Budgeting a Home Business

Home Business Finance advice is courtesy of Allfreelancework.com. This article will help you with some practical advice to create and maintain a budget specifically designed for a home business.

Home Business Finance Categories:

Avoiding a Tax Audit | Getting Paid | Budgeting a Home Business Vacationing Away from a Home Business

FREELANCERS NEED A BUDGET

by Rachel Goldstein
owner of Allfreelancework.com - 1000s of freelance jobs

For people with a salaried job, budgeting their income and expenses is an easy task. A regular paycheck comes in for them every two weeks with taxes and benefits already taken out. For them it is easy to predict how much income will come in and what expenses will go out. But when you leave your full-time job for a freelance career, you also leave behind your stable paycheck. So how do you make sure that you have enough money to pay your rent? You need to learn how to create a budget. This article will explain to you the basics of budgeting for your freelance business.

ADD UP YOUR EXPENSES

The first step in creating a budget is to add up your monthly expenses. If you are new at freelancing, then calculating your expenses the first few months is going to be tough for you, but stick with it. Below, I have provided you a chart to fill out. For the personal expenses listed, take a look back on last year's checks, bills, and credit card statements to see what you paid out last year. Figure out what the average month was for each expense by writing down all twelve month's expenses and then dividing this number by 12.

For example:

January 112
February 84
March 96
April 130
May 65
June 98
July 101
August 59
September 75
October 84
November 96
December 115
TOTAL 1115
Divide Total by 12 92.92

$92.92 = Average Monthly Phone Bill

In the above example, you would use $92.92 as your monthly phone expense on your budget.

Continued

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