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Glamour model advice freelance save money

 

mentor, says...

When you start, it might take a few months to build up a solid client base with consistent work. Before you take the leap, make sure you have a good pot of money – an emergency fund – in the bank to cover your living costs while you are establishing your freelance career. Ideally aim for three to six months of living expenses, even if you have some clients already. Remember, you won’t get paid while you are networking and pitching for new clients, so you’ll need money to pay the bills until you are able to start paying yourself when you do win new work.

On the tax side, you’ll need to register for self assessment as a sole trader with HMRC. It’s your responsibility to keep records of your business’s sales and expenses, complete a self assessment tax return every year, pay income tax on your profits and national insurance. The trick here is to be organised and stay on top of this rather than leaving it all until the end of the year. Set aside an hour a week to do your financial paperwork – sending out invoices, filing receipts, chasing overdue payments, and paying business expenses. Open a business bank account to keep all your business expenditure separate from your personal spending; it makes it a lot less time consuming to work out which expenses were business and which were pleasure when they aren’t all mixed up. Look out for the fee-free business accounts from the likes of Starling Bank.

Monthly income can be hugely variable for freelancers. Don’t be tempted to pay yourself based on whatever profit you have made each month. Aim instead to pay yourself a consistent monthly amount based on your personal living costs, and leave the rest in your business account. In good months, you’ll be building up a healthy buffer of funds. If you know your industry is quiet during particular months or you suddenly lose a major client, this buffer will allow you to pay yourself a consistent salary during those months when income is down.

When you’re self-employed, you pay income tax on your profits – but not every month like when you are employed. Make it a habit to save 20% of your profits each month, preferably into a separate bank account that you can’t easily access. When the time comes to pay your tax bill, you will have the money saved to pay it without having to dip into your own pocket. Don’t be tempted to use that money for anything else; you’re effectively robbing the tax man!

Finally, planning for retirement might not be top of your mind when you’re starting out freelancing. However, set up a pension, pay a small amount regularly each month, increase it when you can, and you will be thankful when you are older 

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