5 tips on how to save money for freelancers

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The so-called "freelance" group of freelancers will account for 50% of the total workforce. Although the freelance comes with sweet freedom. But the disadvantage is You will lack financial stability. Access to health insurance Vacation leave Including preparing savings after retirement in a systematic manner

Freelance, or freelancer, is a broad definition of many professions, whether they are lawyers, writers, IT workers, designers, or anyone on a daily or individual basis. They may love the freedom from multitasking. Set their own schedules and deadlines, but money overall is an issue for them, according to a QuickBooks poll by Pollfish conducted in March 2018 that 36% of freelancers in the US do not. Paid the tax last year Partly because their income is below the threshold The other part is because they don't know how much they earn. Which in any case Does not seem to be a good result

In a Marist / NP poll conducted earlier this year, one in five US workers work as contract workers or work on a temporary contract. They are not full-time employees and they don't have any benefits, so here are a few tips to help these freelancers manage their finances. By yourself

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1. Let applications help you.
Freelance is not just the work you are hired to do. It's not much different from running a business with yourself as a product and a service. So you have to manage yourself well. In order to track the progress of various tasks that need to be done, issue reports to customers. And record their income in a systematic manner
You also need to be able to estimate your own work expenses. It can be a matter of the cost of obtaining a special license, life insurance, materials, equipment, or work space. Note everything Whether it is a bill payment schedule And all expense accounts that were spent on work, etc.
Fortunately, there are a number of applications out there, such as Invoicely, the app to create, manage and save task lists. And make accounting of expenditures, income Find an app that works your way.

2. Do not neglect paying taxes
Do not neglect the tax. Even if you don't have regular income But as a freelancer You are your employer. So you must not forget to submit your annual income tax and pay taxes on the way as well. This includes income tax as a freelancer in the area of ​​social security and health. Which is the part that most regular employees do not have to pay themselves at all While freelancers will have to help themselves in this area. In order to avoid being fined back from the Revenue Department

3. Financial liquidity planning.
Whether you work on the set or as a temporary tax accountant. You need to be prepared to deal with deflation as well. Because, as you know, the monthly income of freelancers is not stable or predictable.

The trick to balancing is to estimate how much your annual expenditure is and divide it into 12 sections so you know how much you need to find your monthly income to cover that expense. In which month you get more money than usual Must not forget to save for a month that may have less income In case of an emergency or any future expenses such as a car, house or a long journey. Financial planners recommend saving equal to one month's income in an emergency. And if possible Should save an amount equal to the average income of 3-4 months for the friction of being a freelancer.

Saving with income fluctuations is more difficult than you might imagine. Financial experts recommend that entrepreneurs should aim for half of their total earnings. Freelance work requires a high level of self-discipline. You should not not go with a full month's income with immediate expenses.

4. Save money for health care.
Of course, freelance work does not have any health insurance to support the right way to get access to health insurance, so only buy insurance for yourself. Or wait to receive benefits from your spouse only So you have to devote a little bit to study the details. Have health insurance of any company or organization. That is worthwhile and accessible to some