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.