Being a freelancer offers a lot of great benefits. In many cases, you can make your own schedule, pick and choose your clients, and set your own rates. However, it’s not all butterflies and rainbows. Freelancing also requires a great deal of determination. You could experience income instability or burnout, depending on the time of year and the nature of your services. In short, freelancing is a great way to separate yourself from the 9-to-5 work culture, but it still may not be for everyone.
One of the most difficult aspects of being a freelancer is budgeting. Just like anyone, you’ll need to set a personal budget, but you’ll also need to set a budget for your business expenses. This can get complicated, especially if you struggle to predict your income from month to month, week to week, or even day to day. So, let’s take a closer look at some of the best ways to save money as a freelancer!
Get an Affordable Health Insurance Plan
Though many regular jobs offer some form of health insurance, freelancing does not come with the same luxury. As a result, many freelancers go without insurance. While this may save a little bit of money on premiums, it could end up costing you a lot in the long term. For example, if you suffer from bunion pain, you could have to spend thousands of dollars just to get treatment. Alternatively, you could seek treatment with insurance somewhere like Northwest Surgery Center at a fraction of the cost. Fortunately, you can find affordable, emergency health insurance plans through various providers.
Open an Emergency Savings Account
Every freelancer needs an emergency savings account. This isn’t just an opinion; it’s a fact. Without a savings account, you may not have the funds available if and when your income suddenly drops. A savings account ensures that you’ll still be able to pay your bills during slow times. Even if you can only put a few dollars per week into the account, it could make all the difference in the world when you need financial assistance. The best way to manage an emergency savings account is to set up automatic weekly or monthly deposits. This ensures that your account can continue to grow without the need for micromanagement.
Find Free Alternatives to Paid Services
If you’re like many freelancers, then you likely have to pay for business-related services or products. Perhaps you need accounting software or website hosting services. Generally, you can secure better services by paying for them, but you can actually save a great deal of money by looking for free alternatives. For example, there are dozens of free and low-cost alternatives to expensive business software programs like QuickBooks. This could end up saving you hundreds or even thousands of dollars per year on otherwise regular business expenses.
If you’d like to get even more advice on being a successful freelancer, be sure to check out Make Money Your Way today!