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How a self-employed person can plan a budget

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I am a self-employed person. Planning a budget is really difficult for me. I have tried but haven't been able to plan a budget that will really work for me. Can anyone suggest anything about how a self-employed person can plan a suitable budget?

Do you know your average monthly income? If yes, then set a budget on the basis of it. You can also take help from a financial adviser for proper help.

Sub: #1 posted on Fri, 04/26/2019 - 04:27

sanderspatricia29 sanderspatricia29

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Calculate the minimum amount you earn every month. Then, calculate your monthly expenses. Create a budget based on that.

A tip for you

Keep separate accounts for tax, retirement, personal savings, etc. It will help you manage funds in a better way.

Sub: #2 posted on Sun, 04/28/2019 - 23:44

David Martin David Martin

(Posts: 203 | Credits: )

First gather all the documents of expenses incurred in last six months. then calculate the total saving you have in last six months = (6 month's income - six month's expenses) = six month's savings
Calculate your average saving per month. Take out that money from your paycheck and deposit into saving account.
Now your target will be paying off all the expenses from the remaining money, So, based on this amount you can start making your monthly budget. Try to save as much as possible from the remaining balance.

Sub: #3 posted on Mon, 04/29/2019 - 03:29

Barbara Delinsky Barbara Delinsky

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