It’s back! Tax time! It’s still 6 weeks away (you have until April 17 this year) … but it’s time to be pulling all your information together to maximize your deductions.
There are quite a few deductions that you can take as an independent contractor and busy mystery shopper. We’ve posted five of them in this article.
The 2017 tax year will be the final year certain deductions can be made. And it isn’t quite clear yet how the new tax laws will really affect independent contractors.
No matter what is happening with our tax structure and the ups and downs of the investment market – you are in charge of your finances. So, manage them well.
Managing your finances well can help you comfortably meet all your personal needs. Because, the thing is, even if you have enough money to support your daily needs and activities, if you fail to handle your money properly, you can end up in financial trouble.
As a mystery shopper, it is undeniable that what you earn depends on the number of assignments you complete and your dedication to becoming more established in your career. Your income may not be fixed each month, but if you work hard to produce high-quality results on time, more companies will want you to do future assignments for them, which will generate more income for you.
With that in mind, managing your finances is essential as a secret shopper, especially if you rely on the income you generate from it to cover your daily needs. You must make sure that what you earn on your mystery shopping assignments is spent well because if you are able to handle your finances well, you can truly enjoy the perks of maximizing your income.
Ways to Manage Your Finances
So, how can mystery shoppers manage their finances?
- Know how much you earn on average. Consider how much you earn as a mystery shopper per month, so you know how much to allocate for your personal needs. This will ensure that you have enough money to cover your bills and daily needs. Set this amount aside each month, so you know you have it covered.
- Create a schedule of your bills and allocate the budget for each payment. For instance, if you expect a payment from a mystery shopping assignment days before a bill is due, set aside payment for your bill, so you know you’ll have enough to pay it and then operate based on what’s left.
- Record your expenses. It is always a good idea to record every expense you have as well as the income you get from your shopping assignments. That way, you will be able to balance everything and make sure to keep up with the deadlines of your bills.
- Set aside savings. Try to save some money for future emergencies like a month without any assignments or a family emergency. Saving money will keep you prepared in case any financial trouble arises.
- Have financial goals, both short-term and long-term. What do you want your financial situation to look like six months from now? Two years? Create various levels of goals, such as doubling the amount you put away for savings each month or saving for a special trip.
Managing your finances is important if you want to ensure that you have a more stable financial future. Sign up with more mystery shopping companies. Create new side gig opportunities with talents and skills that you have. And maintain control of what you earn, where you spend your money, and why. Always have a goal to work toward.
Start managing your finances now, and you will see a more profitable future ahead. No matter what the tax structure might be!
Do you have a way you manage your mystery shopping income? Share below!
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