Freelance Finance

Last week we did some traveling, sharing the Freelance Finance System with some new friends and acquaintances. One question that came up often: Will people really be disciplined enough to save money this way? The question is rooted in the notion that people are by nature bad savers, that they will routinely spend their cash […]

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The problems that arise with money and the freelance life are often ones of organization. If you set up your financial accounts properly, your financial goals will be right in front of you every time you check your finances. The way I see it, every independent worker should have at least FOUR bank accounts:
1. The […]

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Paying yourself first is the cardinal rule of all income-earners, whether you are a self-employed freelancer or not. As you may have noticed, Mire and I like to call this feeding the monkey. Suppose you decide to save 15 percent of your income. Save it as follows: 10 percent to a retirement account, and 5 […]

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In an ideal world, I wouldn’t advise becoming a full-time freelancer until you are 30 or 35 years old. The longer you wait, the more contacts you will have, and the more money you’ll have saved up. And, if at all possible, I would not start as a full-time freelancer unless you had 6 to […]

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When I first went freelance, I took the advice of a friend who had been doing this longer than I had. As each check came in, she socked away a third (roughly 30 percent) in a separate account intended for taxes. Each quarter, when she needed to pay her estimated taxes, she dipped into the […]

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Your savings will only grow if you establish a savings plan and stick to it religiously. Employed folks have 401k’s and other options that allow them to pay themselves first, before they get their hands on their money. This reduces the chance that they will spend it before they save it. A self-employed person can […]

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This morning, Muck and I spent $4.60 exactly (I just found out Muck didn’t tip; as a former waitress, I’m appalled) on a pretty average cafe au lait and a very tasty almond croissant. We’ve recently switched over to the famed “envelope system” as a way of curbing our spending on eating and drinking out, […]

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