Tuesday, 24 February 2015

Putting money aside

I'm self-employed and I met with a client to pick up payment in arrears. I know people say rule of thumb is to pay yourself at minimum 10% first. I will pay myself more than the minimum as the cash is not immediately needed, and plus I'll have to pay the Government their share of what I collected in sales so I have to put money aside for that. However, for my goal I will put aside ~50%.

Today, I will put aside $221.60.

My grand total now is $261.80. I will soon have to search for a bank to deposit my funds and see which bank offers the best interest rate, however, I believe with most banks you need at minimum a $1000.

Putting money aside if you're self-employed or working for someone  has to become a habit. You have to start somewhere whether it's 5%, 10%, 20%, 50% or more? It has to make financial sense for you as we all still have expenses to survive.




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