How can I effectively manage my income as a freelancer?
Managing your income as a freelancer involves budgeting, tracking expenses, and setting aside savings for taxes. Have you started tracking your income and expenses?
Not really, I just keep everything in my bank account.
It's important to separate your business income from personal funds. Consider using accounting software or a simple spreadsheet to track your earnings and expenses.
What percentage of my income should I save for taxes?
A common recommendation is to save about 25-30% of your income for taxes, but this can vary based on your location and tax situation. It's best to consult with a tax professional.
Thanks! Any tips on budgeting?
Sure! Start by listing your monthly expenses, then allocate a portion of your income to each category. Make sure to include savings and unexpected expenses in your budget.
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