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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