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Create an emergency fund

Create an emergency fund

Despite all the benefits that come from working as a freelancer, there may be months in the year where you may desire a steady income to feel you can pay the bills.

Establishing an emergency saving fund can help you overcome the fear of a dry month.

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Save 45 percent of every paycheck

Assigning 45 percent of your income to savings is essential if you're serious about building savings and have the ability to pay quarterly estimated taxes.

  • Allocate 30 per cent of your income towards taxes
  • 5 per cent for reinvesting in your business
  • 10 percent to build ...

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The "zero-sum budget"

An emergency savings fund buffer is vital for freelancers. It will help you to keep your head above water when your income fluctuates.

A zero-sum budget means living off last month's income alone. This can be done in the following way:

  • Start

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Set specific and realistic goals for an emergency fund

An emergency buffer consists of a specific metric you're trying to reach based on what you reasonably will need during a dry month.

Some have a checking account with two month's worth of bills saved. It covers rent, utilities, insurance and cell-hone bills. In addition, the...

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"My adversary is the world of finance." ~ Francois Hollande

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Create an Emergency Fund

Create an Emergency Fund

You can't predict an emergency, but you can prepare for one. The best way to do so is to set up an emergency fund of 3-6 months of living expenses.

Common financial emergencies include job loss, natural disasters and car, house and health issues.

Managing  your emergency fund

Managing your emergency fund

Having an emergency fund can prove life-saving when you are in desperate need of money. However, before starting to use the money, make sure the situation really requires the measure. 

For instance, try spending the money on situations that occur totally unexpectedly rather than on event...

Define what your emergency fund is

Define what your emergency fund is

Your first step is to figure out what counts as a true emergency. 

Not all emergencies can be predicted, but many can. Car repairs, medical expenses, higher-than-normal bills. Even having a list of things that you can and cannot spend an emergency fund on can help you stay on track a...

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