Self-employed. No control of finances. Need help.

I've been a self-employed person for the past decade.

On paper, it seems like I've 'made it' but in reality, I have zero savings to account for. On average, i earn 200k a year.

Anyone has any tips on how I can manage my finances better and also how do we save as a commission-based personnel because we don't know when is the next paycheck coming in unless we close deals everyday.

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Sireatsalot

1d ago

I think the first step is to know where your money is going. If you are earning 200k, and am unable to save any, I think likely you do not know where you are spending your money. If it is not too daunting, you may want to speak to a someone to help keep you accountable in your expenditure. And to advice what are the areas which you are spending unnecessarily.

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Tienny Zheng

5d ago

That is a good earning.

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Connie

11d ago

$200k a year is quite substantial.

could you break down how/where you spend your $200k?

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Ace

15d ago

1) Track spendings in a spreadsheet - start somewhere don't delay (discipline is key)

2) Review the good to have and see if you can cut down on them

3) Increase income source - e.g. apart from your self-employed income, do side hustles like tutoring / grab delivery with your spare time?

4) Use your 200K wisely for investing/just park SSB/other saving accounts with no atm function (not tied to credit cards) once the income flows into your bank so you have no/less temptation to spend

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jw

15d ago

Thanks for sharing!...

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