Self Care for the Self Employed

When you work for yourself, there is no HR department checking in on your wellbeing. No employer pension contributions, no sick pay, no maternity package. That makes self-care more than just bubble baths and early nights—it's about financial protection, future planning, and understanding what support is available.

Supporting Your Future Self

Pensions might not feel urgent today, but they are the cornerstone of long-term self-care. Every contribution you make is a gift to your future self. You don't need to pay in regularly, and you can even contribute if you're not currently earning. If you have a limited company, pension contributions can also reduce your corporation tax. Start by checking your State Pension entitlement and tracking any old pensions.

Rather than see tax as a burden, think of it as a milestone. Paying tax means you're profitable, and contributing to a pension helps reduce that tax bill. Win-win.

Planning for the 'What If'

Life can throw curveballs. Illness, accidents, or long-term conditions can stop your income overnight. That's why protection is a critical part of self-care. Consider:

• Income protection
• Critical illness cover
• Life insurance

This isn’t about scaremongering. It’s about taking responsibility and building in safety nets—just like a good employer would do for their staff.

Benefits You May Not Know About

Many self-employed people assume they don’t qualify for state benefits, but that’s not always true. You might be eligible for:

• Maternity Allowance
• Carer’s Allowance
• Universal Credit
• Child Benefit (and NI credits, even if you don’t take the payment)

Access the government benefits calculators found HERE to find out what support you can access. Some of these benefits protect your future State Pension too.

Final Thought

You are your own boss now—so be a good one. Give yourself the benefits, protection, and care you'd expect from an employer. Financial wellbeing is self-care, and you're worth the effort.

The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.

Clicking a link will open a new window. Any external sites are not endorsed by St. James's Place.