Money Management 101 For Independent Remote Workers – Allwork.Space

December 17, 2021 by No Comments

However, contrary to what headlines may allude to, such personal freedom requires great effort and discipline and specifically on matters related to personal finance. If you are an independent worker, for instance, managing your taxes will largely be up to you and an accountant. 

Likewise, being an independent worker means that you will be solely responsible for business expenses. This can be intimidating, but if done strategically, you can help yourself live up to the flexible ideal we so often hear about with remote work. 

Taking stock of your finances

Before embarking upon your journey of money management, you should take stock of your personal finances. This means understanding whether or not you owe any debts, and if you do, making it clear how much you owe. This is an important step because doing so will help you avoid spending money you do not have.

Another aspect of taking stock of your finances runs in conjunction with determining your debt load. This is to determine your credit score. As an independent worker –especially if you are a self-starter, like someone straight out of college– you may need to take out loans to fund your work. Your credit score will determine whether or not you are eligible for such a loan. 

  • Pay down debts and improve your credit score
  • Reduce debts as quickly as possible to avoid unnecessary interest and a tarnished credit score
  • Avoid the vicious cycle of living beyond your means and high credit card balances.


To determine how to live within your means, you must set yourself a personal budget. This personal budget, however, is a bit more complicated than the personal budget of a traditional worker. This is because, if you are an independent worker, your personal budget will entail business expenses. 

There is no one-size-fits-all approach to budgeting for personal finances. Every remote and independent worker will have a unique financial situation.

Nonetheless, there are some obvious factors to consider first and foremost when budgeting, such as basic needs like food, rent, and utilities. If these cannot be paid for, something has gone quite awry. Prioritize your basic health and well-being before anything else when it comes to financial budgeting. 

Also, consider what your business expenditures might be. If you are a freelancer or an independent remote worker of any caliber, for instance, you’ll need a website …….



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