BOSSes, Anne Ganguzza is joined by her lovely co-host, Danielle Famble, for the Boss Money Talk Series. The BOSSes tackle a fundamental challenge of a voiceover freelance career: managing inconsistent income. Drawing from her past job experiences, Danielle shares practical wisdom on how to budget, save, and build a financial cushion. This conversation redefines "budgeting" as a tool for empowerment and offers a strategic roadmap for every voice actor to take control of their finances, ensure stability, and thrive.
00:00 - Anne (Host)
Hey guys, are you ready to achieve those dreams? With MyLife Transformation coaching services, I can help you reach your full potential. Don't let fear and uncertainty hold you back. Take control of your life today. Visit anneganguzza.com to get started.
00:20 - Speaker 2 (Announcement)
It's time to take your business to the next level, the boss level. These are the premier business owner strategies and successes being utilized by the industry's top talent today. Rock your business like a boss a VO boss. Now let's welcome your host, Anne Ganguzza.
00:39 - Anne (Host)
Hey everyone, welcome to the VO Boss Podcast and the Boss Money Talk Series. I'm Anne Ganguzza and I am here with my lovely co-host, Danielle Famble.
00:49 - Danielle (Guest)
Hey Anne, hello Danielle, hey, hey, how you doing, how are you? I'm good, I'm good, I'm good.
00:53 - Anne (Host)
Well, I am glad to have you back and I have a topic for discussion today, because I've had, on more than one occasion, some students recently talk to me about gosh. I'm just having a hard time finding work and I don't know if I should continue to stay in this industry because it's just getting too hard. I mean to sustain it, and so what should I do? It would be a worthy topic of discussion to talk about, like this particular industry and how we handle our financial situation in times of inconsistency, because it's just a known fact, guys, bosses out there, it is an inconsistent, it is part of being an entrepreneur. Our, our income is inconsistent. So what do we do and how do we budget for those times when maybe it's slow or, you know, when it's not slow, and what do we do when we have inconsistent income?
01:55 - Danielle (Guest)
That's such a good question. That's a big part of being a boss, being an entrepreneur and being in this business, and it's good to give the perspective one you know to your students that you're coaching and to anyone listening. You're not alone. It doesn't mean that you're a bad voice actor. It doesn't mean that you're bad at this business. That is the nature of what it is, that we do, and so it has nothing to do with you or your worth or the fact that you're not good. Slow months happen all the time. It happens to the best of us.
02:24 - Anne (Host)
And you know, I think it's really something a point worth mentioning is I've been in this industry about 18 years and it's always inconsistent, like there's not been a year where it hasn't been inconsistent. So it is something that I think, if you plan correctly and you're prepared for, it doesn't come as a surprise and it's something that you can absolutely continue to grow and build your business through oh, totally Inconsistent income. So, as long as you plan and strategize, yeah, and you just know this is normal.
02:56 - Danielle (Guest)
This has not got anything to do with you. This is a normal thing, you know. It reminds me of I don't know if you know this, anne, but I used to be a waitress for a long, long time. I was a waitress at comedy clubs and the way that I made my money was on tips, and so I got used to living on an inconsistent income and realizing that there's going to be a couple of days or weeks or months where it's going to be great and then it's going to be slow. Maybe you get cut because it's so slow that they don't need you to be there. But you know, the thing that didn't get cut was my fixed expenses, my rent, my cell phone bill, all of those things.
03:35
So I would say to those are stable. Yeah, figure out what your stable expenses are and make sure that you can keep that as your base and plan for your base Anything on top of that. You know when times are great and when you're making a lot more money, you can use that to keep it to the side for a buffer, but really just know what your base expenses are, which then goes back to our longstanding conversation about knowing your numbers and the data and everything else. If you're too afraid to look at what your expenses are, you're not going to know what your base is that you need to be able to maintain at all times. So really like have the courage, look at what are your expenses that are fixed, that are stable, and know what your base is, and you want to be able to hit your base every single month.
04:22 - Anne (Host)
So then, budget around your worst month, not your best month. Yeah, absolutely Right. And and that and the and the numbers on your worst month can can actually like I. I mean, I could say what are your expenses and your worst month would be you didn't make anything. Budget around that. That's what I would say. Right, that's your worst case scenario, and so you'll still need to be able to function. And so what does that mean in terms of if I don't make any income for an entire month, does that mean I should give up my voiceover business, danielle?
04:54 - Danielle (Guest)
I don't think so, but I do think that you do need to have some way of knowing that there is income coming in from another form. So maybe it's not the income coming in from your voiceover business, because you didn't make anything that month but you do have a nine to five or you do have a babysitting job or you do have. You know, you do Uber on the weekends or what have you. Just know that there needs to be, that money needs to be coming in from somewhere else. If it's not coming in from somewhere else, then we need to find how can we get to our first dollar. Is it in voiceover? Is it in another way of making money? But make sure that you know that there is some income coming in so that, even if the income from your voiceover business is at zero for the month, you know that there is income coming in from somewhere else that's going to be able to offset and still hit your baseline goal.
05:43 - Anne (Host)
And I think your budget right for those months you don't live on that budget. I mean it should be a budget for a budget that is a low-income month, not necessarily like I'm going to continue to go to Starbucks every morning or I'm going to. Maybe that's a necessity, maybe you feel like that's worked into your bare necessities, but is that something that you're willing to give up in a low-income month? Or is going out to dinner? I think that's the biggest one. I think, like my husband and I are like okay, we got to stop going out to dinner, right, because that's an unnecessary expense. If we're trying to tighten our budget during a low-income month, it's mostly like oh, and we're going to go out and spend money doing this, or are we going to go out and spend money doing that? A lot of times it's based around food. Why is that?
06:25 - Danielle (Guest)
Yeah, I mean, that's mine as well. It's food, but then sometimes it's you know, if you're going to be spending additional money on things in your business, maybe it's that you forego coaching for the next couple of months because you don't really have the money for that, or maybe you need to forego some other things in your business and subscriptions that maybe can be paused. It's not just what you're doing in your life, it's also things that you can cut back in your business too, so that you can make sure that you know. You know, I know that my fixed expenses for the operations of me are this these are the things that will you know, that are always going to stay the same my housing, food, you know, basic necessities, business expenses.
07:10 - Anne (Host)
Business expenses as well, I'm going to say rocket money. I had a free trial and I used it. It's great for finding out those recurring monthly expenses that you have that all of a sudden like oh, that Sirius XM like subscription that I have for my car, which I don't drive very often because I work from home, right, but now I can play SiriusXM everywhere, but still that subscription costs, and it used to only cost like $12.99. Now it's like $25 a month, and so that can help you keep track of those subscriptions that creep up on you that you may or may not be utilizing.
07:44 - Danielle (Guest)
And everything is a subscription nowadays, so really you have to. It's so sneaky, but you can find a lot of unused subscriptions and then you can recoup some of that money back just by saying no, thank you to those subscriptions.
07:59 - Anne (Host)
Think about your Starbucks as a subscription. That's true, really, if it's something you do every day, I mean really. I mean I know there's a lot of people that that's a daily habit, and you know. Think of that as a subscription. And one other thing I wanted to mention, and I would not have even thought of this really until I incorporated and became an S Corp but I am required to pay myself a salary, right, and that's something that you know.
08:22
When you're trying to like skimp on your, your budget, or you're trying to figure out your expenses, don't forget you need money to live, you need money to buy the groceries, you need money to pay the rent you need, and so I think it's always a good idea, even if you're not an S-corp, to really kind of think about here's the money coming in. A portion of that should be set aside for my expenses, for me, right, that's my salary, and then pay yourself on a set schedule. I think that helps you really get an idea as to okay, here's the money I need to live on, here's the money that's profiting in my business. I don't know. It's just one of those things that maybe it's worth it to take a look at.
09:03 - Danielle (Guest)
Absolutely. That should be a core staple that everyone should be doing is you know we're doing this. We're in business to make a profit, and so the idea is I need to get paid, and making sure that you pay yourself first so that you are getting used to, and your business is getting used to, that expense of making sure you're paid. That's the study and that's actually how you can stay steady is okay. I know that I'm going to be paying myself a certain amount every single month. That is the expense of my business to pay me, but that's also how I'm able to pay my bills, keeping that steady, and it doesn't need to be that you wait until you are an S-Corp to do that. I would say try to start doing that as quickly as possible. Once you have established the fact that you're doing this business, you're in business.
09:51 - Anne (Host)
I would not have realized that until you know I really started an S-Corp and I should have actually. Again, I needed to take a look at the numbers.
09:59 - Danielle (Guest)
Here's the deal when you do have those lean months, it doesn't come as such a shock no-transcript Because if you wait, that is going to be a surprise likely to you where you're not really expecting it. And then you get into a really unfortunate situation where this inconsistent income has caused an inconsistent pattern in how you're paying yourself and how you're putting money to the side. So make sure that when you're paying yourself you're also making sure to take care of your tax liabilities.
11:01 - Anne (Host)
Yes, Excellent idea. And another thing, as I look at you here in your brand new, shiny, sparkly studio, right and we've talked about this so many times before is having that financial cushion, right, Having that emergency fund. But I think honestly, like, if you can have more than just that emergency fund, which doesn't get touched under the extreme circumstances of an emergency, but consider having another fund which is, you know, just a one to three cushion fund, right, Right that you have to live in the event that you have a slow month, right, and having that separate fund where you feel secure and confident that you can take from that fund and you're not dipping into that emergency fund. Because I always feel guilty if I'm dipping into my emergency fund. Well, number one, because my emergency fund is heavily invested in my high-yield savings account, which doesn't mean that you can't have a one to three-month cushion also sitting in a high-yield savings account, and so I always feel like, oh, I don't want to touch that because I want to keep earning interest on the greatest amount of money possible Sure yeah.
12:06
And so that's my emergency fund, but also maybe having a separate fund just for, oh, times are lean this month and you know, and I'm going to say, maybe, in order to give me better mental health, I do need a Starbucks today or I do need a pair of earrings today. But I'm going to be a caution. I'm going to caution people to not necessarily go out and shop your, your financial worries away, because you know, that's me. I've definitely been in that trap where, oh, I just need to feel better. Let me go out and buy some new clothes, yeah, or a new lipstick, yeah.
12:41
I think try not to do that. But you know, I think that one to three month other fund that you have will help you to pay the bills.
12:47 - Danielle (Guest)
Absolutely. And so then you can use sort of a system where you're making sure that when things are inconsistent and times are a little bit leaner and you're not making as much money, you know what your baseline, your core base expenses are. And then, when things are going really well and you're making a lot more money and you had a really great month, you put some of that money to the side in that cushion fund that's not your emergency fund and when things are low, you use that cushion fund to make sure that you're staying afloat. I like that sort of cycle of making sure that you are taking care of yourself. It's not necessarily feast or famine when things are going really well.
13:28
You have already looked ahead and taken care of yourself, because you know that this is a cyclical business, this is inconsistent. It's an inconsistent income kind of business and you know that one day you're going to need to use the money that you are currently making. Don't just spend everything that you're making. Put it to the side so that when it is inconsistent and when it is a slower month, you're pulling from the times when you had a really great month to keep yourself, you know, in balance. And that's, I think, the way to do it is you should look at this month or any given month, as am I taking care of me now, or am I taking care of me now and me in the future? But always make sure that you are doing that delicate balance.
14:16 - Anne (Host)
Speaking of, you know, setting aside money for taxes, and setting aside, you know, that money. Don't forget about retirement guys. Don't forget about a retirement fund. Please don't forget about retirement. One thing I want to say is that and I'm not a money girl, right, or I never thought of myself as a money girl, but can I just tell you, the software companies are making it easier and easier. Like your credit cards are now categorizing your spending, right, Because, of course, they want you to use the credit card more. So they're going to categorize it and you can find out where your expenses are going, and if you use the credit card, you can get 3% back. Blah, blah, blah, blah blah. They want to encourage credit card spending, but also you can use that as a method for really finding out where is all your money going.
14:57
Quickbooks like I never thought. Like my QuickBooks Online. Like you can generate a report literally a report in a matter of seconds, Whereas before it used to be really difficult, man, If you were doing like spreadsheets. And I don't know, Danielle, I can't remember what product you use, but I mean I need something simple, something that does the work for me. Some people are really hardcore and go right into the Excel spreadsheet and that's how they track their budget. But, like for me, I just generate, I flip, I generate a report really quickly in QuickBooks and it tells me, oh my gosh, I spent so much money this month on my expenses going out versus what was coming in, and so I can really then make an educated and strategized decision based upon those reports.
15:39
And I can do, I can generate those reports at the flick of a button. And even if I hate finances right which I know a lot of people don't like to look at their, their money yeah, it's again one of those things. This is your business and it is something that, if you're not looking at it, pay somebody else to do it, like my accountant. Then talk with your accountant and say, hey, look, where's all my money going. Or I found that I had a slow month. And then have that weekly meeting or that monthly meeting that says here, OK, they can break it down for you and say, look, you're, they can generate the reports and they say, look, here's what you're spending on lipstick and or here's what you're spending on restaurants going out, and here's where you can maybe potentially save money. Or think about taking this money that you have left over and putting it into this type of an investment account.
16:23 - Danielle (Guest)
This money that you have left over and putting it into this type of an investment account and taking care of future you.
16:29
So you've got sort of the shorter term future you of this one to three months cushion for when times are lean. You've got your emergency fund, which usually I say you know, six to eight months I say closer to for me, yeah, six to eight months, which is a pretty big emergency fund, but that's because we're self-employed and so I want to have a pretty good cushion, or the longer term fund being your retirement. And there are ways, depending on how you have it set up, where, if you're investing in your retirement account, that helps you in tax time because it might lower the amount that you are paying on your taxes.
17:05
So it is always forward looking. It's looking at what's happening today and it's looking at what would be happening in the shorter term future or longer term future. And how can you use the windfall that you have or maybe are not experiencing now? How can you use that to keep you afloat, you know, with your core base expenses. But it really is again going back to do. You know what those core base expenses are Right, and how can you stay, you know, level with them. And if you need to dip into the bank of you, then you can do that with no shame and no problem, knowing that you've already done the work to take care of yourself.
17:44 - Anne (Host)
From a girl that's a little less of a money girl to a girl who is a money girl. One thing that always sneaks up on me are those antics annual fees or the recurring right subscriptions or that come up once a year. Because I went from let's not do it every month, let's save and let's do yearly subscriptions, but every once in a while, if I'm not paying attention, that yearly subscription will come up and it'll be taken out of my account and I'll be like whoa, how do you do you prepare yourself? I do For those things. So talk about how you prepare you know some of those things.
18:18 - Danielle (Guest)
you know we use the word like surprise expenses, when, like it's kind of like these are super noble things, like yeah, I signed up for that credit card that has that high annual fee.
18:27 - Speaker 2 (Announcement)
It was me.
18:28 - Danielle (Guest)
It wasn't like some, somebody impersonating me Right large expense, that is, a knowable expense. I typically will put a calendar alert in a month in advance so that I can remind myself that this is coming. For example, my credit cards. I have the American Express Platinum card, I have the American Express Gold card and they have very high annual fees and for some reason I applied for them around the same time of the year and different years. So they, the annual fees, they come and they hit like roughly, like right, one after the other and I always think to myself Danielle, what did you do?
19:05
Why did you do that? Why did you do that? Why did what were you doing in December that you really needed a new credit? Why did you do that right in the same time. And that's, you know, my own personal journey. But I know that it's coming, so I can prepare either a little bit every single month to make sure I'm ready for that, yeah, or because I've given myself that calendar alert saying hey, danielle, just so you know this is coming up next month, I'm already mentally and financially prepared that that hit is about to happen. Most of those, you know, those subscriptions, those annual subscriptions, those are things that are knowable expenses, albeit big expenses. So your calendar is your very best friend. Give yourself the heads up and know that it's coming.
19:49 - Anne (Host)
I agree I live by my calendar anyway for a day-to-day schedule of things that I'm doing. And I think if you have a calendar, a financial calendar, I mean my goodness. I mean you could make an easy financial calendar. I use Google Calendar for everything and they're color-coded when do I have coaching sessions? When do I have monthly workouts coming up, when do I have all of these things, holidays and that sort of thing, so you could have a financial calendar that has all of your subscription renewals and or your monthly costs, like those base costs that we talked about, so that you're prepared.
20:25
This month I'm going to plan on spending this amount of money. And also, again, it's one of those things that if you have an accounting software that can be generated in an accounting software easily, your monthly budget, absolutely, and you know it's something that you need to like. And again, I'm talking from a girl. I'm not a money girl, but I have to force myself to do that and take a hard look at what's going out every month and how can I cut? And I recently just said, ok, how can I trim the budget in my company, because I had been like, oh, let me try this software. I'm a big risk taker Danielle, and we talk about this thing, I hoard software too.
21:04
Yeah, I buy software subscriptions, I try things out and then I forget about them sometimes right.
21:10
I was like, oh, I haven't used it. I tried that out, I paid for the subscription, I forgot about it. So every once in a while I have to revisit what am I putting my money into, and has it given me a return on my investment? And if not, I need to trim the fat. And so I really I did that more recently so that I could have money to invest in something different.
21:31
So again I had, and I invest in in people who who work for me, and again I wanted to invest in some additional advertising, and so I needed to get that money from somewhere Right. So I had to kind of figure out where can I consolidate my expenses Right? Can I get, now that you know I've evolved in my business so many years, maybe I don't need this particular, I don't need as much social media, maybe I don't need, you know, that monthly subscription to this particular? You know, pay to play. Am I really using this pay to play?
22:07
And again, you know, figure out what am I? Where's my money coming in? Where am I making the most of my money? And do I want to reinvest my money coming in into that, into getting more of that, or do I want to reinvest my money coming in into that, into getting more of that, or do I want to diversify and maybe explore another genre of voiceover, or I want to get more voiceover work in this particular genre? What's it going to take for me to get there? So I think, really again taking a look at the money, and if you hate looking at money, I suggest, even if you hate looking at money, it's something that you got to do. Consider it an education in running your own business.
22:40 - Danielle (Guest)
I would consider, if you hate looking at money, that you really need to look at money.
22:46 - Anne (Host)
If you don't like it, then you really need to do it If you don't like it, that's a flag.
22:50 - Danielle (Guest)
That's a flag, that's a flag. Run toward it, run toward it.
22:55 - Anne (Host)
I love it.
22:55 - Danielle (Guest)
I was told by my financial advisor to have money dates with myself, and I think what you're talking about would be a really great thing to do twice a year of these sinking funds, these mini emergency fund or emergency fund, so that you know where you need to divert more of your money in the good months, in the months where you're making so much more money than you planned for. That's really a great thing to do and I would say once or twice a year to reevaluate that, because maybe your one to three month or your short term emergency fund, let's say, is about a couple thousand dollars under. So you know. Ok, you know what. Why don't I put my money and my focus on beefing that up so that when we have these inconsistent months or when we have lower months, I know that I'm good. You won't know until you take the time to really look at it. So give yourself the money date of taking a real look at your money and knowing your numbers about what is your core expenses, what can you maybe trim or what can you press pause on, and then what can you run toward when it's time and when you have the money for it.
24:18
I love the idea of sinking funds. You have a fund specifically for your education, for your just slower months, for things that you do when you book that really big job and maybe you want to take yourself on a nice you know nice dinner or something like that like ways to celebrate. You can have multiple of these sinking funds. That's what something like that, like ways to celebrate. You can have multiple of these, these sinking funds. That's what I like about some of these online accounts where you can have a bank account that will give you an unlimited number of smaller, you know, virtual accounts where you can just put that money to the side I love that that's great.
24:52 - Anne (Host)
It's a really great hack that I use.
24:54
That's a new concept and and what I like.
24:57
What I like about how you're talking and you're phrasing this whole conversation is you're talking about funds, right, you're talking about fund accounts, yeah, versus when, when and I don't know if this is just me and my age, but, like whenever I was talked about, well, you need to set up a budget that had a negative connotation and that meant that I wasn't making the money that I should have been making, or I was. You know what I mean? I was somehow lacking in whatever, mostly in money, right, I was lacking in money and the ability to either manage my money or whatever it was, but it had a negative connotation and I think that we need to reframe that whole concept. Again, if we talk about, like, money blocks, right, it could be a form of a money block and, in reality, the term budget, you can rephrase it to say you know, your money funds or your fund account it's giving you more of like a permission to celebrate it because you are strategizing, you are creating a future with a purpose, yes, and your purpose is focused, strategized and smart.
26:03 - Danielle (Guest)
Absolutely, and it's purposeful. It's what you've decided that you're going to do. So budgeting for me, when I think about it, it's what am I deciding that I'm going to be spending my money on and this money is allocated towards that thing that I already decided. If you take away the concept that a budget is restricting you, it's not restricting you. It's where you have already pre-purposed and pre-determined where your money is going to go, and then you just do as you set out. It gives you freedom and it puts you in the driver's seat. You decided that you want to spend your money on the Starbucks or your whatever, and isn't that what we?
26:44 - Anne (Host)
yeah, Exactly, Isn't that what we decided? Bosses right, we are in the driver's seat. We are the boss Totally, and you know you need to be the boss of all aspects of this business. And I think, if you really take a look at your budgets and or your funding accounts and I love what you just said about the virtual accounts there, Danielle that's a concept that I actually was not aware of, so now I'm going to be researching that because I love that, I love being able to it's like my content buckets for social media, right? This?
27:15
is going to be my fund buckets for Ann's Lipstick, no, for my business. Right For that Starbucks account. I've got money in it. So I think that really gives us a much clearer strategy and purpose when really looking at our business. And again, you always want to go forward and move forward in your business and this is one way that you guys can get there Totally.
27:38 - Danielle (Guest)
You are in the driver's seat. These are not things happening to you. You can make the decision as to where you spend your money when it comes, and if you need to dip into the bank of you so that you future you is taken care of, because the you of today did the work to make sure that they were taking care of future. You Love that. That's. What I love about being an entrepreneur is that I'm taking responsibility for myself and taking care of responsibility of myself today and also future me, by putting money into the spending buckets or to the sinking funds, to my retirement account, to my emergency fund, and then I am making these financial decisions with me in mind, because that's my job is to take care of myself and also the people that are around me that I touch with my business, with my life, with my purpose.
28:32 - Anne (Host)
And with that lovely words of wisdom, danielle, I'm going to thank you so much. What a great conversation. Yeah, this is a great conversation. Love it, love it, love it. Bosses, I'm going to give a great big shout out to our sponsor, ipdtl. You, too, can connect and network like the money boss that Danielle is. I absolutely love it. I love, love, loved our conversation. Thank you again, bosses. Have an amazing week and we will see you next week. Bye.
28:58 - Speaker 2 (Announcement)
Bye. Join us next week for another edition of VO Boss with your host, Anne Ganguzza, and take your business to the next level. Sign up for our mailing list at vobosscom and receive exclusive content, industry revolutionizing tips and strategies and new ways to rock your business like a boss. Redistribution with permission. Coast to coast connectivity via IPDTL.
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