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How do I manage my finances when my self employed income fluctuates so much?

9/10/2020

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Fifi asks about how best to manage her money when her income from month to month fluctuates a lot with some months bringing in just enough for her to get by. She also wonders how best to manage her credit score and to boost her monthly income. 

I give a broad answer covering:
  • cutting back on expenses;
  • increasing revenue;
  • thinking about the legacy you want to leave; and 
  • creating an exit strategy

Heather 
p.s. subscribe to my podcast and ask me any money question, HERE - do it now!
The Money Spot™ - UK Personal Finance · How to manage finances with volatile self employed income
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Starting a side hustle in the UK - things to think about with Sylwia Kotarba-Harris

2/10/2020

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Hey Heather, my name's Jennifer, I want to start a side hustle but I don't know where to start or how to organise myself. No one that I know has a side hustle; they just do the 9 to 5 then chill...are side hustles just not a British thing? Please help me with some tips, I need some direction...thank you!
The Money Spot™ - UK Personal Finance · Starting a side hustle in the UK - things to think about with Sylwia Kotarba-Harris
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I stumbled upon Sylwia when I read her post on The growing trend of side hustles in the UK - this was written before the covid-19 pandemic and seems to be very topical right now as people think about ways to diversify their income.

The most shocking thing about my intial catch-up with Sylwia was that she knew recognised my name because she read my book To Become An Investment Banker which i wrote in 2012. I was shocked and please in equal measure.

I learnt a lot in our discussion in which we covered, among other things:
  • Why side hustles are a growing aspect of UK life;
  • How much you are allowed to earn from side hustles before paying tax;
  • What national insurance contributions you should be paying;
  • At what point you need to register for VAT;
  • Xero - the accounting software;
  • The types of errors people approach her with;
  • Whether you should register a company or just declare side-income in your annual self-assessment;
  • When a side hustle might conflict with your main job and what you should do about it...
And much more, you can contact Sylwia with any questions:

Sylwia Kotarba-Harris
Accounts and Legal
0207 043 4000
[email protected]

Heather 
p.s. subscribe to my podcast and ask me any money question, HERE - do it now!

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    I enjoy helping people think through their personal finances and blog about that here. Join my personal finance community at The Money Spot™.

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© 2007 - 2025 Heather Katsonga-Woodward, a massive personal finance fanatic.
** All views expressed are my own and not those of any employer, past or present. ** Please get professional advice before re-arranging your personal finances.
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