Tag Archives: Freelancers

How to Save Money as a Freelancer/Self-Employed

October 6, 2017 By in Freelancing/Self-employed Tags: , , , , , , , , , 33 Comments

How to save money as a freelancer/self-employed is 1 question asked by many. The uncertainty in the freelance/self-employed world makes it even more difficult to even think of saving or pension, and this is the main reason why we must grow our savings – because of the uncertainty.

There is a lot of potential in the freelance business. You can get a good income working from home and doing what you love. The main problem is that some freelancers fail to grow their savings and instead spend more money than they earn. If you are self-employed and have caught yourself overspending without keeping anything on the side, then don’t worry you can start to make amends.

Saving is a habit that you can cultivate. If you’re committed, consistent and dedicated, you will be very surprised with what you can save in a year.

 

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Saving doesn’t have to be difficult. It doesn’t have to be something that you exert a lot of strain on. It’s something that you can achieve and it is so much easier than it looks or what other people make it to be.

Here are some tips on how you can get started in your journey to saving money as a freelancer/self-employed.

 

Start with saving smaller sums of money

Some people find saving a drag because they feel that a lot of money is leaving the sphere of how much money they can spend during the month. The truth is that the idea behind saving is not exactly about how much to keep aside, it’s about keeping something aside.

The best way to deal with this is to start off small and grow into larger sums as time goes by. For example, instead of fixing a particular sum like £200 a month, you can start with a smaller sum like £2 a day. This makes saving less burdensome and then when you’re comfortable with going a little higher you can raise the amount you want to save.

 

Get help from automatic money-saving apps

I love how technology helps save money. There are a lot of nifty apps out there that automatically withdraw money from your bank account and save it in another account where you can have access to it in the future.

With such apps you don’t have to worry about missing the days you set aside to save money. It’s pretty convenient and always on time. I use one with my bank and it has been very helpful.

You can save your time & money by doing online shopping.  DealsQueen have a voucher code for clothing, home decor, furniture, pet supplies, and more. So it is worth having a look on the website.

 

Set a challenge for yourself to save money

Saving money can be fun when you treat it in a creative way. Challenge yourself to save on incremental basis. For example, challenge yourself to save something within 7 days no matter how little. Once you are able to complete the first week, challenge yourself to do the same the next week and then the next until you are able to complete a full month. This will keep you in the frame of mind of saving. So instead of just jumping into making savings, you are growing into it until it becomes a lasting habit.

 

Are you a freelancer or as a self employed person? How do you stay on top of your savings? Please share your tips in the comments section below.

 

Thanks for reading. Have a lovely weekend.

 

*Collaborative post.

Money Management Tips for Freelancers

August 29, 2017 By in Freelancing/Self-employed Tags: , , , , , , , , , , , , , , 36 Comments

It’s great to be a freelancer. Ever since I started my journey as a freelancer I have been earning a comfortable steady income. But it’s one thing to be able to earn money and it’s another to be able to manage it. This fact led me to write this Money Management Tips for Freelancers post.

 

 

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When I started freelancing, I was glad I was able to pay my bills and a few luxuries, but I knew that if I wanted to do bigger things in the future I had to find a way to make optimum use of my money.

Just like every regular worker, freelancers need to know how to manage their money. If you don’t have a plan on how you should allocate the money you earn or what you would like to achieve in the future then you’ll find yourself spending money on things that are completely unnecessary.

Knowing how to manage your money is the beginning of having a comfortable living. And if you’re a newbie freelancer or you’ve not been managing your freelancing income, then now is the time to start. Here are some money management tips that have helped me.

 

Money Management Tip 1 – Track your money

This is the first thing I believe every freelancer must do in order to manage their money. You need to be aware of how much is coming in and how much is going out. Take note of everything that you spend your money on and what brings in the most revenue. You can do this on a simple spreadsheet.

When you track your money you are able to budget better. Tracking your money also enables you to know how much you can keep aside as savings.

 

 

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Money Management Tip 2 – Have a savings fund

As a freelancer, there are days when business can get a little dry, especially if your freelance business is such that depends on the season. Having a savings fund is a great way to keep money aside for those slow months. It is also a great idea to get financial planning advice from wealth management firms to help you manage your funds effectively.
If you’re tracking your money, you’ll be able to determine how much of the money you earn can go for savings. Make sure that you consistently keep that money aside for savings. The key to this is commitment. You need to be determined that you will save the same amount every month. Little-by-little you will see your savings grow.

 

Money Management Tip 3 – Keep and stick to a budget

You probably have heard a lot about budgeting. Budgeting is a great way to make optimum use of every penny you’ve got. When you budget you know exactly how best to spend your money. Without a budget you will find yourself spending money on things that are not necessary or on things you would end up not using.

Estimate how much you are willing to spend every month. Divide that by 4 weeks. This will give you an idea of how much you can spend for the week. Make sure that all your spending for the week is within the sum you budgeted.

 

Money Management Tip 4 – Send out invoices

I handle blogger outreach for a number of clients, and I find it funny when bloggers don’t send out invoices. You should always send out an invoice for every completed job. Invoices are the easiest way to track paid/unpaid work. Invoices also make it easier to monitor cashflow. I always advise bloggers to send out invoices as it makes the job easier for both of us. I also I send out invoices for every job I complete.

Invoices are super easy to generate on Paypal. You can also set up your invoice template on Microsoft Word or Excel.

 

Are you a freelancer or self-employed person? How do you manage your money? What do you think of these money management tips?

 

Freelancers are Happy

August 15, 2017 By in Freelancing/Self-employed Tags: , , , , , , , , 27 Comments

It’s been a couple of years since I left my 9-to-5. Although I have no regrets about starting my own freelance business, there are days when I wonder how life would have still have been like if I had remained in my 9-to-5. For many people, transitioning from a 9-to-5 to being a freelancer can be scary. There are various reasons for this. But the question is, would remaining in your 9-to-5 make you happy? Is this something that you would be willing to do for the rest of your life? Are freelancers happy?

 

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Many freelancers are enjoying being able to run their own businesses from the comfort of their homes and being in control of their finances. They love being able to travel whenever they want and still be able to catch up on work. However, majority of freelancers/self-employed work on their own at home, which can be very quite and lonely. If you need a buzzing office environment to work, the whole idea of doing your own thing may not be for you just yet.

Although I can’t speak for all the freelancers out there, I can say from my experience that I am a lot happier than I was in my 9-5. Here are some of the reasons why –

 

Freelancers are happy because they have flexible schedules

I have more time to do what I want. I can work day or night. I do have deadlines for my clients, but I am not tied to fixed schedules. I don’t have opening hours nor closing hours. I can work at anytime and anywhere, which is the best part of being a freelancer. You actually get to work in more relaxed conditions.

 

Freelancers are happy because they can determine their income

Traditional workers have to work extremely hard in order to earn a promotion that will give them a raise in their paycheck. And if you’ve ever worked at a 9-to-5 that can take years to attain.

The good news is that freelancers don’t ever have to worry about facing that problem. If I want to raise my income, I raise my rates, develop new income streams or pitch to more potential clients. The level of my income is in my hands, kind of. I can choose to earn as much as I want, so long as I put in the work and market my services.

 

Freelancers are happy because they get to spend more time with their loved ones

Now this is a biggie for me. I remember when I was working in my 9-to-5, and I remember working very late. I even on some weekends and bank holidays. Now that I am a mum, I can’t imagine working those hours. It just won’t work. I respect people who are happy to work long hours and all, but it is just not a lifestyle I can afford right now.

With my business, I get to enjoy the opportunity to be with my family and still keep the business up and running.

 

Freelancers are happy because they can positively impact others

Most freelancers are mentors to a host of other upcoming freelancers. As they teach people how to start and run their own businesses, they begin to impact in the lives of those people. There’s nothing as fulfilling as being able to touch the lives of people who will better their own world. It is one of the best feelings ever!

 

Are you happy with your job/business? Please share your thoughts in the comments section.

 

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