Freelancing is becoming increasingly popular. This type of employment offers flexibility and control, but there are potential pitfalls. One of the most pressing concerns for those who choose to follow this route is a lack of stability and security when it comes to their income. With a degree of uncertainty lurking, it’s crucial to manage your money and to learn to live on a budget. If you’re a freelancer looking to live well for less, here are some handy hacks.
Getting around
Many freelancers are required to travel to meet clients or carry out work-related tasks. If you drive, or you use public transport, there are ways to save. Firstly, if you own a car, shop around for the best gas prices and look for car insurance deals. If your policy is due for renewal, don’t automatically roll it over with the same provider. Use the Internet to compare prices, and see if you could get a better offer elsewhere. If you drive long distances, and you’re spending most of your wages on gas, it’s also worth exploring the possibility of swapping your vehicle for a greener, more fuel-efficient model. If you’re reliant on buses, trains, or the subway or metro, look into ticket bundles or frequent use cards that work out cheaper than single journeys. You could also swap driving or catching the bus for cycling or walking if you’re only covering a short distance.
Working from home
Some freelancers won’t have the option of working from home, but if this is a viable avenue for you, it could save you a fortune. You might not think that you spend much hiring a desk at a communal or collaborative workspace, but once you add up rental fees combined with a couple of coffees and lunch every day, the tally will soon add up. When you work from home, you don’t have to pay to hire a space, you’ll have access to food and drinks, and you won’t have to worry about the cost of getting from A to B. If you do work from home on a regular basis, it’s also advisable to take a look at your energy bills, and see if you could save by switching to a different tariff or provider. If you’re on a tariff that is more expensive during the day, for example, changing to one that is cheaper during daytime hours could save you a significant sum. You can also lower your bills by investing in smart appliances and bulbs.
Expenses
If you’re a freelancer, it pays to have plans in place when it comes to covering the cost of expenses. If you’re traveling to meetings, or a project you’re due to take on involves buying materials or hiring a workspace, factor these costs into the price you quote. You don’t want to take on a job and then find that your profit margin is minimal due to the fact that you’re paying for daily travel, for example.
When you’re a freelancer, it’s critical to have a handle on your finances. If you’re looking for ways to save, think about how you get around, factor in your expenses when you provide quotes for jobs, consider working from home as often as possible and shop around for the best deals on energy and insurance.
