Tips For The Self-Employed

Are you self-employed?

In 2019, The U.S. Bureau of Labor Statistics reported that 16 million Americans were self-employed. If you fall into that category I recommend you find a Godly mentor or team of advisors who can help you to set goals, to meet financial needs, and to grow your company. Budgeting is key, especially if your income varies from month to month. Don’t let the word frighten you. It will serve you well if you’re willing to do a little work.

Begin by underestimating your income and overestimating your expenses. Create a bare-bones budget based on the lowest monthly income you have earned or that you might expect. Your expenses should cover your basic needs. Find your monthly total and subtract it from your expected income. If your income exceeds expenses, use that money to build an emergency fund and begin funding tax and retirement accounts. 

Keep precise records and study them frequently. Analyze your cash flow to plan ahead for lean months and know when it’s possible to make large purchases. Delay the purchase of any unnecessary items and develop a frugal mindset until the business is supporting you well. Most importantly, give your business to God. Work as unto Him, delighting in the opportunity to bring Him glory each new day.

If you are struggling with credit card debt, I recommend Christian Credit Counselors. They can create a debt management plan just for you. For more information call the Crown Helpline at 800-722-1976, or visit online at crown.org/ccc.