5 Essential Money Tips For Freelancers

August 23, 2022
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As a freelancer you enjoy more freedom than you might in the corporate world. Finding ways to cut costs and save money as a freelancer is essential to your freelancing success.

It’s difficult to meet your financial obligations when you don’t have a consistent source of income. One of the most underestimated skills in freelance work is how to handle your own earnings as a freelancer.

So, here we will discuss 5 tips about money for every freelancer.

1. Prioritise your time

Your time is valuable, and time spent on a gig must always be worth it. Most freelancers fail at this.

Simply put, would you rather work as a data entry clerk for Rs.10,000 per month or as an affiliate marketer for Rs. 50,000 per month?

Before committing to any and every freelance work that comes your way, think if that time can better spent elsewhere.

This helps you figure out how valuable your gig is.

2. Set yourself up for the good and bad days

Freelancing can be compared to agriculture; it goes through cycles of drought a surplus.

Depending on the number of projects that come your way, you will most certainly make significantly varying sums of money from month to month. Even if your overall wages increase, this is unlikely to change.

Instead of viewing your high times as usual and everything else as an accident, embrace the slower months as an unavoidable happening and prepare for them by calculating the average income.

To obtain a better idea of how much you actually earn, average your salary depending on your years of expertise. Once you’ve determined your average income per month, you can now build your budget plan based on this.

3. Start budgeting

Making a budget and sticking to it for months or years may not be enough or practical. Besides, your costs and the cost of living will almost never remain constant.

You must understand how much money you must earn in order to fulfil all of your costs, bills, and savings requirements. Make a list of your regular expenditures and prioritise them.

Organise these costs, beginning with the most essential requirements such as rent, food, water, and power.

Before the start of a new month, establish a list of all expenditures and save past budgets as archives so you can see if you’re spending above or below your budget in previous months.

Overall, establishing a budget aids you in increasing keeping your costs low, thereby increasing your profits.

4. Avoid recurring costs

Although paying for a product or a service monthly may appear to be more convenient and cost-effective, you should instead consider buying tools that offer one time purchases or life Time Deals (LTDs).

Cost of services can quickly add up and it is important to keep your recurring costs low.

5. Keep your professional and personal expenses separate

If your professional spending is jumbled up with your personal spending, keeping track of both becomes a headache. Keeping spending separate might be as simple as using a separate bank account or credit card.

You may select from a variety of small business accounting software or even mobile apps that offer professional accounting services.

BONUS:  Choose goal based savings

It can be tempting to put all your gadget or tech purchases on your credit card.

Keep a running list of products or gadgets you want and be on the lookout for deals. Put a side a small amount of money from your income towards these purchase goals so that you can afford them without having to take a loan.

With Hubble you can set purchase goals and save towards them. The money that you save with Hubble earns 15% returns that you can redeem as rewards during the time of your purchase.

Read our article on goal based savings on how to plan for a financial stable future.

We hope the above 5 tips help you in your freelancing success.

Hubble is committed to your savings success by helping you reach your goals faster.

Komal Chawla

Writer-by-chance and overthinker-by-choice, raging a war against the Pineapple-on-pizza brigade

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