New Year, New You?

Three actions for freelancers and the self-employed to reach financial freedom
January 5, 2023

More Americans are in charge of their own working lives than ever before. The Freelance Forward 2022 report from Upwork reported that 60 million Americans are now freelancing. That amounts to 39% of the entire US workforce, a new high. In 2021, there were more than 5 million new business applications, according to the US Census Bureau Business Formation Statistics. That was up more than 20% from 2020, which also had set a record.

Whether you’re new to independent work or a veteran to the lifestyle, you might pause to evaluate your system or set up a new process to save time and money. You have the power to make improvements. After all, you’re in charge.

Being your own boss can mean more freedom and flexibility, but it also can mean, well, having to be an actual boss, in the sense of managing your time, energy, and resources. 

There’s a lot to handle on your own, from setting your prices, paying taxes, saving for retirement, finding your own health insurance, to even giving yourself time off. And that’s outside of your actual work.

What kind of boss are you? What tools do you use to make life easier? Big companies use tools to handle things like payroll and health insurance. Why not you?

A new year can inspire new habits. Here are three tips to help make 2023 a record-breaking year for your business:

  1. Automate busywork
    Some things can eat up your precious time and energy, but they don’t have to. You can quickly set up a system with Catch that automatically sets aside a percentage of your income to pay for taxesretirement, and time off work. Catch can recommend the percentage. You can set it and forget it or adjust it anytime you need. Catch can also pay your estimated federal taxes every quarter. Also, it’s free.
  2. Double-check your credits
    If you buy your own health insurance, you could save thousands per year on your premiums thanks to tax credits. How much you earn is the biggest factor in the amount of credits you can get, so make sure you’re getting the savings you deserve by estimating your income as accurately as possible. 
  3. Set clear goals
    A small number of clear goals helps you manage your time and priorities. Sure, you could come up with a hundred goals, but that strategy runs the risk of trying to do too much and then accomplishing too little. What are your top priorities this year? Building a strong foundation? Making more money? Having better boundaries? This goal-setting guide from Harlow can help direct your focus onto the most important things for your business in 2023.

The new year is a great time to zoom out and evaluate your routine. Catch makes it easy to set good habits for your finances, so you can save money, avoid headaches, and be the best boss you’ve ever had.