Track your spending for a set periodĪs the adage says: “What gets measured gets managed." Track your spending to see how much money you need for essential expenses and what you could cut if necessary. When you’ve figured out your essential expenses, you’ll want to start setting aside separate accounts for retirement and other long-term savings goals, such as saving for your child’s college education.Īnd, of course, to determine what you’ll be able to and need to save, you’ll have to figure out how much you spend. Make money work for you with news, features and expert analysis SIGN UP By signing up, I agree to The National's privacy policy “We usually recommend six to 12 months’ worth of income so that when work lightens up, they have income to live on.”Ī six to 12-month emergency fund can seem like a daunting goal, but you can start small and something is better than nothing. “One of the key components of an unpredictable income stream is having an emergency fund set up,” Mr Sprung says. Mr Sprung and his company help them to determine their expenses so they can figure out how much they need to save, he says.Įven without the help of a financial planner, there are steps you can take on your own to get your budget on the right track. These authors live off of book deals and royalties and often have to budget differently depending on their publication cycle. Lawrence Sprung, a certified financial planner and author of the book Financial Planning Made Personal, works with many clients who are romance novelists. With some planning, budgeting and creativity, however, it can become easier to weather a varying income.
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