Most people manage money based on how they feel. Consultants, on the other hand, manage it like data. That small difference is what allows them to stay calm when the economy shifts.

I learned this the hard way. During the 2024 General Election, several public sector projects I was involved in were suddenly frozen. For nearly five months, my income stopped, not because I’d done anything wrong, but because political uncertainty halted budgets. That experience changed how I thought about money. It wasn’t enough to work as a consultant; I had to start thinking like one in every area of my life.

In this article, I want to share what I’ve learned about how consultants audit their finances, and how you can do the same to build not just income, but resilience.

When the System Shifts, So Does Your Security

On the surface, consulting seems ideal. You set your hours, choose your clients, and earn a solid day rate. But anyone who’s lived this life knows it comes with volatility.

A contract can end without warning. A policy change can dry up budgets. A client can delay payment for months. When that happens, you quickly realise that freedom comes with risk, and that your greatest asset isn’t the contract you hold, but the clarity you have over your finances.

Most people hope their money works itself out. They budget loosely, automate a few payments, and avoid checking their statements. But consultants don’t rely on hope. They rely on structure. They audit, review, and forecast. They see money not as something to fear, but as something to manage intelligently.

Think Like a CFO, Not an Employee

See Your Life as a Business

Every successful consultant treats their finances like a balance sheet and profit & loss statement. It’s not about being obsessed with spreadsheets, it’s about having visibility.

You track what’s coming in. You track what’s going out. And you decide what gets reinvested or protected. That level of awareness turns uncertainty into confidence.

Protect and Optimise

Once you understand the numbers, the next step is protection. Good consultants make tax efficiency a priority. They talk with accountants, understand what’s deductible, and review their business structure. They keep savings in high-interest accounts and ensure they’re using the best setup for their work status, inside or outside IR35.

This isn’t about gaming the system; it’s about respecting it and planning wisely within it.

Govern Your Finances

Governance may sound like a corporate term, but it’s simply about accountability. It means setting regular reviews, monthly, quarterly, or even weekly, where you look at your numbers, discuss decisions with your partner if you have one, and stay aware of what’s changing in the economy.

Consultants don’t drift. They steer.

How to Audit Your Own Finances

Here’s how to put this into practice:

1. Conduct a Financial Audit

Go through your bank statements for the last three months (or year like I do). List every outgoing expense. Group them into essentials, subscriptions, and ad hoc costs. You’ll be surprised at how much clarity this brings. You use generate AI to help you come up with more categories relevant to you if need be.

2. Create Your Own P&L

List all income sources: your salary, side projects, dividends, digital products, coaching, or investments, and track them against your expenses. Review it monthly.

3. Build a Financial Buffer

Aim for at least four to six months of living expenses in savings. It’s your safety net when contracts pause or markets shift. You need to be strict with his, and stingy where you need to be.

4. Review Quarterly

Compare your current performance with last year. Look for patterns, not just problems. Identify where your money leaks and where it genuinely supports your goals.

5. Set Objectives and Key Results (OKRs)

Turn your financial intentions into clear, measurable goals. For example:

• Objective: Build a six-month emergency fund.
• Key Result: Save £X every month for 12 months.
  

This turns vague intentions into tangible achievements.

Resilience Over Revenue

The consultants who thrive are rarely the ones earning the most. They’re the ones who understand their numbers. They know how to read their own financial story.

They don’t just chase opportunities, they prepare for change. They think like financial leaders, protect like risk managers, and act like strategists. That’s what creates peace of mind in an unpredictable economy.

True wealth isn’t just about what you make. It’s about how well you manage what you already have.

Conclusion: Govern Your Money Before It Governs You

Financial resilience is not built on higher earnings. It’s built on awareness, structure, and intention.

So ask yourself this: Are you managing your money emotionally, or are you leading it strategically?

Because once you start to govern your money, you start to govern your life.

Understand. Reach. Expand.

Peace.