As if being a freelancer isn’t challenging enough, financial planning is a totally different beast. Investopedia’s Jackie Lam penned a great piece on how to navigate this terrain, and asked for my input. As Due.com’s co-founder and a former freelancer myself, I know a thing or two about financial planning in this industry. I highly recommend paying off all debts (especially those with interest!) as soon as possible, then prioritizing putting one year’s income into a basic savings account for easy access.

Let it sit. Remember, this is an emergency fund, not for kicks. It’s the best thing you can do for security and peace of mind. Being a freelancer means minimal security at times, and often seasonal peaks. Having this socked away will help you weather the down periods.

Also, review finances regularly and stay prepped for taxes year-round. You’ll also need to be planning for retirement simultaneously (without the help of an employer contributing to a 401k!). Your health care premiums are also 100 percent your responsibility, but the good news is that they’re also 100 percent a tax write-off. Head into 2016 informed and check out more freelancer financial tips today.

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