- Freelancing Field Notes By Freelancing Females
- Posts
- FFN #25: How well do you know your wallet?
FFN #25: How well do you know your wallet?
This week: How well do you know your wallet? Tips for managing your business finances, Retirement, Jobs & More!
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/c0106088-c157-4e17-84bb-2b09a279934a/fpo.png)
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/22827e31-9bc6-4be0-8abd-a2e619abe54b/ffn.png)
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/ba9229bd-161a-4896-b8e2-cd47ff1797a5/out-in-the-field.gif)
Let’s Get Financially Fit
The month of February at FF was dedicated to showing some love to our finances. There isn’t a much greater act of self-care than being financially fit. It provides us with independence and helps us strive towards a better future for ourselves, our family and our business. Before we head into March where we will be celebrating women in business, let’s look at how we can look after our finances and build wealth for the future.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/baba6a33-4a81-47c6-8bb1-fe75c0adca7a/wavy-line.png)
There are many things you can do overnight but there is no overnight success.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/35c792df-0e2d-4c96-b545-8eaa038e62b0/1.png)
✍🏼 Practises That Save You Money
Time is money as a freelancer. Although it is important to continue going above and beyond for clients, it’s crucial not to be so giving with your time that you end up throwing money in the trash. To combat this, we love using time-tracking tools like Toggl, that way you can start to see where your time and money are going. There are few worse things than coming up on a deadline and losing your work in the final hour. The scramble that comes after that is nothing short of nightmare fuel. Your time is valuable, especially as a freelancer so back up your work frequently on an external hard drive or a cloud device. For any writing tasks, we love to you Google Docs because even if your dog knocks your coffee all over your laptop, you can access the work from anywhere just by logging in!
💰 How Well Do You Know Your Wallet?
Becoming financially fit doesn’t happen without knowing the ins and outs of your business finances. Creating a monthly budget can help you to understand how healthy your business really is. We love to begin with our expenses, logging our rent/mortgage, utilities, groceries, student loan repayments, groceries etc. Then take note of that figure working out what we need to make each month freelancing. It can be nice to also create a want-to-have budget, a figure that you’d like to aspire to which will enable you to live the lifestyle you dream of. While we’re on the topic of budgeting, it’s crucial to set aside a portion of your income for an emergency fund. Having a paycheck that fluctuates means you should save between 9-12 months of pay. This gives you a cushion in case you go through a dry spell and doesn’t leave you scrambling to take on low-paying projects. As your own boss, you need to save for your retirement. It’s good practice to schedule automatic payments into a retirement fund, which you can also top up with tax refunds or large client payments.
✨ Always Think a Few Steps Ahead
As self-employed folks we have to think a few steps ahead all the time. Insurance is an important thing to consider in case you have an accident or illness that prevents you from working. With the cost of living being so high at the moment, insurance could keep you from falling into debt and cover your expenses while you’re out of action. If you haven’t already opening a separate small business bank account can help you track your expenses which you can then pay yourself a salary out of. This can be particularly helpful when tax time comes rolling around. Speaking of taxes, paying taxes quarterly can help you avoid a large tax bill all at once after lodging your return, making it a little more palatable shall we say. While you’re looking to the future and giving some love to your finances, it’s a great idea to look into investing. I’ve recently really been trying to learn more about investing and how I can get my money to work for me. The podcast Girls That Invest is a fantastic pod that breaks down the lingo behind investing and gives you heaps of tips for how you can make your money grow in the background.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/646abb40-0aa4-47d3-bad7-ed736dc25a4b/wavy-line.png)
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/48ffc36d-994a-4395-8965-1eafbc058826/FFN_Section_Titles_2_copy.gif)
Listen B!*tch Affirmation Cards
Sometimes we all need a bit of uplifting, especially as solopreneurs. Read these cards slowly and with intention when you’re feeling low or just need a bit of motivation. I love that they’re women-owned and founded. Did you know 80% of our thoughts are negative? Their mission is to change that, by helping people rewire negative self-talk. It’s time to be your own hype gals freelancers!
Otter.ai
This is the best AI Meeting Note Taker! An absolute game-changer for client calls. Otter.ai works with any meeting software to record your meetings, write transcripts and provide smart summaries. It’s great for properly taking notes on calls and ensuring tasks get completed properly, avoiding miscommunication and client conflict.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/046c14b6-3c16-44ce-b820-7a39ddfc0a67/Copy_of_Section_Titles.png?t=1705268412)
🎥 The 5 most important words you need to know to use ChatGPT like a pro
🤓 7 Things To Do Your First Year of Freelancing.
🎧 Are you using social media to your business’s advantage?
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/646abb40-0aa4-47d3-bad7-ed736dc25a4b/wavy-line.png)
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/3fd5f236-cd7d-41cc-8c76-e8cc064800b8/FFN_Section_Titles_2.gif)
Social Media StrategistAre you a social media professional with a heart for storytelling and a knack for nurturing online communities? JubileeTV is on the hunt for an experienced Social Media Strategist who shares their dedication to enriching the lives of older adults and their families. Remote. | Project ManagerCup of Zest is looking to add a project manager to its small team of contractors who would be responsible for auditing and improving systems and processes as well as managing Michelle (she/her), the founder and owner. Remote. $36 - $50/hr. |
Freelance WriterOur Place is looking for a writer with an SEO background to work on 5 articles related to the product to publish on our blog. Remote. | Senior Product DesignerBeam Jobs is looking for someone with meaningful design experience who can help us create the best job search tools in the ‘biz. 20 hrs per week. Remote! |
You Need This
You Need These snacks have been powering me through my 2 pm slump, my go-to is their Veggie Straws. Made from all-natural, gluten-free and plant-based ingredients I never feel sluggish after munching on a bag of these. It’s hard to stop snacking on them, I often find myself deep in a task and suddenly the bag is gone.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/646abb40-0aa4-47d3-bad7-ed736dc25a4b/wavy-line.png)