Can You Be Married And Still Legally Have Separate Finances Tips for Saving Money While Being Self-Employed

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Tips for Saving Money While Being Self-Employed

• If you are leaving a regular or salaried job, make sure you have 6 months to a year of living expenses, including at least $1,000 for an emergency fund.

• Modify your monthly and annual budgets. If you currently have no income from your freelance gigs or entrepreneurship, you need to cut costs somewhere. If you have a partner or spouse, review your budget together and formulate personal and joint financial plans. If you live alone and can’t afford to live alone in your current residence, find a roommate or find a cheaper place to live and then create a new financial plan.

• If you are receiving any income while self-employed (inheritances, retirement pensions, disability payments, part-time work, etc.), prioritize mortgage/rent payments, utility bills, insurance and foods Anything left over should be put into your savings account so you don’t spend the rest.

• If possible, pay a year (or two) of rent or mortgage in advance. If the finances adjust, at least you’ll have a roof over your head. Also, look for cheaper, smaller homes, condos, or apartments, if necessary.

• If you’re a renter, look for renter’s insurance. If you lose something due to fire, theft or flood, your items can be replaced.

• If you haven’t already, cut back on unnecessary expenses such as cable/satellite TV, landline service, extra cell phones of any kind, and magazine subscriptions. However, if you need any of these services, evaluate what you need instead of what you want and buy cheaper brands or cheaper packages.

• Do not unnecessarily increase electricity/gas/oil and water/sewer costs. You want to show due diligence in how you use your home’s utilities.

• Sell your vehicle(s) if you can. Use public transport, walk or cycle to your destinations.

• If you must have a credit card, have one and only one with a low credit limit (less than $2,000, preferably less than $1,000). Use the credit card only for large expenses, such as booking hotel or motel rooms. Always pay your balances in full and on time every month.

• Use cash (preferred) or debit to make purchases for groceries, entertainment and clothing. You will know that your items will be paid in full without any interest (or other bills) accruing. Plus, buying bulk items like toilet paper, paper towels, and non-perishable foods will save you money and travel time. When shopping for perishable foods, buy only what you need for now or freeze for future use.

• Don’t make impulse purchases. Shop with a list and budget for that day’s shopping trip. Avoid buying items such as lottery and raffle tickets, vending machine items, fundraising group items, and fast food at gas stations or convenience stores (all of these items cost much more than you can at home or at regular grocery stores. Also , gambling is just gambling and since you usually have limited funds to start your own business, you don’t want to waste your money anyway).

• If you are married or live with a domestic partner, use a joint checking account to pay your utility bills and other household expenses. If you are single and live alone, use a separate checking account to pay your bills and household expenses. Ideally, you want to keep these transactions separate so you know your bills will be paid in full and on time.

• If you are married or living with a partner, use separate personal checking and savings accounts for purchases. If you wish to pool funds, in any way, whether for business expenses or to bequeath funds after the death of a partner/spouse, get all relevant information in detail in writing and with legal counsel to notarize. You want to make sure that in case of divorce/separation you get what is yours.

• Avoid lending money to anyone unless you know absolutely and positively that the person you lend it to will pay you back. You need to be clear with people when you lend them money that a loan is not a gift.

• Collect any change you get from shopping or find lost on the streets, at bus stops, under your sofa, etc… Roll the coins and then withdraw or deposit them into your savings account.

• Collect small denomination bills like $1.00 or $5.00 and accumulate them until you really need them or put them in your savings.

• If you have a substantial amount of savings (>$10,000) and are especially between the ages of 20 and 55, you may want to invest that money in mutual funds to build a form of passive income to build your own retirement.

• Hold a garage or yard sale to get people to buy you items they no longer need. You’ll give people things they might need or want, and you’ll make extra money.

• Sell any souvenir or collector’s item in person or online.

• Borrow material from the library instead of buying new material from bookstores. Also, search online blogs for the information you need.

• Make sure you maintain your health and attend annual physicals as much as possible. Self-employed health insurance options are available at reasonable prices.

• Limit eating and/or drinking to only 1-2 times per week or every other week. Preparing, cooking and baking your own meals and snacks costs a mere fraction of the services you pay people to provide you with meals.

• Challenge yourself. See how many days or weeks you can go without spending money on anything except essentials. Better yet, see if you can eliminate shopping malls or online shopping.

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