The power of credit
Something I wish I’d understood sooner is the power of credit. If you’re going freelance or are self-employed, this is quite important as it can help you with an overdraft or a loan. I once took out a loan, as a client project was taking too long to pay. I tried to pay it back in chunks, but they wanted it back at once, so I got a default on my credit rating, which can be pretty negative when you get a credit check. It only came off recently, and was on there for about five years.
Another thing that has impacted my attitude to money is my upbringing. When you’re coming from a black family, there’s also the idea of black tax – your money’s not only for you: you’ll be sharing it to help other family members, too. This means there can be some anxiety around having to earn for others as well as yourself. It’s an interesting one.
Financial management is an art that definitely requires self-discipline. I feel like I’ve been pretty savvy so far, but I also realise some of the ways I deal with money might be a bit extreme, such as having a strict limit on spending and keeping cashflow documents. In my Notes app, for example, I store information about what I owe and who owes me – I’m very proper about all of that.
Overall, our aim now is to get to a £40k salary from Comuzi. However, from a business perspective, we’ll need to work hard to get there. We’re now at the stage where we’re scaling the company beyond us, and it needs to be able to accommodate for personal growth, both for us and the team.
See Alex’s work at comuzi.xyz. This article is part of a series sharing experiences of earning money as a creative – from successes to failures and everything in between. If you have a story you’d like to share with us, please email us: [email protected]