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.
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.
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.
Is there an app to move money from your bank accounts? Thought a standing order will do the trick as well….
Yea there are a couple.
This is something my wife is very good at, by putting money aside each month. So much so, that one month I didnt know she had put over a £1000 in to savings account. She is way better than I about savings and budgeting.
Thanks for Sharing
John M
Ah good your wife is on top of the savings John.
I’m a freelancer and it can be tricky saving when you aren’t sure how much money is coming in each month. I try and avoid going to the shops because I always buy stuff I simply don’t need. Savings input aside a set amount each month and don’t touch it unless the tax man needs it!
Yea I avoid the shops too. I do most of my shopping online.
What great tips – it never hurts to have a few money saving ideas!
Yes it never hurts. Thanks.
I love saving money and seeing my funds grow.
Yea me too Kathy. It is a good feeling.
The apps that save money for you are great. I’ve not yet built up the courage to do it though. I set up a standing order from our joint account to my savings that goes out the day hubby gets paid, it helps as long as I don’t then go and spend it.
Yes the apps are so useful.
Great tips – I like the sound of the apps, I need all the help I can get! Kaz
They are so useful Kaz.
Sound advice! Always looking for extra ways to save the pennies x
Thanks Sinead.
Great tips – i’m terrible at saving unless I have strict goals in mind! When I’m saving for a trip somewhere I’ll always print out a couple of pics of the place and keep them in my purse as a reminder!
Ah that is a great way to remind yourself of your priorities. I am stealing that.
Though I am not self-employed I rarely save money that I make from my blog because I use it for every day costs and travels but since I am funding my own postgrad I have started to save slowly and consistently which has been a big help.
Oh good.
I really needed to read this. I’m defo not manageing my money well as freelancer at the mo
Glad you found this post useful Kerry.
Great tips! I can’t imagine how difficult it is to balance money in business and at home separately.
Thanks Emma.
Love this post!
Glad you do.
I adopted a mindset that I’m poor, mainly because of student loans, because I wasn’t. I wasn’t stressed over money either. Now it’s so natural, it’s not really saving. I just act how I always did. But I always liked to have buffer money – it used to be for a specific reason besides crazy.. and if I ever plan my finances out, I round everything up by a lot. Better to be pleasantly surprised than worried?
Apps help a ton but it’s finding the ones that work for whatever you buy or where you shop. Or they will be annoying. And paying attention to your credit card bill..free trials that you forgot about can add up. I wrote a post on this – one of my first. So not well written and doesn’t include the poor mindset part. I think that’s a given from what I wrote but I still do all of those things…actually added up to quite a bit. And was pretty easy. Cancel things you don’t use, return things you don’t want, get a few savings apps or savings cards, pitch a fit at Comcast if you lose internet for a minute (just put the phone on speaker, it’s easy), but then collect refer a friend bonuses from Comcast ha. If you don’t want to yell at Comcast as much as me, apps that you can link to your credit card to savings deals streamlines the process to the point you almost forget. Saving money without even thinking about it is the best.
I can’t believe I forgot to reply to your comment. You literally spoke my mind. Thanks for your great comment.
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This is great advice. I especially took from the goal setting heading. Setting a goal I think is step one in getting anything. Awesome.
Yes it is. Thanks for reading.
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