For many photographers, the winter months are very difficult. It is cold, windy, rainy, and just not nice to be outside. Work has slowed as families have done all their fall photos, weddings are starting to be planned, and companies are trying to get their year end done.
You, as a photographer, are struggling. Money is tight, and much tighter since you bought Christmas presents. Your credit cards are maxed, and you are dreading the next couple of months. You are praying that God will guide you through the next few months. You are eagerly waiting for your busy season. You want the money.
So, what happens if your dishwasher is busted? What happens if a lens needs repair? How will you handle that situation? Put it on the credit cards, or ask mom and dad for money?
How about we start with something simple to help? Let's see how quickly you can come up with $1000 dollars for your personal finances and another $1000 for your photography.
Hear me out. $1000 dollars will give you a comfort level in case of household emergencies. No, it's not a large emergency fund, but it will help get you jump started for the next step. Do whatever is legal and moral to get your $1000, such as selling items, getting rid of cable, or how about selling a car?
What is the $1000 for your photography then? Aren't my finances for photography the same as my personal finances? Well, to be blunt, no. Photography is a business. Your business has income and expenses just the same as your personal finances. However, your business should be allowed to grow. This is the major reason for not intertwining your business and personal finances. You don't want to rob Peter to pay Paul! Pay yourself from your photography income, but don't take the whole lot. More on that later.
$1000 for your Photography emergency fund is just to get you started. It is meant to protect you in case you need service on lenses, items stolen, or memory card fails. It's not an, "ooooh that lens is on sale!"
Both personal and photography emergency funds are meant for emergencies. Use them as such. You can adjust your emergency fund a bit, but please consider the next steps before increasing it. Good luck! I know you can get it! Just stick with it!
I am not a financial adviser, nor a CPA, so please consult with them if you have any questions for your own personal situation.