367: Money Matters & Budgeting with Jenifer Parker

The Connected Yoga Teacher Podcast

The Connected Yoga Teacher Podcast

367: Money Matters & Budgeting with Jenifer Parker

Description:

How do you feel about budgeting and money as a yoga teacher? What is your system for tracking income and expenses – is it working? How can you decrease your expenses and/or increase your income? These are some questions Jennifer Parker answers in this insightful money conversation.

Jenifer Parker has been a yoga teacher for more than 21 years and is a qualified instructor in 4 lineages: Kripalu, Sivananda, Krishnamacharya, and Thai Yoga. She meets students where they are, teaching a traditional, integrated approach. In general she teaches within the Krishnamacharya lineage, but offers a unique insight into the similarities and differences in practice across lineages. Currently, she offers private lessons, corporate and private group classes, and a few public community classes in Te-Whanganui-a-Tara, Aotearoa (Wellington, New Zealand).

In this episode, Shannon and Jennifer dive deeper into money matters and budgeting for yoga teachers. Jennifer explains how to get consistent with our budgeting, how to adapt it to our needs and our yoga business, and why it’s so important for yoga teachers. She also shares some ideas on how to make more money as a yoga teacher and tackles some big mindset blocks yoga teachers may face when it comes to money issues.

Key Takeaways:

[0:28] Shannon takes a moment to recognize the harm that is taking place in Palestine right now.

[4:13] Shannon briefly talks about her topic and guest for the episode.

[5:15] Shannon introduces herself and gives a shout out to the sponsors, OfferingTree and Pelvic Health Professionals.

[8:47] Kathleen Pratt shares a little about the ongoing online yoga series, Nourish Your Nervous System.

[10:13] Shannon introduces her guest for this episode - Jennifer Parker.

[15:49] What does Jennifer do and who does she do it for?

[18:36] Jennifer shares a little about where she is located.

[19:44] Why is Jennifer so passionate about talking about money in relation to teaching yoga and being a yoga teacher?

[25:47] What are Jennifer's thoughts on budgets?

[32:04] What kind of tools does Jennifer use when it comes to creating a budget?

[34:08] What actions does Jennifer take when she's looking at her budget every week?

[37:26] Jennifer shares some tips that can help with the mindset part of creating and following a budget.

[40:34] What are some ideas for yoga teachers to make more money?

[46:49] Having a clear goal in mind will help you move in the right direction.

[48:23] Shannon pops in to give a shout out of thanks to sponsor, OfferingTree.

[51:21] What are some other ideas for making money within yoga?

[58:17] Jennifer recommends talking to your landlord about subdividing the physical space you are using for yoga classes if the rent has gone up.

[62:23] We have to get comfortable talking about money!

[0:00] undefined

[63:18] Jennifer's advice is to tap into your networks.

[74:37] Shannon shares some reflection questions you can journal on.

[75:37 - 75:50] Questions:

[78:42] Shannon shares an audio message from a podcast listener.

[81:11] Support the podcast by making a donation or signing up for one of the offerings!

Links:

• Jennifer Parker

• Previous Podcast Episodes on Money

• 366: Get Okay with Making Money with Chioma Njoku

• 330: Connect with Your Money with Shannon Crow

• 295: Make Money Teaching Yoga with Betty Welsh

• 280: Get Paid as a Yoga Teacher with Shannon Simmons

• 141: Let’s Talk Money with Katie Brauer

• 042: Money Mindset with Geraldine Carter

• 154: Bookkeeping for Yoga Teachers with Kelly Christian

• 329: Why Separate Bank Accounts? with Shannon Crow

• Mint: Budget Tracker & Planner

• Nourish Your Nervous System, 6-Week Online Series with Kathleen Pratt in Pelvic Health Professionals

• Guest Speakers in Pelvic Health Professionals

• Support the podcast

• Shannon Crow on Instagram

• The Connected Yoga Teacher Facebook Group

• Pelvic Health Professionals

Gratitude to our Sponsors, OfferingTree and Pelvic Health Professionals.

Reflection & Journaling Questions:

• How can we navigate the often unpredictable landscape of income and expenses while staying true to the practice of yoga and the purpose of our work?

• How do you personally approach budgeting as a yoga teacher?

• Have you found success in tracking your income before your expenses, and if so, how has it impacted your financial stability?

• What methods have you used to increase your income beyond teaching classes?

• Do you prefer using budgeting apps or spreadsheets, and why?

• How often do you check your bank statements, and what insights have you gained from this practice?

• In what ways do you see parallels between budgeting and yoga, particularly in terms of consistency and adaptability?

• Have you been able to build a buffer of savings, and if so, what strategies have helped you achieve this?

• When do you think it's appropriate for yoga teachers to consider taking on part-time work, and how can one navigate the potential stigma associated with it?

• Have you ever negotiated rent for your teaching space, or explored alternative venues? What advice would you offer to others in similar situations?

• Lastly, how do you harness the power of your network and student referrals to grow your yoga community and increase your teaching opportunities?

Quotes from this episode:

"It's OK to make income teaching yoga.'

"It's really helpful if people can actually sit down and look at the numbers and then make for themselves a clear decision. Is this something that I want to do full time all the time or is it something that I just wanna do sometimes?"

"Let's talk about different ways of approaching the financials of this business that are based in living our values rather than just ‘I made a beautiful abundance collage and the universe will take care of me’."

"The first step of budgeting is: what are my costs?"

"The budget will work for you if it works the way you work."

"If you're in a place where you can say I'm not gonna be too proud, all of a sudden now there's infinite opportunity."