Finance

After listening to the finance talk we had from David Thomas, I had learned a lot of new things that I wasn't exactly educated on before and decided to complete some tasks for this section.

I decided to complete the task of doing a 'budget sheet' of a month I had chosen, which was the month 'November' and go through the amount of money I had spent within that month.

I decided to calculate the amount of money I had spent in November, when calculating the amount of money I had spent I came to the shocking realisation of how much I had spent on specific sections.

The section that surprised me the most was how much I had spent on eating out as I never expected it to be so high. I have personally learned from seeing all my expenses in one month shown physically on a 'budget sheet' and am now learning to manage my spending habit on a variety of things and 'eating out' specifically a little better.

I decided to complete another 'budget sheet' for if I were to work after graduation while trying to manage some money and thinking of what I would possibly need while working.

I decided to calculate and do a rough estimate of the potential what I would spend my expenses on in both the personal section and work section.

To calculate the daily rate, I looked at a source of the average yearly income of the average animator salary which came to £24,907, and first calculated the monthly rate which is; yearly income / 12 to get £2,075.58, and from there I then calculated the daily income by taking the monthly income / 30 to get £69.19.

Savings

It is important to be mindful of not only how much you spend but how much you save as both are equally as important as each other. With this knowledge, I've decided to create 3 different saving plans; short term savings, medium term savings and long term savings.

Short term savings would include accommodation, food, other essentials and possible hobbies, for example, if my monthly living costs came to £1775.31, I would need to multiply it by 3 to get the amount for 3 months which comes to £5,325.93 and depending on how much money I put aside for it, so if I decide to put aside £150 a month towards a pot, I would possibly achieve this amount in 2.96 years.

For medium medium term savings, It is many known to be used as a way of saving for something much larger, for example, a car or for travel. I decided to use the example of going on a trip to Paris for a week, as shown in the screenshot above, while thinking of the ticket, accommodation, food, transport and possible attractions such as a museum or gallery, by taking a small percentage of your earnings each month, you will be able to reach your goal.

For long term savings which would be your pension, I would possibly choose to use PAYE, which is an auto-enrolled workplace pension system. A minimum of 5% of my earnings would go into a pension pot my employer made as well as another 3% of my own earnings being put in from the employers own money.

In the far distance future, I do plan to become a freelance animator so because of this I may have to come up with my own pension plan with some professional guidance on how to do so when the time comes.

Invoice

Invoices are a priority when it comes to payment between two parties as it is a document showing an agreed amount between the two parties.

With some help and looking at different sources, I did a draft of an invoice which is showcased below.