I’m back with my second income report and the first of 2017. I’ve decided to publish these because I want to be totally honest about the realities of self-employment as a single mother.
Total transparency means getting down to brass tacks about what I’m bringing in and what I’m shelling out.
I hope that by sharing my financial journey, and the lessons I’m learning as I go, you can learn from what works for me, and what doesn’t.
I also want to keep myself accountable and it’s a great exercise to sit down and review each month properly.
- To accurately show the financial reality of self-employment what I’m showing here is what actually came in and out of my account. So it’s not necessarily reflective of the work I did that month. Amounts are rounded up to the nearest £.
- Any links below marked with a * are affiliate links meaning that if you click them and make a purchase I may earn a commission. This is at no cost to you, and I’m only an affiliate for products and services I use and recommend.
- Freelance copywriting and social media consulting: £225
- Passive income (social media planners): £0
Total income = £225
- Policy Bee – professional indemnity insurance: £17
- Melyssa Griffin – Blog To Business Hive: £38
- Leah Kalamakis’s Freelance To Freedom School: £30
- Buffer: £8
- Convertkit: £23
- Leonie Dawson Shining Life Planners: £45
- Other stationery supplies: £19
Total expenses = £180
Net profit = £45
Salary to Emma = £1112
This looks pretty dire doesn’t it? But if you remember from last month I got paid twice by my main client because of the Christmas holidays, so I held back part of that to make sure I still had money left to pay myself at the end of January.
Again, I wasn’t focussed on bringing in any more work this month because I was preparing to move house (not fun!) and working on this blog. So my income was low, but it also reflects on of the upsides of being self-employed. I can seek out more work if I need to, or if I’m busy with other things I can ease off.
You’ll see I also invested in Leonie Dawson’s Shining Life planners. At first I just bought the diary planner, but once I got my hands on it I wanted the whole system. So now I also have a life and business work book. Technically the life workbook isn’t a business expense, but I’m showing it here so you can see what tools I’m investing in.
January benefit payments
I wouldn’t be totally transparent if I didn’t also report that on top of this income I also get tax credits and child benefit from the government. They obviously don’t count as business income but they are still income that helps me get by.
- Tax credits/child benefit for January = £365
What I learned
That next time I move I’m paying someone else to pack for me. No joke, it’s just not worth the headache. I economised and I regretted it. This is often true on a business level as well. Sometimes it’s well worth paying someone else to do something for you so you can focus on what really matters.
Everything takes longer than you think it will. I planned to launch this blog on 18 January and at the time of writing it’s still not live. Clearly planning to do all this work while also planning a move was not the greatest idea I’ve ever had either! Hopefully my lovely new planners will help me avoid that kind of schedule clash in future.
February is not ALL about launching this blog. I’ve got an opt-in to write, a marketing master plan to map out and social media content to get busy with. Oh and the fabulous Facebook group to nurture.
Financially, I’ve got client work booked in two days per week for the whole of Feb, so I’m not worried about making enough money. However, said client has also informed me that they’re recruiting a permanent copywriter. They’ve asked me whether I’d be interested in the role, which is flattering, but it could mean that my freelance work with them is about to dry up.
So, operation ‘find a new retainer client’ will kick off in March!
Got questions? Leave a comment. Let’s chat!
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