11th December 2018

4 Ways on How to Manage Your Finances as a Freelancer

Thinking of taking on your own clients and working according to your own hours? We all want to be our own boss, but not everyone has the ability to manage their time and finances or to even commit to the idea. As a freelancer, you often need to learn self-discipline, how to handle deadlines and of course, stay focused. But it’s not all doom and gloom, in fact, if you can learn to manage your finances as a freelancer, you are already one step ahead and probably know how to commit. If you have yet to learn how to manage your money, here are some quick tips to help you adjust to freelance work.

  1. Time Management and Costing

Taking on projects gives you an idea of how much you will be making at the end of the month, but you need to remember that you have a deadline that needs to be met or you will lose clients as quickly as you got them. Only commit to projects you can deliver, and once you have your calendar open with the invoice totals, you can calculate your income for that given month.

  1. Essential Saving Tactics

Saving should be a part of our everyday lifestyles. Having a nest egg or a comfortable pillow to fall back on is essential for freelancers. If you find yourself in a bit of a dry month, your savings pocket will be the oasis you need. When you receive extra work and you have made a pretty profit and have paid the bills, take a percentage of your earning and tuck it away into a savings account requiring at least 2 weeks’ notice to access your funds.

  1. Live Light

Unfortunately, freelancers can’t financially afford to take on massive debt, which means that you may have to minimize your everyday expenses to live far lighter than the corporately stable employees. Even though it may seem difficult at first, once a freelancer learns to manage their finances, everything seems to fall into place. There is no better job than freelancing as you can work according to your own hours and take on projects you know you will excel at and really enjoy.

  1. Be Honest

Be honest about your finances and don’t allow people to think you have more than you earn. Freelancers have the dream job, but at times, it’s not as profitable as it was in previous months. If you find yourself still fighting to stay afloat at the end of the month, this website may be your ticket to riches by supplying you with a fun and interactive way of earning quick cash!

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