Saving Money as a Self-Employed Person
If you are leaving a normal wage or salaried work, make sure you have enough money to cover your living needs for 6 months to a year, including at least $1,000 for an emergency fund.
• Make changes to your monthly and annual budgets. If you are currently not earning any money from your freelance or entrepreneurial endeavors, you must decrease expenditures someplace. If you have a partner or spouse, go over your budget with them and make personal and joint financial plans. If you live alone and cannot afford to live alone at your current address, get a roommate or hunt for a cheaper location to live before developing a new financial plan.
• If you are receiving some type of income during self-employment (inheritance, retirement pensions, disability payments, part-time work, etc.), prioritize mortgage/rental payments, utility bills, insurance, and food bills. Anything left over should be placed in your savings account so you do not spend the rest.
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