Being a freelancer has its advantages. You’re no longer tied to the 9 to 5 grind. You can choose your line of work and hand-pick your clients. You also have the freedom to set your own hours and rates. Unlike some small business owners, freelancers don’t have employees to manage or overhead expenses to cover. While this all sounds great, being a one-person show also comes with challenges.
Take financial management, for instance. As a freelancer, you’re responsible for organizing, budgeting, saving, and managing your finances. When you consider that a freelancer’s income can vary from one month to the next, you can imagine how complicated it is to keep things in order. That is unless you turn to resources like ONE to simplify the process.
What Is ONE?
ONE is a bank that offers digital products, including free checking accounts, high-yield savings, and Pockets. Each product comes with features that help customers budget effectively, spend wisely, and maximize their savings.
How Does ONE Benefit Freelancers?
Let’s look at the many benefits you can expect from being a ONE customer:
Free Secondary Bank Account
Financial experts urge freelancers to maintain a separate account for their business finances. When you set apart personal and business finances, it’s easier to apply for loans, file taxes, pay bills, and make informed decisions.
ONE makes it simple for freelancers to create an account to manage their business income, expenses, savings, and spending. You can sign up in just a few minutes through the company’s website or mobile app. The best part is that a checking account with ONE is free. You’ll never encounter any application, minimum deposit, monthly maintenance, wire transfer, insufficient funds, or ATM charges.
Versatile Funding And Transfers
Freelancers often use multiple platforms to bill clients and collect payments. They might invoice a client and receive payments through Paypal or request instant payments through CashApp. Some freelancers even receive checks. Getting money from each payment source to one account can be a hassle.
Fortunately, ONE makes funding your account and transferring funds simple. You can deposit funds from (or transfer to) Paypal, Venmo, Cash App, and external bank accounts and receive your cash faster. Paper checks are easy to deposit with ONE’s mobile check deposit feature. Simply take a picture of the check, enter the amount, and the money is sent to your spend account.
Better Budgeting With Pockets
Creating and sticking to a budget is often challenging when you have variable income. You never know how much you’re going to make from one month to the next. However, you have business expenses that still need to be paid. Failure to manage your freelance income efficiently could lead to overspending and debt.
ONE comes to the rescue again with Pockets. These are sub-accounts attached to your checking account. They can be categorized and funded according to your financial needs. You can create a Pocket for everything from monthly subscriptions to taxes. Pockets enable you to see where your money is going, stay on top of bills, and even set aside money for a rainy day.
Reach Goals Faster With High-Yield Savings
Variable income can quickly lead to cash flow problems. Ultimately, freelancers must be diligent about saving. When you have money set aside, you can use it to cover business expenses when your earnings drop. ONE offers freelancers multiple savings opportunities.
You can earn 1.00% APY every time you transfer money into your Save Pocket. That’s a lot more than the 0.06% APY from traditional banks. ONE also has a Card Auto-Save option. When you purchase with your ONE card, the balance is rounded up to the nearest dollar, and the change is transferred to your Auto-Save Pocket at 3.00% APY. So, whether you’re building a cushion or saving money for new tech, you’ll accomplish your goal a lot faster.
Freelancing has become a popular way to make money on your own terms. While being the boss has its advantages, it also comes with a lot of responsibilities. ONE’s banking products simplify the process for freelancers so they can spend more time focusing on core tasks.