Every year, tax day quickly approaches, and each year I scramble to upload documents for my CPA. This year was no different, but now that I’m self-employed, I’m trying to be more on top of how much money I have coming in and out each month.

Since going out on my own, I haven’t made any drastic lifestyle changes, but I have made a few small, intentional tweaks to shift my spending to better reflect my values.

My philosophy on money

If you asked me a few years ago, I would have said the reason I’m worthy of money is because I work hard. I’ve picked up this mindset from my mom who was the sole breadwinner for our family of 6 and still is working today (at age 70!).

It was engrained in me to keep working hard, so my money would never run out. I visualized that if I left my job (or even took a break), my hard-earned money would dwindle away into nothing. I would constantly feel…

• Anxious when I checked my net worth

• Guilty when I splurged on something expensive

• Unclear how much I was spending on what

While there’s some truth to the phrase “hard-earned money”, there are people working way less, earning way more.

So today, I choose to believe that money is a tool to help you achieve your goals and that I’m deserving of it not just because I work hard but because I provide unique value to the world (like all of us do!).

What I’m cutting back on

💈 Hair: $1000

Last year, I spent ~$1000 on balayage, haircuts, and maintaining my hair going to get it colored every 9-12 months. I figure I may want to do this again but for now, I’m cutting it out until I really want to do it.

🛍️ Shopping: $3000

I spent $3000 in 2024 on shopping, which surprised me as my friends already make fun of me because I don’t have a ton of clothes. While buying new clothes is fun in the moment, I want to prioritize spending in other areas.

✈️ Travel: $5000

I haven’t stopped this completely. I LOVE to travel and still plan to take a few trips this year (I’m in CA right now!), but compared to the world tour I went on last year (Australia, Europe, and South America x2), I don’t feel the need to travel as much as 2024.

What I’m spending on now

💰️ Taxes: 25% of income

When you’re a full-time employee, this is automatically taken out of your paycheck. Now, I’m paying quarterly estimates based on the amount I expect to earn this year and allocate ~25% of my income to make sure I have enough.

❤️‍🩹 Health insurance: $500/month

While I had the option to enroll in COBRA, it was going to be $1000/month 🫠 I found my plan through Dr. Noor, a health insurance concierge who works with you to find a plan that fits your lifestyle and budget, and now pay ~$500/month for medical, dental, and vision.

💪 Fitness: $300/month

Last year, I spent $189/month on ClassPass but found that I would quickly run out of classes and then stop exercising. While I’m spending more on fitness now than before, I value health and wellness, so I’m happy to bump up my spending.

🤓 Education: $1000 so far

I’ve spent about ~$1000 this year on courses, community memberships, and coaching sessions. I value investing in myself and many of this spending has given me knowledge or access to new people that have helped me with my personal and professional growth.

🤔 Final thoughts

There’s no right or wrong answer on what you spend money on. It’s personal and specific to everyone.

I have a roommate to cut down on expensive NYC rent (our largest expense), so I can spend more on what I love—travel, dining, and personal growth.

I don’t want to sacrifice anything just because I’m self-employed, but taking the leap has given me a chance to reflect on spending that brings me the most joy. 💖 

💬 Your turn

What do you love spending money on? What could you cut back on?

✨ Weekly Feels ✨

Spent the week in CA celebrating my Mom’s 70th birthday. I loved morning walks along the beach, and it almost made me re-think why I stay in NYC during the winter 😅

🌟 Upcoming Events 🌟

• Tuesday, April 15 | Why generalists are built for portfolio careers | A talk by Anna Mackenzie and Generalist World 🌀 about common misconceptions of portfolio careers + Q&A.

• Wednesday, April 29 | Women in Innovation Dinner Series at Cafe China | A multi-course dinner to meet new women in innovation.

📖 Keep Reading

• What I earned and learned as a first-time solopreneur (Part 1)

• Managing other people’s opinions

• At least I’m flying free

💼 Ways to Work With Me

• 1:1 Private Coaching: I’m offering free coaching strategy calls to those looking to build a more fulfilling life. Feel free to book some time with me!