The income of freelancers and side hustlers is not always certain which can cause them certain financial challenges. Record your earnings every month for a few months to determine your average income each month. It allows you to prepare a budget and be ready when business is slower. Open different bank accounts for your business and personal affairs to make it easier to manage your finances and prepare your taxes. Make a list of your fixed expenses, like rent and subscriptions and separate them from the ones that change every month. Calculate to save and pay taxes with 25-30% of your income and make sure to establish an emergency fund for moments when you need it. Try using an app or spreadsheet to keep track of your money and make changes in your spending when necessary. Try to pay yourself first and, whenever possible, reinvest the money in your business. If freelancers and side hustlers are organized, plan their taxes and keep a financial buffer, they will find it easier to manage their finances all year long.
