Managing your own wallet can be a very tricky challenge, and that challenge only feels compounded when it ties directly into your working life as a tradesman. Working for yourself with a trade can leave you with constant budgetary concerns and if you’re not careful you could find yourself losing more money than you make off of your hard work.
With that in mind we’ve decided to tally up some of the best money saving tips for all of you with a trade; and even if you have a good handle on your business finances why not read anyway? You still might pick up something you never thought of before.
What Expenses Can You Claim Back
Completing that self-assessment can be a completely tedious and painful task a lot of the time with all its boxes and options to fill in, and you’ll often will be inclined to try and blast through the forms as quickly as possible. Of course, by doing this you’ll probably end up paying more tax than you really need to and miss out on all those expenses you can potentially claim back. Make sure you keep a detailed record of your accounts when it comes time to fill out those returns, and to check what expenses you can claim back.
Audit Your Regular Outgoings
This one really applies to everyone but may impact you more when self-employed depending on the type of trade you are in. Most people prefer to automate as many of their recurring payments as possible through methods such as direct debits. You probably do this yourself; whether its your energy bills or Netflix subscription, if we know its something we’re going to be paying for on a continuous basis it is just easier to let it come out automatically instead paying it manually each time. However this also leaves us open to paying for services we just don’t use. How often do you hear about not using that gym membership they started several New Years ago?
This is why it is a good idea to regularly audit all your outgoings to help weed out any unnecessary recurring charges. Its a great way to save money both short and long term.
Keep Your Insurance Up to Date
Being self-employed ultimately makes you self reliant when it comes to your needs at work. The last thing you need is the worry about replacing broken tools or covering some unexpected cost, so it’s best that you have adequate and up to date insurance coverage. Good insurance is always a wise investment that gives you peace of mind and Tradesmen insurance ensures you’re covered whilst working anywhere.
Are You on the Right Phone and Internet Package?
If you’re working for yourself then having a good internet and phone package is imperative as it ties directly into your capacity to earn your income. How can you earn if you can’t be contacted for jobs or look for potential work? Do some research into providers to not just find the best deal, but also go with someone who is reliable; specifically look into taking out a business package if you will be conducting work from home as they can cost the same as a normal deal but provide you better service if something was to go wrong with your line.