Developing Financial Habits: Budgeting and Saving Strategies for Freelancers

Title: Developing Money Habits: A Freelancer’s Journey to Financial Stability

Eliza, a 41-year-old actor-producer, recently made the transition from a comfortable living situation to the unpredictable world of freelancing. With no regular income and little understanding of where her money goes, Eliza is seeking advice on how to budget and save effectively.

After 11 years of not having to worry about rent or bills, Eliza finds herself in a financial predicament. She admits to spending on things like gigs, food, hot pools, yoga, health supplements, and online courses without a clear budget or savings plan in place.

To help Eliza navigate her financial challenges, investor and entrepreneur Lisa Dudson offers some practical advice. Dudson suggests that Eliza track her expenses for a month to gain awareness of her spending habits. She also recommends setting aside money for taxes, creating an emergency fund, and contributing to KiwiSaver for long-term savings.

Developing financial goals, creating good habits, and maintaining a gap between income and expenses are key steps towards financial stability, according to Dudson. By building a strong foundation and seeking professional advice when needed, Eliza can work towards a more secure financial future.

Eliza’s journey to developing money habits serves as a reminder that with awareness, discipline, and strategic planning, anyone can take control of their finances and build a brighter financial future.