Accounting for webcam model
As self-employed independent contractors it is essential that camgirls keep track of earnings, as there is no hourly wage or salary to rely upon. Many camgirls create daily or weekly earnings goals based on the following factors:
fixed expenses (rent/mortgage, phone bill, etc)
typical discretionary spending levels (food, entertainment, etc)
taxes (which vary based upon nation of residence)
savings (both long term and short term/emergency funds)
Once added up and divided down to daily or weekly amounts it’s much easier and accurate to discern the earnings amounts that will be required to maintain one’s desired lifestyle, meet one’s needs, pay taxes and save and plan for the future. These latter two items (taxes and savings) are often neglected but are equal in importance to items such as fixed expenses. Taxes need to be paid, and finding yourself at tax time unable to pay your bill is not a position in which any camgirl should ever find herself. In terms of savings, since camming is an inherently unstable income source (in that there is no hourly wage or salary) and comes with no medical or dental benefits, having savings to coast through lean times, health issues or unexpected expenses is vitally important.
To create an earnings goal and accounting system first decide whether you wish to create a daily goal or a weekly goal. Then compile your expenses, estimated taxes and savings goal for the month and then divide by either 30 (for daily goals) or 4 (for weekly goals). At the end of each day or week compare that goal with your target goal to see where you stand, and adjust earnings goals for the following days or week accordingly.
Being a self-employed independent contractor means that camgirls are solely responsible for their own earnings, accounting and protection. As such, compiling one’s exact income needs and planning to achieve the earnings goals required is vital to long term success and financial success.