Yesterday's CEP preparation session was on financial considerations. I've never been one for Maths so it was pretty dull. However, some good points were offered in regards to maintaining a good hold on the finances of our CE projects.
Good points raised:
- Keep a balance sheet. Record the project income and expenditure.
- Record all finances, no matter how small.
- If you gain a resource for free find out how much it would have cost and add that cost to money the project income.
- Work out the millage, not the amount of petrol purchased.
- Increasing my contacts is an investment.
- Establish speculative profits.
- Good catering always brings people back. I'm in charge of the catering for Remember This.
- My time is valuable! I would argue that my time is more valuable than money, seeing how I don't actually have any money.
- Maths is very painful! The finance seminar backed up an argument I read about the day before: Maths problems Can Be Physically Painful.
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| These things are just as rare as those things you invest your time in and then get paid for. |
I'm a student and (this year in particular) I've got used to surviving on next to no money. Not for one second do I ever think my project will make any money. That is not what I'm concerned with, I just want to improve my skills and put together a good portfolio. However, the financial considerations are part of the module criteria and I know I'll get a higher mark if I do include them, so that is exactly what I'm going to do! I will keep a record of the money going in and out of my project.
Another thing I'm going to start keeping a record of is the time I invest into my project; as I've already said, I consider my time more valuable than money. To this end, at the end of each week, I'm going to post on this blog how much time I invested into my project over each week. I'll also go back through my Google calendar and work out how much time I've already invested.
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