Use more than just a spreadsheet to keep track of your finances.
Freelancers don’t have the luxury of a company’s accounting team or HR department, so it’s especially important that they stay on top of their personal finances. Goodman recommends dedicating a block of time each week to making sure your finances are up-to-date.
Hanna says that using a simple Excel spreadsheet to track your finances can lead to unnecessary headaches. She recommends GoDaddy’s bookkeeping services ($9.99 per month) or Intuit’s Quick Books (starting at $18.86 per month). These programs can help you keep track of your income and expenditures, as well as calculate how much you owe in quarterly self-employment taxes. If you don’t keep detailed track of your finances, you could get hit with a bigger tax bill than you anticipated.
Freelancing Tips and Tricks (Work From Home)
