How can freelancers effectively manage their finances?
Freelancers can manage their finances by budgeting, tracking expenses, saving for taxes, and setting aside an emergency fund.
What tools do you recommend for budgeting?
I recommend tools like Mint, YNAB (You Need A Budget), or even simple spreadsheets to track your income and expenses.
How should I save for taxes as a freelancer?
It's wise to set aside 25-30% of your income for taxes. Consider opening a separate savings account for this purpose.
What are some common financial mistakes freelancers make?
Common mistakes include underestimating expenses, failing to save for taxes, and not having a financial buffer for lean months.
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