Freelancer’s finances

April 13, 2022

An article titled A Freelancer’s Guide to Organizing Finances outlines clearly some fundamentals for beginning freelancers:

Separate personal and business finances
Create and follow a budget
Pay yourself first
Have money set aside in an emergency fund
Save for retirement
Continue to pay off debt
Don’t forget about insurance
Set money aside for taxes
Plan for ups and downs
Have confidence in your finances

Our take: Most of it is quite sensible, except perhaps the Pay yourself first rule. You should pay your helpers first unless agreed otherwise. Not paying others (because you paid yourself first) can easily damage your reputation.

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