As a freelancer it's easy to overlook financial planning because it all seems a bit complicated. But proper financial planning for freelancers is essential.

2. As a freelancer you don’t have the benefit
of a regular pay packet like in a normal 9-5
job and it’s definitely one of the areas of
concern for people moving from regular
employment and into full time freelancing
work. Financial planning for freelancers is
essential.
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3. GET PROFESSIONAL TAX ADVICE
The very first step that you should be taking
is finding an appropriate accountant to make
sure that your structure as far as taxation is
the right one as there are numerous
different ways that you can operate as a
freelancer and come end of financial year
tax time, selecting the wrong option can
leave you with a sizable debt that probably
hadn’t been budgeted for. Do this for the
same reason other people hire you –
taxation and legal structure is complex, get it
right by hiring a professional.
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4. SET UP SEPARATE BANK ACCOUNTS
Separation of Business and Personal
bank accounts is another must do.
When you’re working with clients it’s
easy to make the mistake of seeing
business income as personal income
but that’s simply not the case. After
all,
you’ve
got
both
business
expenses as well as personal ones.
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5. BUDGET CONSERVATIVELY
You also need to set yourself a
budget as you enter each financial
year of what you anticipate your
incomings
will
be
and
remember, conservative estimates
are always better because if you
set your budget based on where
you’d like your business to be
during those twelve months you
run a very big risk of having a cash
flow shortfall during the year, and
being unable to pay your bills.
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6. SAVE FOR RAINY DAYS
Another must have is to ensure
that you’ve always got emergency
savings put aside just in case the
amount
of
incoming
business
you’re getting goes through an
extended slow period, especially
over times such as Christmas and
New
Year
where
businesses shut down.
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a
lot
of

7. INVEST IN YOUR HEALTH
I also wanted to quickly touch on
something
that most people
don’t think about when they
decide to do freelancing to earn a
living and that’s your health.
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8. One of the downsides to
freelancing is that if you don’t
work, you simply don’t get
paid. If you don’t take good
care of yourself it can firstly
impact
how
much
you
earn, but as a flow on effect
can also cause you to miss
deadlines.
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9. TO SUM UP
Financial planning for freelancers is
often overlooked because it seems
daunting and unfamiliar to most of
us. But there are some simple steps
you can take when you set out that
aren’t difficult or expensive which
will set you up well for the future.
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10. www.beacopywriter.org