Financial Tips For The Self-Employed

Financial Tips For The Self-EmployedWhen I had my day job, I worked with different business owners every day.

I learned a lot about what went into a business, mistakes that business owners made, and a lot about business finances.

I’ve personally seen businesses succeed and fail, and I’ve seen businesses make plenty of finance mistakes that still make me shake my head. I think my day job really helped make the transition to self-employment much easier.

Here are my financial tips for the self-employed:

Keep your business and personal accounts separate.

The other day, I almost bought a personal item on my business PayPal. Even though it was something small, I simply don’t want the finances mixed and then be confused later. I’d rather just completely keep them separate so that I don’t have to go through each and every transaction later and wonder if they are a personal or business expense.

Also, if you go through your transactions a year later (such as when you are doing taxes), it can be pretty hard to remember what is what.

Keep your receipts.

When you are doing your taxes at the end of the year, you will have want to keep your receipts. You can of course file them physically into a folder, but these days there are many apps and software out there where you can just scan your receipt.

Set aside enough for taxes.

Everyone doesn’t pay the same amount in taxes, so it’s hard to say exactly what you will have to pay. ย Many different things can affect how much you owe. Whatever you think that you may owe, make sure that it’s enough and you should be paying your taxes quarterly if you are supposed to.

If you don’t know what you’re doing with your taxes, then you should probably hire an accountant, and possibly even a lawyer. Yes, a lawyer too. Lawyers can help with many business ownership gifting or sales, and there are tax lawyers out there that can help as well. Your accountant can probably help you determine if you need a lawyer in some cases.

Save for retirement.

When you work for someone else, sometimes it’s a little easier to save for retirement. Your boss may provide a company match, and there may be some other retirement plans offered through your company. However, when you become self-employed, everything is up to you. Make sure you are still saving for retirement.

Have an emergency fund.

I’ve said this plenty of times. Make sure you have an emergency fund! As a self-employed person, you may have a bad month, and a well-funded emergency fund will help you worry a little less.

What financial advice would you give to the newly self-employed?


How To Promote Your Blog Through Networking

How To Promote Your Blog Through NetworkingA question that I am often asked is how a blogger should promote and network their blog. I’m definitely no expert in this area, but I do think that I know enough about it to write a blog post about it ๐Ÿ™‚

Networking with your blog is a great thing. Without it, my blog would literally have zero readers.

Without networking through my blog, I never would have started a side job, I never would have quit my job to freelance full-time. And I never would have 1,000 other things. Networking is what has helped me and my blog grow.

Now, I will say that I do like to keep all of my blog work “natural.” I have never forced anything upon my blog that I did not enjoy, and I do think that is why I still enjoy blogging on Making Sense of Cents (and the same now goes for Diversified Finances).

This may be to my downside, but I don’t really do anything to promote my website that I don’t actually enjoy doing. For example, I actually LOVE to post on forums and comment on other websites, because I am a super geek like that. I love reading what others have to say, and I could read articles all day long if I could. I like to know everything about everyone ๐Ÿ™‚ I can spew out random facts about pretty much anything.

Here are different things that you could do to promote your blog:

Guest post.

Guest posting is something that I hardly ever do, but I do think it’s a great idea. I find many new blogs through guest posts, so it can be a great way to add new readers.

Join a niche group.

Depending on the niche that you are in, I am sure that there are many different groups that you could join. An example would be Yakezie for personal finance bloggers.

Belonging to a quality niche group can mean that you make friends with others in your community, and you can also all motivate each other to do better.

Find forums.

There are many forums that I browse and enjoy reading, such as the Mr. Money Mustache forum and Yakezie forum. You could post quality responses (or even create your own posting), and readers may find you this way. Posting on relevant forums can be a great way to add readers since everyone reading the forum probably has a similar hobby or goal.

Another thing similar to commenting on forums would be to comment on websites as well.

Social media.

When I first find a new website, one of the first things that I usually do is see if they have a Twitter. Make sure you have one!

There are so many different ways for you to connect with your readers, and social media can be an important way for you to further your reach. Different websites that you could join include: Facebook, Twitter Instagram and Pinterest.

How do you promote your blog?


How To Be More Productive When Working From Home

How To Be More Productive When Working From Home

I found this on Flickr when searching “work at home,” so of course I had to include it.

Being able to work at home for the past two months so far has been great. I’m able to run my business entirely from my laptop.

It’s nice being able to make my own schedule and save on commuting costs. I also get to save time because I don’t have to commute.

Even though it sounds like a breeze to work from your home, sometimes your productively can decrease.

Here are my tips to increase your productively when working from home.

Have a good schedule.

Working from home is still WORK. Many people try to tell me otherwise, and it’s simply just not true. When working from home, there is a lot of flexibility, but sometimes that can be a self-employed person’s downfall.

Even though I can create my own schedule, I still find myself having a similar schedule each and every day. I prefer to work for a few hours very early in the morning (starting at around 5 a.m.) and then continuing later at night at around 8 p.m. This way I can do other things during the day.

You need to know when you work best. If you are not a morning person and you know for a fact that you could never get anything done, then maybe you should try to find a way to work during the night.

However, if your business requires you to interact with clients, you should try to make a schedule that fits your average customer best. If they are all on a different timezone, then you may want to adjust your schedule to something similar to theirs.

Have a designated office for yourself.

One thing that I still have not completed is making an awesome home office. We do have an office, but it’s not something that I particularly enjoy working in because it’s very boring and doesn’t motivate me to want to work.

Let others know that you are working.ย 

Like I said earlier, when you tell people that you work from home, some tend to think that you are on a vacation. Of course you still love all of these wonderful people who just want to see you ๐Ÿ™‚ , but you are still working.

I have heard of others who are constantly asked to run errands, watch children of others and so on because working from home to others may seem like you are taking the day off.

Take a break.

Sometimes I force myself to work but I never get anything done. Every now and then, you need a break. TAKE A BREAK!

Get rid of those time-suckers.

Working from home can make it very easy to procrastinate by grabbing something to eat, watch TV, and even to CLEAN. Maybe you are addicted to Facebook or some other social media website and you waste a lot of your time on there.

Leave your house every now and again.

Even though you are working from home, you do need to get out every now and then. You might have to switch up your workplace if working from home 24/7 is not working for you.

There are public workplaces, coffee shops, parks and so on.

Do you work from home? How do you try to be more productive?