It's a tough world out there without a regular salary dropping every month to keep the bank manager and credit card company at bay. So if you're struggling to cope with the uncertainty of the freelance life, try some of these tips to set you straight.

Mortgage, rent, bills, car costs and food wait for no one, so it's a good idea to get logical about what's going out when… and then make sure you've got enough coming in to meet them.

Plan for taxes: Set aside a percentage of income to cover taxes and any National Insurance contributions to avoid year-end anxiety. If you're not sure from month to month, put at least the standard 20% rate plus a little extra as you get paid to avoid any nasty shocks. If your payments are sporadic, make quarterly estimated payments to avoid penalties and track deductions to reduce your taxable income effectively.

Minimise debt: Avoid credit card debt or high-interest loans unless absolutely necessary. If it's part of a capital payment to grow your business, make sure you itemise it, keep receipts and claim on your self assessment form as an expense. Prioritise paying off high-interest loans first and build an emergency fund, using cash for purchases whenever possible. Remember, only take on debt for essential, income-generating investments.

Track expenses: Use software to monitor every business and personal expense. The smallest leaks can add up very quickly and leave you reeling when it comes to January. Use accounting software or apps to record any business costs. It's also vital that you categorise expenses, save receipts and review them regularly. This will help you stay organised, spot unnecessary spending and ensures accurate financial reporting for tax deductions.

Separate finances: Keep personal and business accounts distinct to avoid confusion and track profits accurately. Opening a dedicated business bank account and credit card ensures business income and expenses are distinct from personal ones. That will make tracking easier and more accurate for taxes, budgeting and financial planning. It also helps avoid potential legal or tax issues.

Automate savings: Schedule automatic transfers to a savings account, even for small amounts. Set up automatic transfers from your business income to a dedicated savings account. Schedule transfers weekly or monthly to build an emergency fund or reserves for taxes and future investments without relying on willpower or manual effort.

Negotiate rates: Always negotiate with vendors or service providers for better deals. Do your research on industry standards to understand fair pricing and then approach vendors or clients confidently, offering long-term partnerships or bulk deals in exchange for discounts. Always ask for better terms, and be prepared to walk away if they don’t meet your budget.

Outsource selectively: Hire freelancers for specialised tasks rather than full-time staff, when needed. Key to this is to identify tasks outside your expertise or those that take up too much time, such as accounting or marketing. Use freelancers or contractors at pre-negotiated rates for these specific needs instead of full-time employees. This will save costs while ensuring quality work on-demand for crucial projects that can turn into larger ones if you do them well.

Claim deductions: Maximise business deductions such as any payments on your home office and equipment to reduce tax burdens. Claim deductions by tracking other business-related expenses such as equipment, travel and utilities. Keep receipts and detailed records to show the HMRC. Review eligible deductions annually to reduce taxable income, making sure to follow government or local tax authority guidelines.

Thought about buying second-hand? Whatever line of business your self employment covers, think about investing in gently-used equipment to cut costs. Computers, furniture or tools for your business can all have many years of life left in them and will save you money in the long term. Look for gently-used items on trusted platforms or from reputable sellers. This reduces upfront costs while still providing functional, reliable gear, while allowing you to allocate more funds to other areas.

Think about transport: The same applies for cars or vans if your business relies on transporting products or visiting people. Do you really need a shiny new van or can one that's three or four years old still do the job. Assess your monthly outlay on fuel and look to make changes there. Fuel cards for self employed people help streamline their expenses and steer them towards cheaper deals at the pumps, saving a fortune across the year.

Batch tasks: Organising work into focused time blocks will boost productivity and reduce wasted effort. Group similar activities together and schedule dedicated blocks of time for each. For example, allocate specific hours for emails, calls or content creation to minimize distractions, increase focus and boost productivity, allowing you to complete tasks more efficiently and effectively.

There are plenty of ways to help you manage your expenses if you're self employed. Adopting only one or two of the list above will make you more efficient and reduce that end of year stress. So go on, give it a go.