It is very important to establish a consistent streams of income for yourself as a freelancer or as a self-employed individual. Diversifying your client base is very critical because it is going to help you set a clear and steady cash flow for your business. It is important that you should not also forget about budget for taxes as a freelancer because it is critical to set aside a portion of your income for taxes each month.
How can self-employed individual plan financially?
- Thread starter Reedex
- Start date
As a freelancer, I always try to maximize my income through aggressive acquisition of clients. This will enable me to ensure that I have a stable source of income. On the savings side, I won't buy anything which is not necessary. I have taken out insurance policy and have an emergency fund in case I am sick and not able to work for a period of time.
A self employed person can plan his finances based on the minimum expected income that is expected every month. That amount should not be exaggerated.
People that are self employed can plan their financial lives according to the nature of their businesses and the frequency of yield vv
