Freelancing on a full or part-time basis is a fantastic way to earn extra cash and supplement your income. It’s a professionally freeing way to put your best skills to use. However, as liberating and financially lucrative as it sounds, being a freelancer isn’t always easy. Managing the responsibilities of freelance work can be challenging.
As a freelancer, managing your finances can present a unique set of obstacles. From keeping personal and business finances separate to balancing budgets and filing taxes, individuals interested in pursuing freelancing should fully understand the financial management practices needed to succeed. Fortunately, companies like ONE are available to help make money matters simpler for freelancers.
Who Is ONE?
ONE is a newly established financial agency (2019) out of Sacramento, CA, that offers affordable quality banking products and services in the US. The company’s goal is to help simplify financial management for everyday consumers.
How Does ONE Benefit Freelancers?
ONE has a variety of resources to help freelancers, including but not limited to:
Free Checking Accounts
Although not mandatory, freelancers are encouraged to create separate accounts for their personal and professional finances. Keeping things separate makes it easier to stay on top of financial obligations when it comes to filing taxes.
ONE’s free checking accounts are easy to set up. Simply complete an online form, wait for approval, and deposit funds to get started. With no application, startup, minimum balance, or monthly maintenance fees to worry about, you can separate your personal and professional funds quickly and easily.
The money you receive from completed projects doesn’t necessarily equate to your “take-home” pay. Freelancers must ensure they have enough cash to cover operational and future business expenses. Ultimately, freelancers are encouraged to decide on a salary and pay themselves instead of spending money from their business accounts on personal expenses (which makes it harder to decipher and record business expenses).
ONE makes paying yourself second nature. You can schedule transfers from your business account into your ONE free checking and get paid on time – every time. The scheduled transfers also work as a financial record when filing taxes.
Bootstrapping is common practice for freelancers that are just getting started. Finding ways to save as much money as possible is essential when you’re trying to fund a business. This requires strict budgeting and saving routines.
ONE customers have access to financial tools called Pockets. These are sub-accounts that users can organize, budget, and save more efficiently. The primary Spend, Save, and Auto-Save Pockets enable customers to track expenses, set aside money, and increase their savings with every purchase. You can also customize Pockets to match your budget for common expenses like your mortgage or weekly food allowance.
With Pockets, you can see where your money is going, cut back on unnecessary spending, make informed purchasing decisions in order to set aside more money for your freelance endeavors.
Freelancers wear many hats, and being a financial manager is likely one of the most challenging. Fortunately, ONE offers a variety of banking solutions to make the journey easier to manage. From easy account setup and scheduled transfers to increased savings, ONE has everything a freelancer needs to keep their finances intact. Ultimately, anything that makes freelancing easier is worth the investment.