So recently I moved house and wanted to share some insights into finances because as a freelancer it can be tricky to manage. Also having a self employed status you need to make sure you take into account about your profit and loss.
For instance if you make £100,000 and spend £70,000 on your business then you look like you earn £30,000 a year. Now if you are moving house you need an income average over the last 3 years so if you are starting out and in your first year your profit is £10,000 in year 1, £20,000 year 2 and £30,000 in year 3 means an average of £20,000.
I have a good buffer for costs like moving house or needing to buy or rent equipment I have access to over £15,000 in overdrafts.
Let me know what else you use in the comments below.
London Sound Recordist
I am a London Sound Recordist and Sound Editor for many types of projects around the film genres. This covers creative content right through to feature films. I am passionate about sharing my journey and knowledge to help the rest of the community. If you need anything from me, feel free to get in touch with me at London Sound Recordist.