As a self-employed individual, you’re in charge of everything concerning your freelancing work. Your finances are one of them. Here are some ways to stay on top of your money management skills.
Set your financial goals
You need to establish your financial goals as soon as possible. Goals help to give you a reason to wake up and actually do the work. Plus, they also help you plan ways to achieve them in realistic ways.
Keep detailed records
Make sure that you keep an accounts journal and record how each cent is being used. This’ll help you gain control over your financial habits and help you measure the wealth and success of your work.
Calculate your income and expenses
Ensure that you calculate your expenses against your income. This financial habit is important because it’ll help you see where money is being wasted, or look for opportunities to save. Furthermore, this will also help you see whether you’re meeting your financial goals.
Separate personal and freelance work accounts
Remember you’re self-employed, which means that you’re earning a salary. So ensure that you have an account for your freelance work that’s separate from your personal accounts. Doing this will hep you solely use freelance money for freelance work.
Having a savings account, is next to breathing. You can save up for a specific purpose or simply for rainy days. This financial habit will help you keep afloat during crisis events or situations that require a huge chunk of money.
Every self-employed person needs solid financial management skills. These are some guidelines to get you started. Checkout our careers section for more tips on how to manage your finances. Good luck!