YOLO Conference Will Focus on Creating Financial Rhythm
During the Carnival season in Antigua and Barbuda, there will be a focus on maintaining physical rhythm, as we celebrate our rich music and culture.
In tourism-dependent countries throughout the Caribbean, a successful Carnival season is measured by the level of spin-off business activity that is generated around the festivities.
We should therefore also focus on maintaining financial rhythm as many seek to generate additional income and capture economic benefits from the spike in business activity.
Just like music, finances have a rhythm that can be tracked and analyzed, and this is particularly critical when managing income from a seasonal job or business.
Financial rhythm is about setting operational and financial targets, monitoring projected and actual results, and adjusting your strategy and execution when results deviate from expectations.
It’s an ongoing process of improving your decision-making, by tapping into rhythmic financial patterns that can turn business uncertainty into business confidence.
When your income is predictable—it comes on a regular schedule, and you know how much it will be –you can estimate your cash flow budget and plan accordingly.
But you dance to different financial beat when you run a seasonal business, work on a contractual basis, or work part of the year.
Youthpreneurship opportunities abound during the Carnival season, with a proliferation of fetes and small businesses run by our youth.
But how can they develop financial rhythm and business confidence on seasonal income? Megan Samuel-Fields, CEO of SamuelFields Consulting Group (SFCG), a consortium of financial wellness experts indicates that the answer is to budget with the end goal in mind.
”Determine how much money you need each month to cover your essentials (food, housing, utilities, etc.). Collect all your bills and identify the ones that must be paid every month. These expenses represent the minimum income that you will need each month.
If you have been receiving inconsistent income for more than a year, review your past income and calculate what your average monthly income is. This amount will be a benchmark to gauge your financial rhythm and can be used to help create your budget,” the CEO stated.
SFCG will highlight creative ways for the youth to “Find Your Financial Rhythm” during the YOLO Summit on September 22 & 23 | 2023.
This conference will address Youth, Opportunities, Lessons and Outcomes and will feature keynote speaker Dyalekt, a St. Croix born artist and educator who teaches financial lessons by leveraging music and other art forms, as communications tools to help align personal habits with money values (https://youtu.be/FJhxkFFAuFQ). Dyalekt focuses on hip hop music, which has roots in Caribbean culture and references songs like “Swinging Engine” by Burning Flames to reinforce the importance of rhythm, tone and language in teaching valuable money lessons.
He is well known in the conference circuit and has spoken at numerous finance-focused events throughout the US.
As an artist, Dyalekt understands the challenges presented by income seasonality and offers the following advice to the youth to help them develop financial rhythm:
Develop a Solid Savings Plan
Deposit your income into a savings account that is linked to your checking account.
Once a month, transfer the amount you need to cover all household expenses from your savings account to your checking account and any leftover income stays in your savings account.
In months when your income is higher, the balance of your savings account will grow and when your income is lower, the savings balance may stay the same or may even drop.
Having this holding account will you help identify your financial rhythm, manage income fluctuations, and cash flow to get you through every month of the year.
Continuously Fine-tune Your Budget
Subtract your average monthly expenses from your average monthly income to get your baseline budget figure.
If you keep cutting things close or keep dipping into the red, you may need to work more hours or expand your existing business volume.
Once you identify and implement your new budget strategy you will be on your way to achieving financial rhythm, thereby minimizing stress in managing your money.
Harmonizing Receivables and Payables in Your Small Business
- Make it easier for customers to pay you quickly by improving your invoicing procedure, offering several options to accept credit card payments or direct deposits to your account with customers.
- Negotiate with vendors and suppliers for discounts or extended payment terms.
- Take advantage of financial and budgeting software such as QuickBooks.
- Stick to your budget during the busy season to avoid spending cash during the down times.
“Seasonal income does not necessarily mean having to go through the extremes of financial feast or famine, especially among the youth.
With proper budgeting, our youth can spend wisely and live well, no matter the season.
Not all rewarding careers come with a steady paycheck and for those who work in agriculture, construction, entertainment, landscaping and other freelance and seasonal businesses, income may vary depending on the time of year.
This uneven cash flow makes budgeting especially challenging, but by no means impossible.
Having the knowledge is key and taking “likkle” steps now to establish your financial rhythm can help you dance to the beat of life,” said Megan Samuel-Fields.
To pre-register for the YOLO Summit visit: samuelfieldsconsulting.com or contact us at [email protected]
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