In order to be a successful freelancer, you need to be responsible for your finances, which means managing your money, where it’s kept, and how it’s used. Yes, everyone should be financially savvy, but freelancers have additional responsibility because there isn’t an employer setting things up for them. While it might seem basic, most individuals actually don’t understand how checking accounts work — and why they’re useful to have in today’s increasingly digital world.
While there are numerous advantages to working as a freelancer, one of the biggest disadvantages is not having certain financial accounts set up for you automatically — most employers give full-time employees a retirement fund, as well as other savings types of accounts. Of course, you can absolutely set these accounts up for yourself as a freelancer, you just have to have the motivation (and knowledge) to get started.