Let’s be honest about it, life as a freelancer isn’t all rainbows and butterflies. Sure, freelancing means that you can work remotely – you can fit your work around your schedule, which is amazing. But, and it’s a big but, that doesn’t mean that life as a freelancer is perfect, because the fact is, it’s not.
Sometimes, working for yourself can be downright difficult. It’s not easy not knowing where your next paycheck will come from. You know your business is sound and that you will always get work because of the network of customers that you have built up. However, what you don’t know is when you will next get paid.
You might have a fantastic customer base but that doesn’t mean that you are always guaranteed to get paid when you need to be. If there’s one thing that makes freelance life difficult it’s not knowing when you will get paid, especially when there are bills to pay.
That being said, there are ways that you can reduce the financial strain of being self-employed, making freelance life a little more enjoyable…
Have a buffer
Open a savings account and place 10% of each paycheck that you receive into it. That way, when times are tough and you are waiting to be paid, you have a buffer. Each time you use your buffer, ensure that you top it up once you start getting paid again. Ideally, you want to have at least the equivalent of two months pay stored away, just in case you ever need it. Having funds put away to fall back on takes a lot of the pressure off, so it’s worth ensuring that each month you put a little away.
Don’t be afraid to get help
When times are particularly tough, don’t be afraid to get some help. Whether this means borrowing money from family or a friend, taking out a short-term loan from a loan provider like Cash Lady, or putting payment plans in place with your services providers and other debtors, it doesn’t matter, all that matters is that you are able to get the help that you need. Struggling to get by financially can cause severe stress, which is why it’s important to realise that there’s no shame in getting help, be it from a friend or family member or from a loan provider.
Keep the cupboards fully stocked
There’s nothing worse than going hungry; it impedes your ability to focus and concentrate, which can make completing projects and getting paid almost impossible. With this in mind, it pays to always keep the cupboards (and freezer) fully stocked. Always ensure that you have dried goods such as pasta, rice, and noodles stored away, along with tinned goods like chopped tomatoes, soup, tinned fruit, and sauces in jars or sachets. Keep your freezer stocked with frozen vegetables, fish, meat, and bread. Knowing that you have plenty of food stored away will reduce the pressure that you’re under as a freelancer.
Only pay for what you need
Sure, having satellite TV might seem like a priority but ask yourself, is it really? Super fast, fibroptic broadband may be a priority as a freelancer, but having all of the sports and movie channels most probably isn’t. If you are going to reduce the financial strain that you are under as a freelancer, you need to only pay for what you need. This means having a budget and sticking to it. It may mean not having luxuries for a while, but that’s just part of freelancer life.
There are sure to be some periods that are tougher than others when you are a freelancer, which is why knowing how to reduce the financial strain is so important. Life isn’t always easy when you are self-employed, but the fact is, it’s worth it because one day you will have all the money that you need and the most amazing life – no boss, no commuting, no hectic workload.