know how much to save, how much they need to make a day, a week, a month as well as how best to manage their lifestyles.
1. Download An App Called 'TipSee'
We recently stumbled across TIPSEE - a free mobile application available on the App Store or Google Play that can be used to track your income. It allows you to track hours worked, it calculates what your hourly rate works out to be and gives you a report. We think that this is a great way to start looking at your work and get financially-savvy. One of the benefits is that you start picking up on your earning patterns. TIPSEE holds you accountable to how much money you are making. Cash is very easy to spend and it not uncommon where we look at our account and question 'where did it all go?'.
Knowing when the adult industry goes quiet with bookings especially when you have been in the adult industry for at least a year, is the perfect time to plan some time off and work more in the busy season, this will help you achieve a bigger financial savings goal. We also know how stressful it can be when you are working in a quiet period and so we recommend to save on your mental health by taking the time off for yourself, reset, recharge and get ready to work smarter not harder when bookings roll back in.
2. Be Smart About Your Branding.
At Sweet Release, we understand the value of advertising and marketing online as well as the importance of making sure you have a proper strategy in place to maximise your bookings and increase your subscribers, sales and more. No matter what area of the adult industry you are in, it is important that you think about setting up your advertising channels and social media accounts that work for you and not against you. We recommend researching some great examples of women and men who have upped their income by branding themselves on socials. If privacy is an issue for you, there are ways around managing a discrete identity. Many girls do not show a face on these platforms and some are able to use an alias such as their escorting name to manage how they are seen online.
3. Be Ready and Prepared For Tax-Time.
If you are working as an independent adult entertainer or sole-trader with your adult business, if you are earning higher than the tax-free thresholds chances are you will have a tax debt. If you have a large tax bill, your tax office may register you for a Pay As You Go (PAYG) instalment plan, which allows you to pay off your tax-debt in advance to help you better manage your financial and tax obligations. The idea of this, is to minimise tax-shock at the end of the financial year.
At Sweet Release, we can set you up with this so that you can stress-less about your finances and end of year tax bills. Alternatively, you can manage your tax liabilities yourself by having a seperate bank account you use for 'Tax' that way when you receive your PAG or your Income Tax summary, you have an account with funds already saved for this, making it easier for you to manage these expenses.
4. How Can Sweet Release Agency Help You?
If you are a Sole Trader (Sex Worker, Stripper, Adult Entertainer, Massage Service Provider and more) and you are experiencing financial hardship, there is quite a lot of paperwork that you may need assistance completing.
This includes:
Assets & Liabilities Report
Profit & Loss Report
If you are a current bookkeeping client of ours, we will assist you with your application at no charge. If you are not a bookkeeping client, we would still like to help you as best we can and will offer this service to you at a low fee of $150. We will deduct the $150 from your tax return preparation and lodgement fee as a percentage of the workings can be applied to this. For our non-clients, we will be required to on-board you as a client to our practice and calculate your income and expenses from bank statements/transaction documents.
Please reach out to Sweet Release, we are here to help you. Together let's reach climax!