They say Cash is King (or Queen!) for a reason. Staying on top of your cash flow and being clear on your income and expenditure is a critical part of contractor life.
If you’ve never had to manage your life to a budget before, now’s a good time to start. Identify ways to maximise your income while minimising your spend. Use an app or spreadsheet to help you stay on track and forecast where there might be pinch points in the future, perhaps at contract renewal time, or where you expect a hike in costs, that could require a cash injection to help you stay afloat. With rapidly rising UK interest rates, the cost of business finance could become a headache – identify opportunities to refinance to the best rate possible if available, and stay in control.
