10 MONEY MANAGEMENT TIPS FOR FREELANCERS
When I started writing
on this topic I incidentally typed 10 money rips off for freelancers. This of
course was neither my intention nor my topic; I have been a full time freelancer
for quite a considerable period of time and have no regrets. But if you are a
new entrant to this challenging and rewarding world of freelancing; managing
your financial resources can prove a little tricky at times. Below I have
listed a few tips that are based on my observations and experiences as well as
of those who have been in this arena for a long time; so guys take a look:
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| Money management tips |
Tip no 1: Freelancers
do not get a steady pay check each month so the most important lesson for them
is to save for the rainy day, especially if you are a new comer.
Tip no 2: it is closely
related to the first tip; from my own experience an ideal scenario would save
50% of your earnings for freelance work for you never know when you will be
employed as a freelancer and when not.
Tip no 3: Every freelancer
has some steady long term clients who are placing orders or hiring you on a
regular basis. These are your most important customers; therefore it is ideal
if you can use the earnings generated from them to spend on your primary needs.
Tip no 4: do not try to
invest your earnings at an early stage in the promotion or acquiring tools of
the trade in the beginning period of your freelance career. The reason is
simple; you have yet to build a list of long term regular clients on which you
can rely so wait a little and build your reputation with your work.
Tip no 5: if you are
wise enough and have spent at least 6 months working as a freelancer then it is
right time for you to invest in other online or freelancing opportunities. But
do not place all your eggs in one basket! Diversify with care and invest
diligently.
Tip no 6: Self learning
is the best tool for any freelancer; avoid wasting your money on products that
claim to make you rich within a fortnight. Your experience will give you the
true picture of what exactly freelancing is all about.
Tip no 7: Never join web
sites that require you pay up front as registration charges. It is true that
some reliable websites like elancedotcom also require you to pay but they also
have a free option with limited features explore it first then move on.
Tip no 8: Freelancing
actually does not require a huge investment; all you need is a laptop and a
reliable internet connection; so avoid spending on things like writing desks or
laser printers or graphic software. Begin with zero investment and then move on
to add comfort and speed to your work.
Tip 9: Time is money
when it comes to freelance work therefore try to optimize your performance by
spending less time at a task without compromising the quality of work. This
will reduce your costs in terms of internet or power bills due to the power
consumption of your PC.
Tip 10: Last but not
the least; make a dollar last. In the initial period of your freelancing career
do not over spend; create a budget and spend within the constraints set up by
you till you have regular work pouring in from steady clients.
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