On Tracking Expenses And Side Hustles: Kate Herrmann
This week, we’re preparing for the second conversation in our Money Mindsets series, a three-part conversation with local Austin leaders at the Capital One Café downtown on November 21, December 7 and December 19 exploring money setbacks, leveling up and staying financially informed.
Today, we’re publishing an interview with Kate Herrmann about her work with Money Positive and her personal budgeting tips.
ABOUT KATE HERRMANN:
Kate Herrmann is a board member of Texas’s first worker-owned financial planning cooperative, Money Positive, addressing a gap in the industry for middle-income individuals and households to access custom financial guidance with a personal advisor. In her free time, she is dog shopping at the local animal shelter, teaching Pilates, and learning how to cook (with an Instant Pot). She holds a BA in International Development from McGill University and an MBA from Presidio Graduate School.
Describe the way your business and projects have grown and/or changed within the last three to five years.
I don't own a business outright, but getting involved as a worker-owner of the Money Positive has been one of the most gratifying initiatives I've taken on in the past year. I've had side hustles in the past, but this represents a shift in the sense that Money Positive (being a cooperative) is inherently very collaborative, which is an environment where I really thrive. Working with a team of diverse personalities means new ideas are constantly being surfaced, which is really stimulating and gratifying for me. I think solo side projects are wonderful, but if you're the kind of person who works independently during the day, or just generally craves a collaborative, creative environment I think cooperative structures are an awesome way to build a business.
What's a money tip or trick that you've learned recently?
Setting up account balance updates on my phone every time I make a discretionary purchase. The consistent, immediate feedback keeps me honest about my spending and lets me make impulsive purchases without guilt.
What advice or lesson would you share with someone who’s at the start of doing their own thing?
If "doing your own thing" means starting to turn your passion or hobby into a personal revenue source, start setting aside 30% of your income for taxes and make your payments on a quarterly basis. As an independent contractor, I think 1099 tax rates take a lot of people by surprise, and making those quarterly payments helps to avoid overspending throughout the year. Also, get an app for capturing receipts (something like Shoeboxed Receipt Tracker) so you don't literally have to sift through a shoebox when you are declaring your deduction.
Design by Danni Wright
want more?
Join us at Money Moves and Mindsets this Thursday, December 19 from 6:30 to 8:30 PM at the Capital One Café to hear Herrmann’s story. Thanks to Capital One’s commitment to supporting women in entrepreneurship and small business owners, this event is free and open to the public with RSVP.
Can’t make it? We highly suggest learning more about our biannual conference WORK, a one-day event that presents new ideas and approaches to creative and entrepreneurial work. Hosting 300 guests every summer and winter, this biannual, one-day event's panels, workshops and speaker sessions touch on personal and professional development, marketing, wellness, business management and entrepreneurship. ✨The next WORK conference will be held on January 11, 2020 at the University of Texas at Austin’s Rowling Hall.