8 Super Self Employed Tips For Saving Money
When you work for yourself, you need to keep a focused eye on your finances. Saving money has perhaps never been more important. Check out these 8 super self employed tips for saving money and keeping a handle on your finances.
Knew Your Credit Cards
It can be easy to think that a credit card is the answer to your money problems. It might help in the short term but can be a huge problem in the long term. You need to know your credit cards. By all means, use a 0% balance transfer card so you're actually paying off the debt rather than the interest, but know what needs paying and when. You don't want to amass huge and costly fines.
Plan Your Travel
If you do a lot of travel, you need to plan it properly. Turning up at the train station will usually mean you pay more than you need to for your ticket. Plan ahead, book ahead and make sure you use ticket splitting sites to get the best price. Paying for a direct ticket from Edinburgh to London can be costly, More so than going on the same train but getting separate tickets from Edinburgh to Newcastle, Newcastle to York and York to London. You'll be on the same train, likely in the same seat, but save money.
Claim Expenses
Next on our list of self employed tips is expenses. Do you know what expenses you can claim? Do you keep a list of these things, itemised with details and prices, throughout the year? Allowable expenses help you save money on the amount of tax you'll pay every year. Take a look at the allowable expenses part of the Gov.uk website for more information. You can also speak to a bookkeeper who will be able to assist you with your business accounts.
Check Your Benefits
Many of us have been thrown a curve ball over the last year. Our financial situations have perhaps changed, something that has been out of our hands. This might mean that you are able to claim more benefits that you were before. These benefits are to help you. Help you pay your bills, turn the heating on, feed your family. We all pay into the benefits pot via taxes so don't be ashamed to claim them should you be able to.
Make Use Of Your Personal Savings Allowance
Some of us will be looking at putting money away if we're able to. Whilst interest rates are pretty low, you can still get tax allowances when you save. Depending on the tax bracket you are in, it will change how much interest you get to earn tax-free. Basic rate taxpayers get £1,000.
Shop Around For Your Utilities
Next on our list of self employed tips is utilities. When was the last time you swapped your utilities? Broadband, phone, electricity. Whilst it might not be at the top of your to do list, it can actually save you quite a bit of money if you've been moved over onto a standard tariff after a new customer deal. Make a note on your phone of when your 12 or 18 month deals are finishing. This gives you time to search for a new deal, before you move onto the more expensive standard tariff. If you're happy with your current provider, give them a call and check if they can save you any money.
Earn Cashback
If you buy things online without clicking through a cashback site, you are missing out on money! Shop for a new computer with HP and you could get up to 8% cashback. Get 10% on that new office chair from Viking.com. You could even get £1000+ cashback when you shop for life insurance. This can add up, so much so people have earned over £3000by using a cashback site such as Quidco.
Invest In What Works
When you work for yourself, you need to see what works and what doesn't. Don't be afraid to pull the plug on things that aren't working or are costing you more money than you're making. That is part of having your own business, see what doesn't work and investing in what does. This will help you to have a more profitable business and focus your energy on things that are actually working for you. This is perhaps the most important of all the self employed tips.
Use these top self employed tips and you'll have a better handle on your finances and be able to save more money.