Keep your finances organized.
In my personal life, I have 11 savings accounts. Yep. Each one has a different purpose, like saving for vacations or spending on Christmas gifts.
It’s easy to set aside money every month with automatic transfers, so that the money is available when I need it. For example, when I have to pay my car insurance once a year, I pull a (large) amount from my “auto” savings account.
When I started my freelance business, I decided to take a similar approach. I currently have four business savings accounts. These help keep my business finances organized, plus ensure that I have money when I need it.
I put most of my savings in an account to save for a “rainy day.”
Most of my client work is ad hoc. Many freelancers believe this means irregular income. And while it’s true that my income varies slightly from month to month, I have enough regular clients that it’s not a huge swing from one month to the next.
However, if I were to lose an entire client, that would be a different story. There’s also some seasonal variation in my work. November and December are really busy for me (as a freelance fintech writer), as clients try to…
