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3 Finance Tips for the Self-Employed

Being self-employed is amazing. It is one of the best things I have ever done. I really can’t imagine working for anyone ever again. It feels liberating to be able to dictate the pace in which I work. And being able to work from home whilst care for my growing kids is a blessing. I am super thankful everyday for this amazing life I have been blessed with.

 

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Having said that, managing the finances can be a little tricky when you are self-employed. Especially when you are dealing with clients that never pay your invoices on time. I have had to put on my accountant hat to keep my business thriving. For those who do not know, I have a degree in Accounting (graduated university in 2006) but only practised for 1 year. The story surrounding that is a whole new blog post for another day.

Here are some finance tips I have picked up in my self-employment journey.

 

Be Careful with Credit

As a self-employed person, you need to be very careful with credit, especially credit cards. You may find it super easy to shop on your credit cards, especially when you are dealing with late payments and need to survive. If you must get some kind of credit to survive, make sure you understand the payment terms and don’t get carried away with spending money that isn’t yours.

If you have to deal with unforeseen circumstances and need quick money, a company like Cash Lady could come in handy. This company helps customers to find short-term finance solutions. So they are good for when your boiler or car break down, or when you need money quickly for urgent home improvements.

 

Keep Records

I am always on top of my records. Leaving it all until the end of the tax year will stress the life out of me. So I make a note of money coming in and going out.

Sending invoices is a great way to keep track of your money. I always send out an invoice for every project I work on. Even if the client does not request one. I need it for my books, so I get invoices sent out for my records.

 

Claim the Expenses

When filing my tax return, I make sure I claim every expense. This advice also links back to the keeping records tip. I always keep track of every expense, all year round. This makes it easier for me to claim the right amount of expenses. If you are not sure what you could claim as an expense, here is a detailed list of all expenses the self-employed are allowed to claim.

 

I hope you find these finance tips useful. If you have any finance tips for the self-employed, please share in the comments section below.

 

*Collaborative post.

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10 Questions/Phrases Bloggers Are Sick of Answering

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I have a favourite writing corner. Most people call it the ‘Writers’ Coven’ but I call it my refuge place. Once I have a writer’s block, I retire to my refuge place, which is our guest bedroom on the topfloor. It has a window in the ceiling and the bright sunlight slowly re-energizes my writing purpose.

Surviving as a full-time blogger, freelance writer, author and blogger outreach girl is hard work. Most days I find myself working past midnight, only to wake as early as 6am with the kids. Operating on less than 6 hours sleep is no fun. So you can imagine why some cliques does get to me. Here are some annoying questions I am sick of hearing as a writer:
So you are a blogger, have you published any book?
Yes I am a blogger/writer, and no, not every blogger MUST publish a book.  However I have published a book not because I am sick of hearing this question but because I genuinely had a few things to say and I wanted to reach a bigger audience.
According to most folks, you are not a successful blogger/writer until you get a book published. It doesn’t matter if you write a 5,000 words article published on Huffington Post or The Telegraph. If you are yet to write a BOOK, you are likely not to be taken seriously as a writer. I believe that is overrated. We are sick of people giving us yardstick before we can be who we are. Writing a book is great, it gives you credibility, you can reach a wider audience and you earn some extra cash, but you don’t have to publish a book to be a successful blogger or writer.
Do you write every day?
Yes I TRY to write every day because I realised the more I write, the easier the words flow. But it is not the frequency of the write-up that matters but the depth of the write-up. Writing every day is a good habit if your writing improves as you go along but it is not a must.
How much do you make as a writer/blogger?
I understand many people find it bizzare that bloggers make money from blogging. Many still do not understand the whole blogging as a career thing, and I get that because I find many careers bizzare too. Like being paid crazy money to kick a ball into a net, I can never understand that.
So what is your job?
Blogging/writing is a Job. A REAL job. The digital marketing industry is currently contributing heavily to the British’s economy, so it is definitely a job. I see it as a full-time job anyway. I write and get paid, so it is a job. Why do I have to repeat myself so many times?

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Did you study ‘Writing’?
Yes and NO. Call it a passion and you are right. Call it an art and I give you a thumbs up but don’t think it is purely a craft that needs to be learnt. I studied Acounting as a first degree, and International Human Relations as a Master’s degree. I then fell in love with fashion styling, and studied that at London College of Style. All three degrees/diploma have nothing to do with Writing/Blogging. Writing is a talent. It can be refined but CAN’T be learnt. You either have it or you don’t.
How much have you made as a writer?
I am not J.K. Rowling…….YET. I might not make millions from it but I don’t need you to remind me of that. I also should not have to justify why I am a blogger/writer, or disclose my financial information to anyone. Some questions are just too intrusive and this is one of them.

So you are a Writer? My Grandmother is a Writer too.
I know what you are trying to do. No, not everybody can be a blogger/writer, even if many think they are or can. But well done to your Grandmother.
 So you write novels?
Erm….NO! I don’t write novels. Not everybody that writes has to write fiction. There are different genres and we tend to concentrate on the one most suitable to us. I prefer reading and writing non fiction.
When did you start writing?

Since I could hold a pencil. Any more questions?

Writing must be soo easy for you?
It is very easy for me because I have been writing all my life. Even before I started blogging, I had journals and diaries in real life. Writers put in effort in crafting out piece. It is a duty that needs focus, brainstorming and research. It can be fun and easy depending on the writer.

Do you have any annoying questions or phrases to share? Drop me a comment in the comment section, lets chat.

Thanks for reading and have a lovely Sunday.

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