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This article discusses how to manage expenses as a freelancer. Over the years, freelancing has become an increasingly popular alternative to a traditional full-time job. In 2020, 2.2 million freelancers were working across the UK and, as a result of changing priorities and a greater need for work-life balance, this number is set to increase in the future. However, despite the benefits freelancing has to offer, such as a flexible schedule and increased autonomy at work, it also comes with some significant challenges.
One of the biggest obstacles faced by new freelancers is expense management and budgeting. Many people have very little experience with business cashflows and tax calculations when they first become self-employed, which can make financial planning a difficult process. Fortunately, by implementing a few simple practices into your working day, you will be able to manage your expenses and income much more effectively. This blog will introduce you to some key principles that will help you to achieve financial stability as a new freelancer.
Plan ahead and maintain a budget:
A budget is an indispensable part of managing finances as a freelancer. It not only helps you to understand your yearly income and expenses, but allows you to have better control over your cash flow and, as a result, enjoy improved financial stability.
Creating a budget:
The first step to budgeting is calculating your non-negotiable expenses. These are costs that are necessary to the running of your freelance business, which may include internet access, software subscriptions, website or platform fees, and rent payments. While you can include additional, non-essential expenses in your budget as well, it’s best to separate these from your main list just in case there are some months when they are unaffordable.
Next, you will need to forecast your income for the year. If you’ve already been freelancing for a little while or did so in the past, you can use… Read More
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