Good things happen to those who hustle. The daily grind isn’t what it’s always cut out to be. We think it’s a bold and respectable decision to become a freelancer. You are not just an employee anymore, but a business owner. You have to make sure your business is a sustainable operation. We’re here to help! Here are our top ___ financial tips to help you get started on your path to success.
Prepare to Pay Quarterly Taxes
It’s easy to forget to pay your taxes in the first year. Find out your estimated tax rate, set aside the amount and calendar reminders. Don’t wait until the last minute to file taxes and risk getting fined with late fees.
Keep Detailed Financial Records
Be sure to track your money in and money out. Use a business account and business debit/credit card. Using a spreadsheet helps to track your expenses and income. If you’re ever audited you’ll be sure to have pristine records and can validate anything in question.
Automate Your Payments
Any personal bills you have at home or in a coworking space? Automate your payments to be able to avoid unnecessary late fees. Take advantage of apps that remind you for any payments or even facilitate online payment when you connect it to your bank account.
Take Care of Yourself
Protect what you worked so hard to get. It could be your products, your location, but most especially yourself. Without you, the business would cease to exist, especially if your work is service-based like graphic design, writing, etc. Make sure your health is taken good care of by picking one that not only has a vast base of hospitals and doctors but also prioritizes people like you, the freelancers or business owners. If you’re looking for it, check out Allcare.io.
Don’t Bury Your Head in the Sand
There’s a certain stigma surrounding talk of personal finances. Most artists don’t like thinking about money and the nitty-gritty details. As a freelancer, you need to get over these mental hurdles. As of now, it’s your personal freelance CEO job description to manage your finances without excuses.
Prioritize Retirement Savings
Don’t miss out on saving for your future. It’s easy to miss out on saving for retirement when you’re so busy in the here and now and all the expenses that entail. But you can invest more powerfully and it will be there when you really need it.
Carefully Scale Growth
Create as many opportunities as you can. Use the internet and social media as an advantage to reach more customers or clients, but don’t be too loose with cash that you realize too late when you overspent on your marketing budget.
Knowledge is power, and assuming control of finances is one of the most powerful things we can do as freelancers, artists, and individuals.
How do you manage your finances?