When I started freelancing I worried about a lot of things, but nothing scared me more than losing that predictable paycheck.
I don’t come from a family where my parents are capable of supporting an adult child and I don’t have a rich aunt or uncle who could bail me out if things fell
apart, so generating income was always on my mind — that’s more than interruption to my career, a loss of the social status of a job…everything.
Freelancing means an entirely new relationship with your money, and even though it’s scary at first, eventually, you’ll find your way to that incredible sense of power knowing that your income isn’t dependent on anyone firing, hiring, or deciding whether
you’re worthy of a raise. That’s why this week’s freelance tip is…
Rethink your relationship with your finances.
As you build your freelance life, keep these three financial habits in mind.
- Find a comfortable budget: Find a budgeting program or app (I’ve heard great things about YNAB) that works for you and start to use it, and I mean really use it. Getting your spending under control can take a lot of pressure off
you to perform in your work.
- Know how much you cost: Get a good feeling on how much your base living expenses are. (Your budget will help with that.) That way you can set realistic and more comfortable income goals.
- Cut the low return spending: Keep an eye out for expenses that aren’t bringing you as much enjoyment as they should be (like hitting Starbucks over Dunkin Donuts
for example…I’m just saying, made that switch myself). Freelancing means you’ll need to make sure your dollars aren’t burnt up frivolously.
I know money concerns can be really specific though, so if you’ve got any that I haven’t mentioned, shoot them over…I always want to hear what challenges you’re working through. Talk to you
soon!
Megan.