Q1. Could you do a short introduction about yourself and what you do?
I am Seemin, currently an undergraduate in NUS majoring in Sociology. I own a henna tattooing business that goes by the name of @henn.drawn. Linking tradition and modernity, I produce body art by the form of temporary tattoos using henna and jagua ink.
Q2. What are some of the money saving tips that you live by?
My number one saving tip is to keep a portion of your savings in cash (usually $200-300), concealed in an angpow. There are 2 parts to this tip.
#1 is the physical form of money that allows me to keep track of my expenses better. For me, when I don’t see my money leaving me, I don’t feel the pinch. So I try to always use cash to pay instead of my card in order to keep track of my expenses. But it doesn’t work if you use cash to pay and but you keep withdrawing because you always only have $10-50 in your wallet, which brings me to part 2.
#2 is that the lump sum can allow me to see how fast the cash flow is. It also decreases the chances of resorting to pay by card when I’m out of cash & in no sight of ATMS and it also doesn’t waste time on the queue for ATMs.
Q3. Being an entrepreneur, what is the toughest part in managing your finance in your job?
I think the hardest part is tracking all the accounts of the business, including cost of materials, booth rental, transport expenditure etc. because I am still quite new to this and I am slowly getting used to it. Freelancing makes it even harder because my cash flow is so irregular!
Q4. Any tips for the aspiring entrepreneurs out there?
Setting up your own business is easier than it seems! And the sense of achievement is so, so fulfilling. The hardest part of being an entrepreneur is definitely getting over your own mental barriers. I know this sounds cliche and SO generic but as someone who used to think those words were bullshit and went for it anyway, I have to say they are absolutely true. You don’t have to be super talented or rich (there wouldn’t be #strugglingartists if that was true), you just have to work with what you have, and/or what you love. You just have to GO FORTH and DO IT. 🙂