Independent Contractors

Before you take on more work, know where you actually stand

Project cycles, gig income, recurring business costs: Lums gives you the financial clarity to make confident decisions about your solo business.

Your financial reality

Running a solo business without a CFO is hard

Every decision, whether it's a new project, a month off, or a big purchase, requires financial clarity you don't have time to build from scratch.

"Am I actually making money?"

Project income arrives in irregular bursts. Business costs hide in your personal account. Without a clear picture, you're guessing at your own profitability.

"Can I afford to take time off?"

Before committing to a slow month or a vacation, you need to know: how long will my savings last at my current burn rate?

"What can I write off?"

Tools, travel, home office, vehicle costs: the deductions are there, but they vanish without a system that captures them as they happen.

"I don't have time for this."

You're running a business solo. Financial clarity should take seconds, not weekends. You want answers, not dashboards.

How to use Lums

Know if you can afford a month off, in 30 seconds

Here's how Sam, a solo consultant, used Lums to decide whether to take August off without financial anxiety.

  1. Run a forward balance simulation
    Ask Lums what your account balance will look like if no new income arrives. It factors in your recurring bills, average spending, and current balance.
    Ask Lums: "Based on my spending patterns, what's my predicted account balance in 2 weeks if I receive no new income?"

  2. Find your minimum income threshold
    Set a floor. Know the minimum you need to earn this month to stay financially comfortable.
    Ask Lums: "What's the minimum income I need this month to keep my balance above $4,000?"

  3. Track project income and expenses
    Tag each project or contract so you can compare them. Know which clients and projects are actually worth your time.
    Ask Lums: "Tag all income and expenses from my current project as 'contract:Q2-2025'. Compare profitability to 'contract:Q1-2025.'"

  4. Set aside money for quarterly taxes
    Create a dedicated tax reserve and track it alongside your real accounts so it never disappears into regular spending.
    Ask Lums: "Create a manual account called '2025 Tax Reserve' as a savings account. How much should I transfer in based on my income so far this year at a 30% rate?"

  5. Audit your subscriptions and overhead
    Find recurring costs you've forgotten about and see which ones might have quietly increased in price.
    Ask Lums: "Find all my recurring subscriptions and show me anything that increased in price recently."

Questions every independent contractor should be asking

  • "What's my predicted account balance in 2 weeks if I receive no new income?"
  • "What's the minimum income I need this month to keep my balance above $4,000?"
  • "Compare my total income vs. total spending over the last 6 months, excluding internal transfers."
  • "How much have I earned in freelance income since January 1st? What should I have in my tax reserve at 30%?"
  • "What's my average monthly savings rate?"
  • "Show me my net cash position month by month since January."
  • "Find all my recurring subscriptions and flag any that increased in price."
  • "What are my top 5 discretionary spending categories? How much could I reduce them?"

Ask your money anything

Connect your bank, start asking questions. No setup, no dashboards, just answers backed by your actual data.