Making it work: managing finances as a freelancer

SINGAPOREANS are embracing full-time self-employment and the freelance lifestyle. A Ministry of Manpower report from 2017 found that freelancers make up approximately 8.5 per cent of the workforce, and it was noted then that the number would likely increase. As appealing as the flexibility and independence to set your own hours and choose your own projects may be, being your own employer also means providing your own benefits - health care, retirement savings, CPF contributions, not to mention taxes and any other types of savings and investments.

Successfully managing workloads and clients may be a familiar task for many freelancers, but managing the financial side of a business may not be. Staying on top of expenses as well as insurance, investments and government-required contributions can be overwhelming. Making this task even more difficult is the likelihood that a freelancer's income will fluctuate month-to-month. However, learning to manage financial obligations is a critical aspect of a business that every freelancer must understand and master.

Ensure a steady flow of income