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How do I handle my budget?
I'm an independent contractor and normally I get monthly checks just like a regular salary but I recently got a huge contract where I'm going to be getting a lot of the money up front. I'm wondering if anyone has any tips on how I can change the way I look at my bank account. It's going to be tempting to go on a huge spending spree!
I would say that if you are a contractor you should at the very least put away what you will be paying in April for FICA and Income Taxes. Then I would look at what you are spending generally in a month, evaluate your needs vs. your wants and budget accordingly.
You might want to take at least half out and put it into savings...in an account, maybe with another bank, that you rarely see! This has worked for me in the past... out of sight, out of mind!
