Trans4mind Home Page

10 Money Management Tips for Freelancers

By Erica Sunarjo

Being a freelancer can give you a lot of freedom when it comes to managing your working hours but also your finances. While it can be a great way for you to live comfortably, it is not always a way to make a stable income and you will have to be prepared in case anything goes wrong.

Managing your money will come through making better financial decisions and sticking to them. There are a few different ways for you to make sure that you still manage your money even if there are huge fluctuations in your income from one month to the other. Here are some tips to help you get some ideas on how to make it work...

  1. Always set a budget
    Setting a budget will really help you manage your expenses and not spend more than what you are supposed to.
  2. Invest into healthcare
    While there are a few things you won’t need to spend money on, healthcare isn’t one of them. You need to make sure that you are covered when it comes to your health in advance, otherwise the expenses can be great when you eventually get sick.
  3. Set milestones for bigger projects
    When working on a more long-term project, it would be a good idea to ask you employer to pay you in milestones instead of just at the end of the month. This will help you manage your expenses better and not end up spending all your money at once.
  4. Pay your bills first
    Paying your bills should be your very first action when you get paid. This will help you keep your money under control and you will never have to worry about large last minute payments at the end of the month.
  5. Don’t forget about your taxes
    As a freelancer you will have to manage your own taxes and that can become problematic if you are still new to this. Saving up for your estimated quarterly taxes should be a priority of yours, otherwise you will end up in trouble.
  6. Save up for your retirement
    Freelancers are the ones who will have to worry about their retirement plans. A good way to go about this is investing a 10-20% of your income into retirement. Even if you live in a different country than your original, TheWordPoint can help you with all the needed legal translations in order to set up an account for your retirement savings.
  7. Buy things cheap
    If you wish to manage your money a little bit better, you should start by finding cheaper versions of the things you need. Is it really worth it to buy a very expensive pair of shoes when you’re on a very tight budget?
  8. Save up for an emergency fund
    Having an emergency fund will get you out of a difficult place if your income is not steady. The months when your income is higher, put some extra money aside in order to be ready in case next month is not as productive.
  9. Work with an accountant
    Working with an accountant will help you manage your spendings and taxes and it will be some money well-invested, especially if you’re a new freelancer.
  10. Always keep track of what you spend
    There are plenty of apps which can help keep track of your costs but possible the best one is the notes application your phone already has installed. Write down everything that you spend and you’re bound to keep things under control.

In Summation

There are many ways for you to manage your money more effectively and to be sure that you will always have enough money to get out of a difficult situation financially. Which ones of these tips do you think will be the most helpful in your situation?

Share on Facebook   Share on Twitter   Share on LinkedIn
More Success & Abundance articles
Latest Additions

Good info on many topics:

Tools for Transformation

personal development
Trans4mind offers its visitors a huge range of complimentary personal development resources for self-directed education and transformation of the whole person...
Introduction to our Tools for Transformation. We aim to open up the mind to new ideas, new challenges and new solutions - to think differently and be creative.
Here are our favorite quotes. The best quotes distill powerful wisdom into a few words and can make a real difference to our perception and understanding. Including:
Life  Purpose, Spiritual  Awareness, Success and Abundance, Wisdom from the Heart, Happiness and Wellbeing, Communication & Relationships, Motivation and Leadership, Parenting and Education, Emotional Intelligence, Transitions in Life, Social Community, Quirky Quotes, Creativity, Proverbs, Humor - and many further topics in the Wisdom from the Heart section.
Articles by Peter Shepherd and Wallace Huey. Imagine if the values of the heart could be brought into our families, communities, charities, organizations and businesses... what kind of a world would this create?
Audios by Peter Shepherd, focused on key personal development topics, to help advance your personal growth.
A free meditation program to help you experience the state of unconditional love - key to lasting joy and fulfillment in your life.
Become more clear about your own identity, what you want in life - your life vision - and how to manifest your full potential. And then move on to the free New Life Course to advance in many further ways.
If we do actually have a soul, then where does it go after death? Near-death experiences provide convincing answers.
Check out our fascinating collection of complete books for you to read online, including Peter Shepherd’s Transforming the Mind, which created the foundation of this site back in 1997.
Over 250 PDFs to freely download covering many personal development topics - and including the range of Trans4mind publications.
Free personality test based on the Eysenck Personality Questionnaire. See yourself as others may see you, in a more objective light, so you can know yourself better.
Our site is expansive, including loads of helpful resources. See what else we have.

Check out the menus on the top of every page too!

Hypnosis Downloads

Support your personal development with these popular and effective hypnosis downloads...

This is our selection of favorites, but there's a session for every need! Choose from over 800 Hypnosis Downloads...
Search now on an issue that interests or concerns you...

View all the Hypnosis Downloads here

Copyright © 1997-2018 Trans4mind Ltd
Terms of Use & Privacy Policy       Email Webmaster