9/20/2023 0 Comments Bartender 4 app![]() Keep tracking your first week, but keep all your money on hand as a security net. If this still feels like a reach, start this method after you've paid all your bills just after the first of the month. That way you won't feel broke until Sunday. Start from there and work your way up to your goal. If I'm working 4 shifts, I need to put aside $188. If I am working 5 shifts a week and need $750, I need to put aside $150 a night. I like to factor in how many days a week I am working and try to break it down a bit more that way. If I'm putting money aside and not having any spending money until I've reached my goal, what can I spend now? There are 4 weeks in this month, so you need to be sure you are saving $750 a week before you have any free spending money.īut wait. Let's say you need $3000 a month to live your life. Now that you've figured out your finances, we need to break this down a bit more. At the end of the first month of tracking all of your tips, you'll get a good glimpse of where your finances are. If you really want a new pair of shoes or something, don't spend that money and not track it. It's all about transparency, so don't short yourself. But the bottom line here is if you make it, WRITE IT DOWN. There are a lot of apps out there for tip tracking, so I highly urge you to find one that works best for you. I've had great success (and heard positive reviews) with apps like ServerLife-Tip Tracker, Tipsee - Mobile Tip Tracker, and Tip Tracker. Again, super un-fun, but hands down the second most important thing on this list. Isn't it better to realize this sooner rather than later, though? If you find your budget is a scary amount and it doesn't seem feasible, that's totally fine - it just means it's time to re-evaluate and maybe cut some costs. Ok! What's the total? Now factor in how many weeks in a month (sometimes there are 4, sometimes 5 - take this month by month, obviously). Pick an amount (the higher the better) to put away in your savings account to help during the slow season. In addition to your current finances, let's start saving too. From here, you can figure out how much you need to save per month just to live and function. ![]() It's not frivolous if it's useful to you. ![]() If you're one of those people who needs a gym membership, write it down. If you spend money on it every month, WRITE IT DOWN and give it an amount. Things like rent, cell phone bills, utility bills, student loan payments, credit card payments, GROCERIES, etc. Take a yellow legal notepad (because that sounds super adult and will also make you feel like one) and write down ALL of your monthly expenses. That being said, this is the first and arguably most important step in this process. This is super un-fun and can be really scary as well. Not to be that guy, but I can practically guarantee you will be happier and much more relaxed if you follow these steps. ![]() That being said, I felt I would share my top 5 methods of saving money (and tracking it) for those in the hospitality industry. When cash rules everything around us, it can be difficult to see what we are (or are not) making if we aren't keeping really good records of it. It can be hard to do, but money management is something a decent amount of people in our industry don't have a very good handle on - and I get it. Two weeks later, everyone is begging other people for their shifts, scared they might not be able to live the same lifestyle they had only months prior. We need to make a cut and have to have all willing staff 'rock, paper, scissors' to see who gets to go home. There's a bar open later than ours and I'm going to spend that "extra" cash there. ![]() In the summer time, we might have a KILLER night. Sure, we still have guests, but for a city whose tourism practically revolves around the outdoors, needing to be indoors for any length of time certainly decreases our traffic.Įvery year, I always see (and feel) the same thing. For us here in Tennessee, the winter months can be a scary venture for the hospitality industry. Now - I don't know where you live, but if I had to guess, I'd say your city probably has a slow season. We crave that instant gratification and that handful of cash offers endless possibilities and an immediate sigh of relief. Getting paid in cash after a night of bartending makes the hustle of that busy Friday night feel worth it almost immediately. ![]()
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