Separate freelance funds in a dedicated bank account for better financial organization.
Establish a routine for managing finances to make informed decisions and reduce financial stress.
Deep dives
Creative People's Misconceptions About Money
Many creative individuals hold the belief that they are not good with money, feeling disconnected from the financial world. The serious and intimidating image of the finance industry adds to these misconceptions. This narrative often leads creatives to internalize these beliefs, hindering their financial confidence and decision-making.
Benefits of Addressing Finances for Creatives
Taking control of one's finances can offer peace of mind and clarity for creative professionals. By addressing financial aspects, individuals can make informed decisions regarding collaborations, projects, and client interactions. This approach shifts the focus from emotional responses to logical considerations, essential for success in self-employment.
Establishing Financial Habits for Creative Entrepreneurs
Creating a routine for managing finances is crucial for creative entrepreneurs. By dedicating weekly finance time, individuals can efficiently handle tasks like tracking income, paying bills, and organizing financial records. Separating personal and business finances, setting aside tax savings, and seeking specialized accounting assistance can streamline financial management and planning.
Got a side hustle and not sure how to handle your money? Financial coach Paco de Leon, author of 'Finance for the People: Getting a Grip on Your Finances,' explains why you should put your freelance funds into a separate bank account and how to prepare yourself for tax season.