Are you a freelancer struggling to get your finances in order? Do automated payments, taxes, and budgeting feel overwhelming? If so, don’t worry—we’re here to help! In this blog post, Matt Teeple explores all the different ways you can make freelance finances as painless and easy as possible.
Freelance Finances Made Easy By Matt Teeple
When it comes to managing finances as a freelancer, the process can be intimidating, says Matt Teeple. But with proper research and planning, you can make freelance finances easier to manage. Here are some tips for navigating the world of freelance finance:
1. Create a budget – Before diving into any financial endeavor, it’s important to have an understanding of what your needs and wants are; this is where creating a budget comes in handy. Setting up a budget allows you to determine how much money is coming in, what you need to pay out, how much should be saved, and how and when expenses should be paid. It also helps create guidelines around spending so that it doesn’t get out of control.
2. Track expenses – In order to stay on top of how much you’re spending, tracking expenses is a must. Start by keeping all receipts for any and all purchases made as a freelancer—this includes both personal and business-related transactions. When it comes to itemizing deductions, these records can come in handy; plus, you’ll be able to quickly determine how much you are spending on specific items.
3. Research taxes – Tax laws can be tricky when it comes to freelancers, so having an understanding of what types of taxes need to be paid and when they need to be filed is essential. Researching the different types of taxes that apply makes tax season less overwhelming since you’ve already done your homework. Additionally, with today’s technology, there are plenty of apps and websites that help freelancers navigate through the complexities of taxes.
4. Set up a savings plan – As a freelancer, having an emergency fund is especially important. The unpredictability of freelance income can make it difficult to maintain a set amount in your bank account each month—hence why it’s important to have a backup plan for when money gets tight. Setting up an automatic transfer from your checking account into your savings every month helps prevent overspending and keeps you on track for achieving financial goals.
5. Consider health insurance – Having adequate health coverage is essential for any person—especially those who are self-employed, since you’re not able to receive it through an employer. According to Matt Teeple, the Affordable Care Act offers marketplace plans that are designed to fit within a budget, so while prices can vary depending on the plan, rest assured that there are plenty of options available.
Matt Teeple’s Concluding Thoughts
By following these tips by Matt Teeple, managing freelance finances can become easier and less intimidating. With proper research and planning, you can ensure that everything is taken care of in the most efficient way possible. Plus, having all your financial ducks in a row will provide peace of mind knowing that your finances are organized and secure. Finances as a freelancer may take some effort—but with the right approach, they can be made easy!