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Supplementing income
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When freelancing or working part-time, how much should you aim to save as your buffer?


While it's good to start any saving, three months is often a manageable and beneficial goal.

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How frequently are self-employed people required to pay taxes?


Most self-employed people are required to pay estimated taxes quarterly. Waiting until the end of the year or missing a payment can result in penalties and interest.

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Key Takeaways

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Supplementing your income is a good way to help you stock away some extra money and even help you save some money for retirement. All it takes is a little bit of planning and being smart with your money.

  • Try to save a little bit extra and create a buffer when your income allows for it
  • Plan for both an emergency fund and a buffer. Make sure to contribute to both at a level that you think is necessary to cover unexpected emergencies like a car repair or a medical expense
  • If you’re self-employed, plan for your taxes each quarter. Waiting to pay until the end of the year could result in added costs and penalties
  • Saving for retirement is your responsibility, so consider creating and regularly contributing to a retirement savings accounts like an IRA
  • Build a side business out of a hobby. If your passion is jewelry making, baking, singing or even writing, find ways to turn it into extra income by teaching lessons, sell your goods at a local farmers market, and more
  • A great way to find opportunities beyond your area is to have a strong online presence. Establish social media accounts to boost your profile, or put your homemade goods on sites like eBay and Etsy
  • Take advantage of rewards programs. If you have a rewards-based or cash back credit card, make sure to take full advantage before they expire