🔵How to manage finances as a freelancer: Track your freelance expenses #Freelancetips
Busy freelancers often procrastinate on expense tracking until tax deadlines approach, which can lead to missed opportunities for maximizing tax-deductible expenses and overspending. To improve financial management, it's important to regularly upload receipts and analyze spending habits.
Key areas to focus on include:
1. Payment Processing Costs: Many payment apps advertise low fees, but hidden charges can inflate the actual cost to nearly 5%. For example, PayPal's fees vary based on factors like location and payment method.
2. Business Subscriptions: Freelancers often subscribe to multiple apps, leading to unnecessary spending. Utilizing comprehensive solutions that combine features can save money. Tools like Rocket Money can help identify and cancel unused subscriptions.
3. Minimum Personal Spending: It's crucial to track both business and personal expenses to understand the cash flow needed each month. Freelancers should determine their minimum monthly income requirement to ensure financial stability.
🔵How to manage finances as a freelancer: Track your freelance expenses #Freelancetips
Busy freelancers often procrastinate on expense tracking until tax deadlines approach, which can lead to missed opportunities for maximizing tax-deductible expenses and overspending. To improve financial management, it's important to regularly upload receipts and analyze spending habits.
Key areas to focus on include:
1. Payment Processing Costs: Many payment apps advertise low fees, but hidden charges can inflate the actual cost to nearly 5%. For example, PayPal's fees vary based on factors like location and payment method.
2. Business Subscriptions: Freelancers often subscribe to multiple apps, leading to unnecessary spending. Utilizing comprehensive solutions that combine features can save money. Tools like Rocket Money can help identify and cancel unused subscriptions.
3. Minimum Personal Spending: It's crucial to track both business and personal expenses to understand the cash flow needed each month. Freelancers should determine their minimum monthly income requirement to ensure financial stability.
Secure video calling is in high demand. As an alternative to Zoom, many people are using end-to-end encrypted apps such as WhatsApp, FaceTime or Signal to speak to friends and family face-to-face since coronavirus lockdowns started to take place across the world. There’s another option—secure communications app Telegram just added video calling to its feature set, available on both iOS and Android. The new feature is also super secure—like Signal and WhatsApp and unlike Zoom (yet), video calls will be end-to-end encrypted.
A project of our size needs at least a few hundred million dollars per year to keep going,” Mr. Durov wrote in his public channel on Telegram late last year. “While doing that, we will remain independent and stay true to our values, redefining how a tech company should operate.
