As a professional tennis player at the top of your game, or working your way to the top, you’ve got big expenses. There are professional expenses: Coaching and training fees. Travel for you and your team. Equipment. Insurance. And don’t forget your personal expenses, such as rent or a mortgage, cell phone, groceries, clothing and everything else.
Covering all of these costs can be stressful. Having a spending plan can help you keep track of your expenses, but it’s equally important to have a savings plan, which can give you a cushion if there’s a period when you bring in less money due to an injury or a series of losses. Here are seven things to think about as you create a savings plan.
1. Treat your plan like your training
When you train, you likely have important goals, like building more endurance or strengthening your serve. Think of saving money the same way. First, get specific how much you’re earning and how much you’re spending. This is the basis of your spending plan, which will help alleviate some of your money-management pressure.
Once you know how much you’re spending, you’ll know how much you can save—either a dollar amount or percentage of your income—every week or every month. Then, determine your goals for saving as you would decide on goals for training. This may include an emergency account, career savings goals (like travel expenses), or personal savings goals (like taking a vacation or buying a car or a house).
2. Pay yourself first
It’s important to treat your savings as any other essential expense, like paying your trainers, coaches and others who help on your quest to be the best. Having a savings fund that is easily accessible can help you reach financial goals and cover unexpected costs without throwing off your budget. When you prioritize saving for yourself, even if the contributions are smaller than other expenses, you’ll be surprised at how much your savings can add up.