# I'm a new driver, how do I manage my money??



## Joey W (6 mo ago)

Hi all,

I was just signing up to be a driver, but everything seems a bit confusing.

From my understanding, a driver needs an ABN, so it's like an independent business. 
Does that mean I should open a business account, register GST, pay income taxes myself, etc?

I've never been self-employed before, so any advice on how the money side works would be great!! 

Thank you!


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## Uber's Guber (Oct 22, 2017)

Joey W said:


> I'm a new driver, how do I manage my money??


For starters, make sure your wallet doesn't have a hole in it.
Apparently, this is becoming an issue with many rideshare drivers. 
Good luck, and welcome to UP.net!


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## W00dbutcher (Jan 14, 2019)

Learn to become a minimalist.

Example when you go out to get something to eat like steak and eggs, order toast and water.

Need a new pair of shoes, not a problem. Go to Goodwill.

Do you see the pattern?

Until you learn how to make sufficient enough money doing Uber if this is your main gig now, absolutely save every dime you get.

It's going to be rough until you have established yourself in your Market and learn how to manipulate Ubers app and yourself.

Do you have any idea how much it cost you to run per mile?

What happens when you break down? Do you have enough money to fix it if it's say 1200 bucks? What about the time the vehicle is down? What are you going to do for a ride? Do you have enough money to float for 5 days put away on top of the $1,200 to pay for yourself and a family if that's what you have?

You're taking Equity out of your car every time you get paid, what are you doing to replace that equity or replace that car when in the future when it gets used up by traveling many miles a day for uber? You have to save for that.

Track everything
Save receipts.
Analyze your expenses daily weekly monthly.
Get a true feel if the money your making with uber is enough to live on.

Your in for a financial nightmare if you cant understand the inflow and outflow of money.

Then.........taxes.

Your fellow countrymen will better fill you in on the local laws are regulations. But most people wont tell you exactly what your getting yourself into.


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## DA08 (Mar 18, 2017)

Joey W said:


> Hi all,
> 
> I was just signing up to be a driver, but everything seems a bit confusing.
> 
> ...


Wrong place to ask such a question. Speak to a financial adviser /planner..


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## Senti-Ant (Jan 17, 2020)

DA08 said:


> Wrong place to ask such a question. Speak to a financial adviser /planner..


bullsh1t, you're just a lazy prick unwilling to offer any help.


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## Senti-Ant (Jan 17, 2020)

Joey W said:


> Hi all,
> 
> I was just signing up to be a driver, but everything seems a bit confusing.
> 
> ...


You must have an ABN and you must be registered for GST. You don't need to open a business account but it would be wise to create a separate bank account which your ABN earnings go into exclusively of everything else (for accounting purposes). If you're a sole trader like the rest of us then you'll do quarterly BAS's by virtue of being registered for GST, but theres nothing special to the tax return. Its basically an individual tax return done with consideration for your sole trader income.. I reckon Drivetax are good if you can't be bothered with the complexity of the BAS process..


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## Immoralized (Nov 7, 2017)

Joey W said:


> Hi all,
> 
> I was just signing up to be a driver, but everything seems a bit confusing.
> 
> ...


join up with splend pay the membership fee and ask them all the questions you want as you paid them to teach you how to be a super driver


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