Do Self-Employment and Budgeting Mix?

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I remember it very clearly. I had just decided to quit my day job and our home was filled with excitement. Prospects were good. We had a relatively healthy emergency fund. We were meeting new potential clients right and left. Overall, I was loving self-employment. Then it happened…business came to an absolute stand still. Crickets would’ve been nice to hear it was so bad.

A doubter by nature, I was starting to think that we had made the wrong decision. I felt like a fool for believing I could actually help run a business and be successful at it. Thankfully, as I’ve shared in the past, business prospects have grown dramatically. As I look back on that first six months or so of self-employment one thing sticks out in my mind as getting us through it – a budget! I know it might sound a bit on the ridiculous side, but it really was our budget that helped us get through the stormy times of establishing our business and still does so to this day.

Living by a budget can be a challenge for many to live by and that’s when they’re getting a relatively known paycheck on a regular schedule. Freelancers, entrepreneurs and those who are self-employed do not have this luxury in most cases. But, it can be done.

If you’d like to read more about budgeting as a freelancer, then please check out my latest article over at Daily Finance.



Photo courtesy of: Wonderlane

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John is the founder of Frugal Rules, a dad, husband and veteran of the financial services industry whose writing has been featured in Forbes, CNBC, Yahoo Finance and more.

Passionate about helping people learn from his mistakes, John shares financial tools and tips to help you enjoy the freedom that comes from living frugally. One of his favorite tools is Personal Capital , which he used to plan for retirement and keep track of his finances in less than 15 minutes each month.

Another one of John's passions is helping people save $80 per month by axing their expensive cable subscriptions and replacing them with more affordable ones, like Hulu with Live TV.

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