11/05/2021
5 Things I Wish Knew As A Baby Freelancer 1/5
"Save 20% for emergencies and investing"
This may sound dry as hell to a lot of us creatives but an emergency fund can literally mean the difference between weathering a dry spell and bankrupcy.
Before I became more financially literate, I never knew how much I had to save. Most months, I would just throw an arbritrary amount into a savings account from whatever money was left over after paying off all of my bills.
It felt almost impossible to save up any real amount of money.
However, after learning to split my income up by percentages, saving became much easier.
I take 20% of very piece of income I earn and immediately toss it into the emergency savings account. So no matter if I make $50 or $500, my savings is always relative to how much I make.
If you dont have an emergency savings and feel overwhelmed by the 3-6 months most financial gurus advise you should have saved, I would start with small increments:
$100, then $500, then your first $1000, then 1 month, 2 months, 3 months, etc.
Setting small goals will make this task a lot more managable. I know you can do it!
If you guys want me to talk a little more about my personal finance growth as a freelancer, please let me know in the comments and I'll make some more posts about this topic!
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