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Freelancers, Here’s How To Get Smarter About How You Handle Money

John Boitnott
October 25, 2018

A 2017 Manta survey of nearly 2,000 small business owners revealed one-third had no long-term financial plans, such as a retirement or succession plan. Instead, over 40 percent saw themselves continuing to work past the age of 65.

Does that sound like you? Rather than work longer than you wanted, take action with your finances by leveraging expert money advice from these sources.

Personal finance blogs and podcasts are a treasure trove of free information 

You don’t have a lot of time for financial lessons, which makes blogs and podcasts ideal formats. They are brief enough to digest during a work break, but substantial enough to include comprehensive actionable items that you can implement.

For example, the So Money podcast covers diverse topics related to personal money decisions and business ownership. Different weekly guests offer numerous perspectives to ponder. Blogs such as “I Will Teach You to Be Rich” help you create the mindset and strategies that’ll help you make and save more money for retirement.

Seek out the right expert advice like an accountant or freelance bookkeeper

Partnering with an accountant or freelance bookkeeper serves two purposes: First, you get expert advice to make sure your freelance business is meeting all current financial and tax obligations. Second, you get personalized advice on important financial issues such as future revenue projections and retirement.  

Look for the right financial partner through referrals and online directories of certified financial professionals, such as CPA Verify and the AICPA. Reputable online job marketplaces, including Indeed and Upwork, can also connect you to qualified bookkeepers.

Take advantage of online personal finance seminars and workshops

Many universities and educational organizations offer digital access to their learning programs. This kind of online financial education will go a long way in improving your business-finance acumen.

The American Management Association and Skillshare both deliver financial courses directed specifically at non-financial executives and business owners. Additionally, platforms like Alison offer courses on retirement and financial literacy. Many online courses are free, making it even easier to invest in your financial success.

Look into consumer and business finance organizations

In response to the growing popularity of self-employment, organizations have emerged to address the unique financial needs and positions of freelancers. The Freelancer’s Union provides valuable tools, content, and links to specific types of financial assistance. The site’s commentary covers critical topics, such as the implications of new tax laws for freelancers and key decisions in light of those changes. Also, the organization provides recommendations for health insurance (another big concern for the self-employed) and retirement planning.

Finally, nonprofits like the National Endowment For Financial Education offer financial instruction for people at various life stages. Because it’s also involved in developing national education policy, the organization can share some of the most relevant information available. The Endowment also offers a learning platform called Smart About Money with courses and other tools to improve financial literacy.

Make financial literacy a priority, your business depends on it

Smarter money strategies don’t just magically drop in your lap. Fortunately, resources to help you craft the right approach for you and your business are readily accessible. Handling money effectively can also improve your approach to freelancing, by empowering you to adhere to a leaner budget, pursue high-value clients, and save for retirement.

A journalist and digital consultant, John Boitnott has been writing for TV, print, radio and internet companies for 25 years. He’s written for BusinessInsider, Fortune, NBC, Fast Company, Inc., Entrepreneur and Venturebeat.

Feature Image: The Money Manual

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