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How I Manage My Money As A Self-Employed Person

If you’re struggling, consider therapy with my sponsor BetterHelp. Click https://betterhelp.com/AustinWilliams for a 10% discount on your first month of therapy with a licensed professional specific to your needs. If you would like to support my channel!: https://www.buymeacoffee.com/williamsauQ Mint Mobile (save on your cell phone): https://mint-mobile.58dp.net/rn6rJQ Chapters 00:00 Start Here 01:13 Accept That Your Income Is No Longer Predictable (and embrace it) 03:21 Control Your Spending And Make It Predictable 07:13 Live The Same Regardless How Much You Make 09:33 Pay Yourself Last 11:36 Don’t Stay In The Scarcity Mindset Forever If you become self-employed, an entrepreneur, you are forced to change how you view and manage your money because you lose all the benefits that a company offers. In this video, I want to share five steps on how I manage my money as a self-employed person. 1. Accept That Your Income Is No Longer Predictable (and embrace it) When you are an employee of a company, the one biggest benefits you have is a steady paycheck that gives you an amount of money to base your life off of. This amount allows you to create a budget, set aside money to save, and plan for the future. When you become self-employed, you no longer have this predictability, which makes it harder to budget. You must accept this as fact, but also embrace it because your income is no longer capped. If you put in the work, you have the potential to make more. 2. Control Your Spending And Make It Predictable Although you cannot control how much money you make as a self-employed person, you can control how much money you spend. If you sit down, track your spending patterns, and get an estimate of how much money you spend a month, you can base your life off of this number. Having predictable spending patterns, allows you to know the minimum amount you need to make to sustain your lifestyle and know how long your savings will go. 3. Live The Same Regardless How Much You Make A big problem that people have when they start to make more money is they start to spend more money, which is known as "Lifestyle Inflation." And this can be very dangerous when you are self-employed because your income is variable and you could bring your spending to an unsustainable level. It is important to keep your spending at the same level regardless of how much money you make to avoid lifestyle inflation. 4. Pay Yourself Last If you have a predictable paycheck, it is recommended that you "pay yourself first," meaning set aside money to save before paying your bills. When you are self-employed, however, this is a bit more difficult to do. Instead, I "pay myself last," meaning that I pay my predictable expenses and then save the remainder. This allows me to maximize my savings and have money to cover for worse months. 5. Don’t Stay In The Scarcity Mindset Forever This money management system does involve living in the scarcity mindset for a little while because when you are self-employed, you do not have a lot of certainty in life. However, it is important to not stay in this mindset forever and give yourself permission to get out of this mindset. Give yourself permission to walk with more confidence and embrace your lifestyle. **Links above are affiliate links where if you click and order, I will receive a commission at no cost to you. **