Alright, so you know the $70K project? It came to me out of worry.
I made some great progress in my freelance career over this last year…I no longer worry about paying my bills, I’m spending on a few fun things (that I really enjoy) and I started saving again. This year, I really started to feel financially successful as a freelancer.
But still…
I
still think about scary things like a larger client suddenly cancelling or a big health or financial challenge. Seeing that I still felt that way made me realize I’m not as comfortable as I should be with my money as a freelancer.
Challenge Week 2: Assessing Your Financial Health
You’ve got a lot to do, so I’m not going to bog you down with some detailed budgets or spending rules (if
you want that,
there are some great apps here…I’ve heard good things about YNAB.) What I am going to do is give you is a few simple questions to help you start a habit of financial honesty…something that’ll serve you well as you grow as a
freelancer.
- Am I in touch with my money? (Do I at least have a general idea of my debt, savings, and investments?)
- Do I know how much my base, monthly expenses run?
- Do I view investment in my business as seriously as I would in my
education/traditional career?
- Are there any areas in my life where I’m spending but not getting a good return on my investment (in the form of quality, enjoyment, interest, etc.)
- Am I connecting with other people (friends, family, online communities) who encourage sound financial habits?
If you keep a journal of any kind, consider answering these question there, but at the very least, take 5 minutes to answer them honestly to yourself.
Have a great Sunday, and we’ll talk again soon!
Megan.
P.S. Also, a reminder that we’re at the 6-month mark for your
freelancer self-assessment,
so take a few minutes to fill yours out and see how much you’ve progressed in your freelance journey!