Keeping track of your finances as a contractor

As a contractor, keeping track of your finances can feel a little bit like a guessing game – especially when your income changes from project to project. However, it is important to keep an eye on your expenses all year round (not just during tax season!) if you want to avoid money problems and save for your future. 

In this blog, we share our top tips for keeping track of your finances as a contractor!

1. Utilise money-tracking apps 

There are so many tools available to help you manage your finances, so you might as well make the most of them! We recommend apps such as Spending Tracker, Emma, Money Tracker and Yolt – all of which offer in-depth insights into your spending habits and analyse your savings. Find a method that works for you and your financial goals so you can save time, effort and mitigate any financial stress…

2. Make it part of your routine 

Sitting down with an Excel spreadsheet isn’t our idea of a party either, but it has to be done if you want to be partying later down the line! Incorporate managing your finances into your routine – whether you track your expenses before work each day or every Sunday with a glass of wine. Getting into the routine of entering your finances into a tracking system will make it easy for you to stay on top of your money throughout the year and you’ll be ready to go come tax time!

3. Set goals

There’s no point tracking your finances if you don’t know what your financial goals are. Work out how much of your payslip you need to put aside for rent, mortgage and bills etc. then you can get to the fun part (aka disposable income). It is also important to think about savings. For example, if you don’t work through an umbrella company, you need to think about whether you want to save towards a pension. 

Remember, if you’re struggling to get your finances in order it is always best to talk to a financial advisor. 

Bored of working out your taxes? Consider working with Mint Umbrella! We’ll take care of your tax and NIC so you can focus on what really matters. Plus, we offer all of our clients an opt-in pension scheme, meaning you don’t have to worry about putting money aside for the future. 

Get in touch with our team on 0203 967 6846 today to learn more about the perks of working with us. 

Mint Umbrella is Professional Passport approved and we pride ourselves on providing a quick and easy service. Start your journey with us today!