5 Personal Financial Tips for Freelancers

Being a freelancer comes with a lot of perks. However, it also comes with many responsibilities. From the financial side of things, you have to be prepared to handle all of the nuances involved with managing your money.

Mastering Your Money as a Freelancer

Freelancing offers a wealth of opportunities, freedoms, and benefits that you simply don’t have access to as a W-2 employee working a 9-to-5 job for a large corporation. 

You’re basically able to set your hours, choose your clients, and build the kind of business you want. But to be successful, you also need to manage your finances well and make sure you’re setting yourself up for long-term success.

As you think about managing money as a freelancer, here are several helpful tips to keep in mind:

1. Open a Separate Business Account

If nothing else, make sure you follow this first tip. Open separate checking accounts for your personal use and business use. This is extremely important and will make accounting so much easier.

When you have a business account, everything runs through it. This includes every business expense and all earnings. This allows you to reference one set of statements when balancing your books or filing taxes. 

It also protects you. If you run an LLC, you’re required to have your own dedicated account. Even a single personal transaction on your business account (or vice versa) can do what lawyers call “pierce the veil” and compromise the integrity of your LLC.

2. Build an Emergency Fund

When you’re a freelancer, you have to plan for peaks and valleys. Unlike a salaried employee,  you can’t count on the same consistent paycheck month after month. Some months will be feast and others will be famine. One way to account for these fluctuations and protect your family’s finances is to build up an emergency fund. 

An emergency fund is basically three to six months of cash reserves that you set to the side in case you need it. It’s like a cushion that you can access when there’s an emergency or bill that you can’t pay. (The key is to fill the emergency fund back up as quickly as you can after drawing from it.)

3. Keep Budgets

Budgeting may sound boring, but it’s necessary. Be meticulous about keeping budgets in both your personal life and business. You’ll have to decide what kind of budget you want to keep, but it’s a good idea to build what we’ll call a “reflective budget.”

A reflective budget is a budget that’s built on the previous month’s income (it reflects what you earned in the past). In other words, if you made $10,000 in May, you use that as your top-line budget number for June. Then if you make $7,000 in June, you budget $7,0000 for July, etc. When you use this approach – as opposed to one that projects your future earnings – you ensure you’re always budgeting correctly down to the penny.

4. Know Your Options

Make sure you know your options when it comes to things like financial relief and bankruptcy (should you find yourself in a situation where you’re struggling to keep up).

“Most freelancers don’t realize that if you’re a sole proprietor – meaning you and your freelance business are legally the same entity – you may actually have access to both Chapter 7 bankruptcy and Chapter 13,” bankruptcy attorney Rowdy G. Williams says. “But if you have an LLC, Chapter 11 is your only option.”

Hopefully, you don’t reach a point where you need to explore bankruptcy, but it’s nice to know there are always options. 

5. Pay Quarterly Estimated Taxes

As a freelancer, there’s nobody taking taxes out of your paycheck each month. This means you are 100 percent responsible for paying your own taxes. And guess what? The IRS doesn’t want you to wait until the following April to settle up. They want their taxes along the way.

Freelancers are required to pay quarterly estimated tax payments. You can find the IRS schedule here. Meet with your accountant to figure out a plan. However, as a general rule of thumb, you’ll want to set aside roughly 25 percent of your monthly earnings for estimated taxes.

Set Yourself Up for Success

It’s not enough to bring on a new client or close a new deal on a high-ticket project. In order to be successful as a freelancer, you have to master the art of managing your finances and maximizing your earnings. Let this article nudge you in the right direction, but never underestimate the importance of partnering with the right financial professionals and advisors!

Effective Ways to Become Financially Independent

There are many benefits to becoming financially independent. When you have control over your finances, you can do things like retire sooner, travel more, and spend time with family and friends. There are many different ways to become financially independent, but not all are effective. This blog post will discuss the most effective ways to gain control over your financial future.

Invest in Yourself

One of the best ways to become financially independent is to invest in yourself. This can be done by taking courses on financial literacy, learning new skills related to money management, or starting your own business.

When you invest in yourself, you increase your earning potential and set yourself up for success. Self-investment allows individuals to grow their skill set, knowledge and earning potential.

It is a means to an end; there are no guarantees in life, but when you invest in yourself, the chances of achieving your goals increase dramatically. It allows one to stand out from the competition and work more intelligently as they control their time.

Manage Your Credit

This means knowing your credit score and working to improve it. A good credit score can help you get lower interest rates on loans and save money in the long run. You can start using a credit builder card for everyday purchases. Doing so means the money spent on groceries, gas, and other essentials get counted towards your positive credit history. Follow up by getting a free copy of your credit report from each of the three major credit bureaus every year.

Live Below Your Means

Living below one’s means can be problematic in the short term, but it is a great way to achieve long-term financial stability. It requires self-control and discipline, but the rewards are worth it.

Not only will you be able to save more money each month, but you will also reduce your stress levels and have more peace of mind.

Make a Budget and Stick to it

Making and following a budget is one of the most effective ways to take control of your finances. It requires discipline and self-control, but it is worth it in the long run. A budget will help you track your spending, save money, and reduce your financial stress.

Automate Your Finances

Automating your finances is a great way to stay on top of your payments and avoid overspending. It is also a great way to reduce stress, as you never have to worry about forgetting to make a payment or accidentally going over budget.

Invest in a 401k or IRA

When you invest in a retirement account, you are setting yourself up for success in the future. This money will grow over time and can cover expenses in retirement.

Investing in a retirement account is one of the most innovative things you can do for your future. The money you contribute will grow over time and cover expenses in retirement. With just a few hundred dollars per month, you can start small and increase your contributions as your income grows.

Make a List of Financial Goals

When you have specific goals, you are more likely to achieve them. This list can include things like saving for a down payment on a house or buying a new car.

Making a list of financial goals is one of the best ways to achieve them. When you have specific goals, you are more likely to stay on track and achieve them. Your list can include short-term goals, like saving for a down payment on a house, or long-term goals, like retirement.

Cut Back on Expenses

This means that you should find ways to reduce the amount of money you spend each month on things like food, transportation, and entertainment. Cutting back on expenses can be difficult, but it is worth it in the long run.

When you reduce the amount of money you spend each month, you will have more money to save and invest. You can also use this extra money to pay down debt or cover unexpected expenses. The best way to cut back on expenses is to find ways to reduce your transportation costs, food costs, and entertainment costs.

Track Your Net Worth

Tracking your net worth is a great way to stay on top of your finances. When you know your net worth, you can see exactly where you stand financially and make changes as needed. Depending on your preference, you can track your net worth monthly or yearly.

Have an Emergency Fund

An emergency fund is a crucial part of financial independence. You don’t have to worry about covering unexpected expenses with an emergency fund. With just a few hundred dollars, you can start small and increase your savings as your income grows.

Becoming financially independent is a difficult task, but it is possible. If you are willing to change your spending and saving habits, you can achieve financial independence. These ten effective ways will help you get there.

Courses To Consider Taking Before Starting A Business

There’s been an increase in the number of people interested in starting a business. Some people have always dreamed of being the boss, while the decline in job security encouraged others to jump on the bandwagon. Although there’s nothing wrong with setting out on your own, many people leap without having a complete understanding of what they’re getting into. Ultimately, their businesses barely turn a profit or fall by the wayside after only a few years. 

How can you prevent this from happening to you? By learning everything you can about owning a business. While you will still face challenges along the way, it’s easier to bounce back and press on to success when you’re well-educated. If you’re thinking about starting a business this year, find the appropriate learning platform, brush up on your Cornell Note taking skills, and consider taking professional development courses such as these listed below. 

Business Management

Managing a business is about more than just having a good idea, introducing it to the marketing, and waiting for sales. If you’re going to remain successful, you must learn how to be an effective leader, develop solid plans with actionable steps, resolve problems, work with different personalities, collaborate, and manage teams. 

While some of this comes with time, a business management course can give you the basics. You’ll learn things like business planning, decision-making, ethics, and laws, which will help you navigate any organization you intend to run. 

Finance And Accounting

Novice entrepreneurs make many mistakes when it comes to business finance and accounting. They merge personal and business finances, fail to develop budgets, waste money, mismanage their taxes, and so much more. The outcome could prove detrimental and take years to bounce back from. 

Even if you hire an accountant to take care of your finances, a good entrepreneur should know the basics. A general finance and accounting course would teach you how to create a budget, manage expenses, generate financial reports, comply with local and federal taxes, allocate payroll, make investments, and more. 


No matter how great your business idea is, if no one knows it exists, you’ll have a hard time turning a profit. That’s where marketing comes into play. Many hopeful business owners don’t realize that it’s a multi-faceted, complicated, ongoing task. Sure, you could create a website, write a few blog posts, and share your business on social media, but if you’re not in tune with the latest trends or your target audience, it won’t get you very far. 

Ultimately, taking a marketing course can help you better understand what’s required, what’s trending, and how to apply these practices to your business. In a marketing class, you could learn how to use traditional and digital channels, and more importantly, how to define and reach your target audience. 

Productivity And Work-Life Balance

Last but certainly not least, anyone thinking about starting their own business should look into courses that teach about productivity and work-life balance. Although it may seem like life would be easier when you call the shots, set your schedule, and delegate tasks to others, it’s quite the opposite. 

Business owners devote long hours to their company, and their personal life often takes a hit. If you’re going to remain productive and maintain a healthy and happy lifestyle, you must learn to find balance. Whether it’s learning how to rely on others or managing your time more efficiently, these courses can help reduce the challenges entrepreneurs face in the first few years. 

Thanks to modern technology, starting a business is easier and more convenient than ever before. Whether you want to create an eCommerce site and sell merchandise, offer professional services to other companies (accounting, virtual assistance, etc.), or do something that helps improve the lives of everyday citizens, it’s possible. However, before you quit your job, start investing money, or prepare for launch, it’s a good idea to get educated. The types of courses listed above will give you the foundation you need to ensure your entrepreneurial journey is more manageable.

Why Financial Literacy Is So Important

Do you know how to manage your money? Do you understand the basics of financial literacy? If not, that’s okay! You’re not alone. Financial literacy is something that a lot of people struggle with. But it’s important to learn about it because your financial health is essential to your overall well-being. In this blog post, we will discuss what financial literacy is and why it’s so important for everybody to embrace it. We’ll also share some tips on how you can improve your financial literacy skills! Read on!

What is Financial Literacy?

Financial literacy is the ability to understand financial concepts and make informed decisions about finances. It’s not just about counting your money with cash counting machines or balancing your checkbook. Financial literacy also includes understanding concepts such as credit, debit, investing, insurance, and retirement planning.

Why Is Financial Literacy Important?

Your financial health is essential to your overall well-being. If you don’t have a good grasp of financial concepts, it can be difficult to make sound financial decisions that will benefit you in the long run. Poor money management can lead to stress, anxiety, and even bankruptcy!

Financial literacy is important because:

Gives You More Control over Your Personal Finances

This is probably the most influential reason why financial literacy is so important. When you have a good understanding of financial concepts, you have more control over your personal finances. This means that you can make informed decisions about things like budgeting, saving for retirement, and investing.

Helps You Avoid Financial Scams

Financial scams are becoming increasingly common. If you’re not financially literate, it’s easy to fall for these scams. A scam artist will often use complex financial jargon to confuse and mislead people. But if you know what to look for, you can avoid these schemes!

Provides Essential Knowledge for Managing Your Money

In order to be successful in life, it’s critical to have a good understanding of basic financial concepts. These concepts are especially important if you want to achieve financial independence. Financial literacy provides the essential knowledge that you need to manage your money effectively!

Tips for Improving Your Financial Literacy Skills

If you’re looking to improve your financial literacy skills, here are a few tips:

  •         Read books and articles about personal finance: This is a great way to learn about financial concepts and how to apply them to your own life.
  •         Attend workshops and webinars: There are lots of great workshops and webinars out there that can help you improve your financial literacy skills.
  •         Talk to a financial advisor: A good financial advisor can teach you everything you need to know about personal finance. They can help you create a budget, save for retirement, and invest in stocks and mutual funds.
  •         Start tracking your expenses: This is a great way to get a better understanding of where your money is going each month. It can also help you identify areas where you could be saving more money!


Financial literacy is essential for everybody! If you want to have a healthy financial future, it’s important to learn about financial concepts and how to apply them to your own life. This article provides a basic overview of financial literacy and some tips on how to improve your skills. With all this information at your fingertips, there’s no excuse not to get started!


Favorite Techniques for Action Loving Traders

Some people love the chase and the non-stop action of the daily securities markets. Whether it’s stocks, options, futures, commodities, forex, or precious metals, there’s something about non-stop price movement that gets the adrenaline pumping for certain kinds of investors. Fortunately, there are many opportunities for those who want to be in the thick of things, making dozens of trades per session and always having a fresh one in view. If fast-paced buying and selling is your cup of tea, here is a short summary of four ways that you can get involved. The best part is that you won’t need to put a ton of money on the line, nor does it take months of intense study to learn how to use any of the techniques.

Precious Metals Scalping

Precious metals scalping is not for everyone, but those who like fast price action and the chance to make a daily income from speed-based transactions love nothing more. Unlike day trading, precious metals scalping only involves the four precious metals, gold, silver, platinum, and palladium. Additionally, the size of each trade tends to be larger than a standard day trade, and lasts for much less time.

Day Trading

Day traders make multiple round trips (a purchase and associated sale) per session and don’t hold positions overnight. That’s the basic definition of the strategy that many people engage in every day of the year. The good news is that learning how to day trade only takes a couple of weeks, and you can get started with a modest amount of capital as soon as you feel ready to go live. If you’re attracted to this kind of activity, remember to seek out a broker that is day trade friendly and offers plenty of educational resources to new account holders. Also, make sure that whoever you end up working with has a simulator available so you can practice quick order placement for a couple weeks before putting real money on the line.


Stock options have long been a favorite among people who like to balance higher-risk investing with high potential rewards. Options contracts are complex instruments and there are unlimited mathematical strategies for setting up positions. However, sticking to simple vanilla options, contracts that give you the right to buy 100 shares of the underlying stock, can be the best way to get started in this fast-paced niche where prices often change rapidly.

Commodities Futures

Buying futures contracts on commodities is a favorite strategy for investors who like to take part in active markets. Prices change quickly on individuals’ commodities, which is why so many who follow this approach diversify their holdings among five or more assets at a time, like cotton, oil, copper, and wheat (just to name a few of the most frequently traded commodity’s futures). There are mini contracts for most of the major categories, so don’t expect to have to put thousands of dollars on the line to get started. Additionally, futures brokers usually offer high leverage to traders and the markets are very liquid.

Too Much Stress in College: Best Ways To Cope With It

Most students look forward to joining college because it comes with new experiences, social settings, and freedom to explore life as a young adult. As much as college life is exciting, it has its fair share of stressful situations. No doubt, the workload is higher than when you were in high school. Loads of assignments, assessments, research papers, group forums, and much more can take a toll, especially on first-year students. You may have taken a challenging course that requires long study hours to ace the units. With so much to accomplish, juggling between maintaining a social life and academics can be overwhelming. 

If you do not maintain a healthy balance, you might find yourself dealing with stress without any coping mechanism. The independent education structure in college allows students to practice self-discipline and to plan their study hours conveniently. Thus, most students end up spending too much time on books without engaging in other extra-curricular activities, which can lead to academic stress.

Today, numerous custom writing services are available online ready to help out stressed students with academic writing tasks. Feel free to order essay writing and delegate your assignments and research papers to professionals and get time to engage in other school events. 

You can also battle with social stress during your first months in college since you are in a new environment where you have to form new social circles. Getting a roommate, balancing relationships, and new friendships with academics on the side can be quite tricky. So, what do you do to cope with stress in college? Read on to find out more about the best ways to reduce stress as a student in college:

Plan Your Schedule 

With new-found freedom, it is tricky for most students to organize their study schedules. You need to practice self-discipline and ensure that you attend all the lectures and complete your assignments on time. You might be tempted to attend a weekend party while your term paper is due on Monday morning, causing late paper submissions. 

It is vital to be an organized student by prioritizing your to-do-list. Create a convenient space in your room where you can concentrate during your study hours. If you have a messy and noisy roommate, you can become a frequent visitor in your quiet college library. 

Also, create a timetable and follow it strictly so that you can train yourself to have a regular study schedule and personal time to carry out errands and participate in various social events. It helps you to maintain a balance and avoid stressful situations where you have to work all night to complete assignments. 


Regular exercise is a coping mechanism for stress. It reduces feelings of frustration as well as prevents weight gain. A ten-minute work-out can do wonders for your well-being, especially in the morning before starting your day. It releases tension and puts your mind and body in a healthy balance. 

Even if you are not an early riser, you can incorporate simple exercises in your daily routines, such as walking around campus, to the mall, or a friend’s house. You can also take physical education or gym classes during your free time. Enroll in yoga, salsa dances, martial arts, or gymnastics. Find an option that suits your preference and have fun while keeping academic stress at bay. 

Healthy Living 

Most college students feed on junk and sodas since they find it cumbersome to prepare a healthy meal. Taking care of your mind, body, and soul is essential in living a healthy life. While fast foods are readily available and affordable, it may seem convenient to grab on the go, but it will take a toll on your health in the long run. Eat a balanced meal to get the energy to face the day with confidence. Stock up fresh-fruits and vegetables in your room and learn to cook simple and healthy meals.

With hectic schedules, most students find it hard to get adequate sleep. Tight deadlines, anxiety due to exams, and pulling all-nighters can drain your energy. So, plan your schedule and sleep early to get enough sleep. It is vital for your physical and mental health. 

Wise Budgeting

You need to budget your money wisely to avoid financial stress. Do not engage in impulse buying, or you will end up broke within no time. Have a budget in place to guide you in your daily expenses. Try to make meal plans if you love eating out by cooking a few times a week. If you leave outside the campus, set aside your commuter allowance per month to prevent missing lectures. If you have an entertainment allowance, stick by it and don’t take money from your meal budget when it is depleted. Practice self-discipline, and you will enjoy a fulfilling financial future even after college.

Finding Support

Starting a new life in college is always stressful since you leave a secure support system at home – family members and friends. On the other hand, developing a new circle of friends and learning people takes time and effort. You might end up feeling home-sick and lonely during the first few days, weeks, or even months. So, ensure that you keep in close contact with people who matter in your life – parents, guardians, or close friends at home. Call your mother, send an email, or organize a video conference with your family. It might boost your attitude and motivate you to push ahead with school.

Also, you can find social support by joining clubs and discussion groups with like-minded students. Be social and start making friends in your class. Form study groups and engage yourself in different activities in college. You will avoid stress and loneliness since college life will start making sense in the long run.  

Ultimately, stress management is different for all students. What works for you may not work for another individual. Thus, it is imperative to find a suitable coping mechanism that will help you to reduce stress. Have a positive attitude, talk to someone, and engage in relaxing activities. Take care of your mental health since it is valuable and impacts your academic success.

5 Ways to Make Extra Spending Money

Even if you have a full-time job, unfortunately, sometimes it is still not enough to make ends meet. Sometimes you need more money to live the life you want. In many cities, the income rate is not rising as quickly as the cost of rent and other staples of life. If you find yourself living paycheck to paycheck, then you may need to rethink your income streams. Consider the following suggestions if you need to get yourself out of a rut and one step closer to living your best life.

1. Sell Your Old Car for Cash

Sometimes you need a chunk of money in a lump sum to pay off some bills and get back on your feet. Selling your car for cash can help you do just that.

If you have an unused vehicle parked behind your house, or if you have an old car that is more costly to maintain than it is worth, your car can be put to greater use. When you sell your car for cash, the process is often much simpler than if you tried to sell it to a dealership. Luckily, many companies specialise in this very transaction. All you have to do is search for a local car wrecker, such as Cash for Cars Perth, who buys old cars for cash.

2. Get a Side Hustle

If you need to make more money regularly, then consider getting a side hustle. If you are unfamiliar with the term, a side hustle is another job that you work in addition to your main source of income.

Side hustles can take a variety of forms and can even be fun. Some examples include freelance writing, driving for a ride-share company, or tutoring.

There are nearly infinite possibilities in the side-hustle world. As long as you can make money from it, and it won’t detract from your life or your primary job, then it will work.

3. Rent out a Room

Platforms like Airbnb make it easier than ever to make money out of unused space. If you own a guest house or even a bedroom that is sitting empty, renting it out is a great way to make extra money.

Renting with Airbnb can be a quick way to generate profit. Plus, it requires few startup costs. This method is more effective if you live in a popular tourist destination, but it can be lucrative almost anywhere.

4. Make Money Online

There are many ways that are fairly simple to make money online. One of the most popular is filling out surveys.

Many websites will pay you for merely taking surveys. Filling out surveys while relaxing at home and watching your favourite TV show is not a bad way to unwind and get paid.

There are also apps you can use to get cash back for everyday purchases. Generally, these apps work by having you take a picture of your receipts. Then, they will send you a rebate for certain items you purchased.

While neither of these options will replace your day job, they may help you make it to your next payday with a little less stress.

5. Put Social Media to Work for You

This idea takes a bit more time and energy but can be incredibly lucrative for those who stick with it. If you can amass a large following on social media websites like Instagram or YouTube, you can make money from advertisements and sponsorships. If you have enough followers, companies will pay you to promote their products or place their ads on your sites. Check out seooneclick.com/digital-marketing-agency-seattle/ if you want to outsource your online marketing efforts to a trusted agency.

The Takeaway

Money, or lack thereof, is something that causes people to stress throughout the world. If you consider yourself one of those people, hopefully the above tips will get you one step closer to financial stability. Just remember that this is your life, and you deserve to be happy and financially secure.