Here's how you can effectively manage finances and plan for the future in temporary and contract work.

I talk from experience here. Life is a marathon & not a sprint. 1. align your needs, comforts & luxuries right. i have always lived 1 step down from what i can afford. this attitude has helped me during rainy days 2. live simply, minimalistically, plan your budgets 3. spend less, save more. identify a thumb rule that works for you. for instance 60% savings, 40% expenses 4. know your limits. i cannot emphasise this enough 5. plan your monies, trips, tax, incoming & outgoing expenses effectively. life keeps changing. be prepared 6. think wealth - long term. not money - short term 7. focus on continuous learning 8. always have back up funds 10. like they say manage your mouth, money, mind well. control your mind. invest & spend where required

Prioritize the creation of an emergency fund within your budget. Aim to set aside enough money to cover at least three to six months of living expenses.

Managing finances and planning for the future in temporary and contract work can be challenging but with the right approach, it's definitely possible. Here are a few tips that can help: 1. Create a Budget 2. Build an Emergency Fund 3. Save for Retirement 4. Invest Wisely 5. Stay Insured 6. Network and Seek Long-Term Opportunities By following these tips, you can effectively manage your finances and plan for the future, even in the face of temporary and contract work.

Build a flexible budgeting model that costs all your time 9not just coaching hours), uses income ranges per coaching hour (they will ask for discounts) and aims at 50% capacity (so you are selling half your available time.

Below in my perspective. 1. Danger Zone: - Should not be in paying any EMI. We have to come out of this first. This is Extra Mental Illness. 2. Safety Zone: - After our basic needs one should have at least 5 years of their respective salary as CASH in hand in diverse form. 3. Investment Zone: - 50% of Safe Zone money should be invested in PPF / NPS / Sovereign Gold Bond / FDs 4. Calculated Risk Zone: - Remaining 50% of Safe money based on your age, invest in Mutual Fund / buying good stock. Note: If you are younger, 50 % you can invest in MF, as you are getting close to 50 plus age, this should be 15%.

Break your emergency fund goal into smaller, manageable milestones. For instance, start by saving one month of expenses, then two, and so on. Celebrating these smaller victories can keep you motivated and on track towards your larger financial security goal.

Finding corporate risks is one of the most overlooked tasks especially in companies. Possible risks that are included in corporate risk, such as an emergency risk fund, must be created for coaches or any entrepreneur in an inflationary country like Turkey. In my opinion, the emergency risk fund should be considered over 1 year of profitability. This fund is also necessary for unforeseen risks such as we experienced during the Covid period. If I need to explain the reason why I mentioned a 1-year turnover, it is so that you can have the chance to open a space for yourself to give yourself the comfort to keep up with the new period that can create new structuring in the processes in a 1-year period.

Use digital tools or apps designed for freelancers and contractors to track expenses and receipts in real time. These tools can categorize business expenses, making it easier to claim deductions and maintain accurate financial records.

Here are some actionable steps to handle taxes effectively: Set Aside Income: As taxes are not typically withheld from your earnings, reserve a percentage of your income for future tax payments. Work with a tax expert to stay updated on potential deductions and credits that apply to your work situation. Track Expenses: Monitor all your business-related expenses, categorizing and documenting them accurately. Regularly review and update your records to ensure accuracy and completeness. Keep Detailed Records: Maintain thorough documentation of your income, invoices, and payments. Use a dedicated folder or digital system to store and organize your financial information, making it easily accessible during tax season.

When working in temporary or contract positions, planning for retirement can seem daunting due to inconsistent income. However, several retirement account options and strategies can help you build a secure future. One thing I have found helpful is to set up automatic transfers to your retirement accounts to ensure regular contributions. Even small, consistent contributions can compound significantly over time. Include retirement savings as a non-negotiable line item in your budget, even during lower-income periods. Increase your contributions gradually as your income grows or as you become more financially stable. Additionally, you can consult a financial advisor to tailor a retirement strategy to your specific needs and goals.

Investment with the help of a financial advisor is highly recommended since we do not get time to go through stock market trends ourselves. Here the strategy of medium risk and medium return will be most beneficial. Or even low risk and low returns strategy can be adopted since the monthly income is not guaranteed. But having a nest egg is really important in such cases.

Devise a short and long-term investment strategy according to your needs. In practical terms, analyse how much time it will take for you to find another contract. Then establish how much it costs, to stay afloat before the next contract. Be as conservative with spending as possible. Having done so look, for cash flow-generating investments that your current income can afford. Ensure that the investment generates atleast the amount you need before another contract. This way, the end of contract will not give you much of the anxiety that comes with no work. In terms of long-term investments beyond the window periods between investments, use the extra profits from the cash-flow generating investment and any other excesses.

All I can say is invest in yourself as much as in material assets. The way of investment that we always skip is the one by ourselves. Especially my favorite part of coaching is the training we have to take every 2 years. Therefore, apart from catching the trend, this obligation also reminds us to value ourselves. The protection of the entire ecosystem from end to end requires the coach not to move away from its own value. In my entrepreneurship process, I will invest 30% of my earnings back to work. Just a little advice ??

Hire a professional financial advisor even if you're in a temporary contract. This goes for freelancers, solopreneurs too. A good advisor shortens the learning curve, helps you look at the long term goals, offers expert advice on how to make your money work for you. This takes off a lot of doubts, uncertainties and minimises blindspots. They can guide you on important areas such as what goals you should set, how to allocate your moneys between various investment options, insurance, tax planning, emergency funds, retirement, major expenses and so on. Having an ally in your financial journey is very helpful.

As you embark on this journey it is often useful to also think about the following 1. Do the work that you love with clients that you love 2. Diversify your income streams so you have buffers for different sector ebbs and flows. 3. Build alliances and invest in your network. Ideally start this before you need to. 4. Be open to new and different opportunities. 5. Consider texts such as "Working Identity: Unconventional Strategies for reinventing your career " by Herminia Ibarra.

Coaching is not scaleable. So one hour’s work is one hours income. You will need to have some products that are scaleable (online courses, assessments, training or webinar paid per delegate etc).