🎯 Common mistakes beginner freelancers make: Not building a financial cushion
#Freelancetips
It’s normal to go through a feast and famine cycle in your first year of freelancing. What’s problematic is when you don’t plan ahead for the rainy day. Don’t spend your entire income each month. Create a system of pockets where you set aside extra money to cover:
- Monthly business expenses
- Tax payments
- Delayed client payments
It’s important to maintain a business bank account, with a minimum of one month's worth of personal and business expenses as your safety net.
Source
#Freelancetips
It’s normal to go through a feast and famine cycle in your first year of freelancing. What’s problematic is when you don’t plan ahead for the rainy day. Don’t spend your entire income each month. Create a system of pockets where you set aside extra money to cover:
- Monthly business expenses
- Tax payments
- Delayed client payments
It’s important to maintain a business bank account, with a minimum of one month's worth of personal and business expenses as your safety net.
Source