Managing funds as a outworker

Scrutiny of the monies

"Take advantage of your strengths: it wont be possible to achieve superiority in a weak area," Leonard states. "Living a strong life while enjoying career success entails taking advantage of your strengths and working around your weaknesses." A beneficial way to deal with capital as a outworker is to document your income, recurring outlays and unpredicted outlays. Here's how you do it:
- Record all your regular expenses such as groceries, rent, insurance and utilities.
- Maintain a statement of your wages - in time you will have the ability to predict the months when you take more money home than others.
- Remember to take note of your tax payments so that you don't fall short at the end of the month.
- Keep a credit card on hand for months where you may be a bit strapped for cash - be careful to use your credit card wisely as to not go into too much debt.

Expend less than you earn and invest a handful

Leonard states that simplifying your life is a great way to spend less. "Remember that every possession you buy or contract you sign (monthly subscription, club membership or cell phone contract), brings with it a burden of cost and responsibility. The dilemma with advancement is that we find ourselves trapped in a vortex of acquiring more at quicker speed, so that any increase in income is easily consumed by an insatiable (and ever-growing) list of wants. Unless we ask ourselves how much is enough and consciously create a margin in our monthly budget, we will never earn enough, and we will never be able to save.

A highly effective means of saving is to set up an automatic payment from your cheque account into an investment which you then forget about. This is a decision that is made just once (as opposed to ad hoc payments every month/year) so a percentage of your income is committed to your savings. Cellphone and holiday companies catch you in a similar way, in one moment's decision you are committed to paying them for a long time."

Acquire a greater yield from your nest egg

"Saving R1000 a month with an 8% return for 40 years will yield R3.4 million," Leonard states. "You can yield R6.3 million if you increase the return to 10%. Buying companies is the most effective way to increase long term results. You do this by investing into shares, and you can invest in shares directly through a stock broker or indirectly through vehicles such as unit trusts.

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Tax can be a difficult issue when you are a outworker. To avoid the hazards of tax and submitting your tax returns, think about the employment of a tax consultant. Constantly seek advice from associates and relatives in a related circumstances. Discover who does his/her taxes. It is always difficult to beat private know-how, and then you will be guaranteed a frank point of view. Mainly notable, once looking for a tax consultant, you need someone who you can entrust your finances to. Thus here are a few useful guidelines in looking for an honest tax consultant.

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