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How to Save Money as a Freelancer/Self-Employed

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.

 

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.

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Freelancers are Happy

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.

 

How to Stay Motivated Working from Home

I have shared, on several occasions, how freelancing has changed my life. I think this is one of the best professions on earth! If I were given a chance to start all over again, I’d still choose to be a freelancer. With all the opportunities and benefits freelancing offers, it is, by far, the most effective way for me to earn a living.

But freelancing is not for everyone, and I get that. Many people I know struggle to motivate themselves whilst working from home, so they stick to the 9-5, while others struggle to stay motivated but want to continue freelancing.

 

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The beauty of Freelancing, is that it gives you the chance to work from anywhere you want and have flexible working hours too. But more often than not, we forget so soon that being a freelancer means that you are the boss of your own business and you have to run, regardless of where you work from.

When you start taking freelancing lightly, you have no motivation to work, you don’t meet deadlines and you are losing the desire to carry on. Here is how you can stay focused on your business and stay motivated everyday as you continue your journey as a freelancer.

Have a goal

Having a goal always works. Goal setting is one of the most important things to do when you’re running a business. With a goal in mind, you are able to know where you are headed, and stay focused.

Set yearly goals then break them up into smaller goals for the month, week and day. Make sure that everything you do is aimed at taking one definite action towards achieving what you desire.

Have an accountability partner

When you’re your own boss, you don’t have anyone checking up on you, which means you could end up slacking sometimes. The best way to get yourself motivated to work from home is to have someone who, just like you, is running a similar business.

Share your goals with your accountability partner and check on each other to find out how you are fairing in your business. When you know someone is going to ask of your progress you are bound to be on your toes and work harder to ensure you smash all your targets.

 

 

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Affirmations

Reciting affirmations daily keeps you motivated and leaves you with a positive mindset. Sometimes, it gets lonely and overwhelming working from home. Recite positive affirmations daily helps to keep your state of mind and business.

I recommend that you recite at least 3 to 5 positive affirmations every morning before you start work. When I do this I feel refreshed and ready to face any challenge that may come my way.

 

Change your environment

Working from home is not like working in a cubicle. A regular 9 to 5 job keeps you in physical contact with people. While working from home could mean days go by without you speaking to anyone (except family and maybe the postman).

The beauty about being a freelancer is that you can work anywhere you want to. You can take your work to your favourite café, park or even on holiday with you, like I plan to do in a few days. Changing your work environment does help keep the work interesting.

Do you work from home? How do you motivate yourself to work?

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