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What are the best ways to manage finances as a self-employed HR consultant?

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Being a self-employed HR consultant can be rewarding and flexible, but it also comes with some financial challenges. You need to plan ahead, track your income and expenses, set aside money for taxes, and save for emergencies and retirement. In this article, we will share some of the best ways to manage your finances as a self-employed HR consultant, so you can enjoy the benefits of your work without stressing over money.

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Paula Esteves

M?e da Vitória, Sócia e Co-CEO Cia de Talentos, Colunista na Exame, Diretora no Instituto Ser+ e Diretora na ABRH-SP…
Richard R.

People Insights, Analytics and Governance Manager at Team Global Express
Kristine D.

1 Set a realistic budget

The first step to managing your finances as a self-employed HR consultant is to set a realistic budget based on your income and expenses. You need to know how much money you are making from your projects, and how much you are spending on your business and personal needs. A budget can help you control your cash flow, avoid overspending, and allocate funds for your goals. You can use a spreadsheet, an app, or a software to create and monitor your budget.

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Paula Esteves

M?e da Vitória, Sócia e Co-CEO Cia de Talentos, Colunista na Exame, Diretora no Instituto Ser+ e Diretora na ABRH-SP Avenida Berrini
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Um bom or?amento, precisa contar com imprevistos. Contratos podem ser cancelados ou congelados. Nem sempre a média de entradas pode ser garantida. Tente sempre ter clareza de quais custos s?o essenciais e quais podem ser alocados de acordo com os reais valores recebidos.

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Kristine D.
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From my dual experience in HR and finance, I can't stress enough how crucial a budget is. Think of it as your financial roadmap–guiding you through both calm and choppy waters. Always remember to plan for 'what ifs'. It's better to overestimate in your budget–having that extra buffer can be a lifesaver, especially when unexpected expenses pop up, as they tend to do. Getting a head start is key. I start working on next year’s budget in October. It gives me ample time to adjust and align with the new year's goals. Excel is great for keeping everything on track, but I also use FreshBooks. So, keep it realistic, add a buffer for surprises, and get ahead of the game. That's how you keep your finances in check as an independent HR consultant.

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2 Track your income and expenses

The second step to managing your finances as a self-employed HR consultant is to track your income and expenses regularly. You need to record every payment you receive from your clients, and every expense you incur for your business, such as equipment, software, travel, marketing, and professional fees. Tracking your income and expenses can help you measure your profitability, identify your tax deductions, and prepare for your tax filings. You can use a tool like QuickBooks, FreshBooks, or Wave to track your income and expenses.

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Brad Voorhees

I Help CEO’s of 30-300 Employee Businesses Solve Their People Problems When They Don’t Have An HR Lead | Founder @ ScaleTx
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I have been tracking my income and expenses for years, well before I went off on my own. Oh, the amount of excel spreadsheet tabs I have... Design a tracker that works for you. First, create your financial model, doing it now for 2024 will get you a head start. Then, create a spreadsheet that details the expense, client, date and how it was paid for. Save receipts when you go out to lunch, and document if it's software that you pay monthly. There are really easy DIY tools you can create to help keep yourself organized.

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3 Set aside money for taxes

The third step to managing your finances as a self-employed HR consultant is to set aside money for taxes. As a self-employed worker, you are responsible for paying your own income tax and self-employment tax, which covers Social Security and Medicare. You need to estimate how much tax you owe each year, and pay it quarterly to avoid penalties and interest. You can use a tool like TurboTax, H&R Block, or TaxAct to estimate and pay your taxes.

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4 Save for emergencies and retirement

The fourth step to managing your finances as a self-employed HR consultant is to save for emergencies and retirement. As a self-employed worker, you do not have the security of a regular paycheck, a sick leave, or a pension plan. You need to build your own safety net and retirement fund, so you can cope with unexpected events and enjoy your future. You should aim to save at least three to six months of living expenses in an emergency fund, and invest at least 15% of your income in a retirement account, such as an IRA or a Solo 401(k).

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5 Review and adjust your finances

The fifth step to managing your finances as a self-employed HR consultant is to review and adjust your finances periodically. You need to check your budget, income, expenses, taxes, and savings at least once a month, and make any necessary changes based on your performance and goals. You should also review your financial situation at the end of each year, and set new goals and strategies for the next year. Reviewing and adjusting your finances can help you stay on track, improve your efficiency, and grow your business.

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6 Seek professional advice

The sixth step to managing your finances as a self-employed HR consultant is to seek professional advice when needed. You may not have the time, skills, or knowledge to handle all aspects of your finances by yourself. You may benefit from hiring a professional accountant, bookkeeper, tax preparer, or financial planner to help you with your financial tasks and decisions. Seeking professional advice can save you time, money, and stress, and help you avoid costly mistakes and optimize your financial outcomes.

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Richard R.

People Insights, Analytics and Governance Manager at Team Global Express
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I truely believe in tapping into professional knowledge even in domains you are an expert in. There is always help across various physical and digital platforms, free or paid, either professionals or people who have experienced the same scenario.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the best ways to manage finances as a self-employed HR consultant?

1

2

3

4

5

6

7

1 Set a realistic budget

2 Track your income and expenses

3 Set aside money for taxes

4 Save for emergencies and retirement

5 Review and adjust your finances

6 Seek professional advice

7 Here’s what else to consider

HR Consulting

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What are the best ways to manage finances as a self-employed HR consultant?

1

2

3

4

5

6

7

1 Set a realistic budget

2 Track your income and expenses

3 Set aside money for taxes

4 Save for emergencies and retirement

5 Review and adjust your finances

6 Seek professional advice

7 Here’s what else to consider

HR Consulting

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