1. Make a budget.
2. Build an emergency fund.
3. Don’t underestimate your expenses.
4. Manage your income.
Put the extra amount into a savings fund to supplement less lucrative months.
5. Use your pension allowances. Payments to pensions attract tax relief and are therefore highly efficient and will reduce your overall tax bill.
6. Consult an accountant and financial planner.
7. Avoid relying on credit cards.
8. Make sure you regularly review what investments you have. Things rarely stay the same.
9. Pay your
income tax in installments.
10. Set aside funds for sales tax payments.
11. Keep accurate records.
12. Plan your retirement.
13. Separate your business finances from your personal finances.
14. Consider using your ISA allowance. ISAs do not attract tax relief on contributions but they do offer tax efficient growth and tax free withdrawals.
15. Take out sufficient insurance.