*This post may contain affiliate links. When you click these links I may receive a small commission that helps support my blog. Thank you!*
By 2020, freelancers are expected to be fifty percent of the workforce.
The gig economy is continuing to grow, with people getting sick of the limitations of traditional employment. There are some cons, however, as it doesn’t just come standard with paid vacations, financial security, health benefits, and a company match 401k.
When you freelance, you are not working for your clients, you are a business owner by being self-employed. You need to calculate what your expenses are. You also must keep a tally of everything. You need to know when bills are due, and what you spent in the course of running your business.
You still have to pay taxes, too, obviously. You are required to file an annual income tax return if you are self-employed and your estimated tax quarterly needs to be paid on time. One program to help you stay on top of everything you’ll need to do your taxes as a freelancer is Quickbooks because it makes it a lot easier to keep track of what is coming in and what is going out.
How can you plan for the income ebbs and flows?
Figure out the minimum you have to earn per month.
Figure out the amount that is all your bills and eating noodles for a month. The minimum for absolute survival. The absolute bottom line. You should have this amount set back for three months worth of bills. (Uh okay, #goals.) You can breathe a little easier once this amount is met, so I’m told.
Use anything that can save you money. This includes coupons, discount sites, and cashback apps are your friends. Sign up for:
Each week when doing my food shopping, we use coupons on things we were going to buy anyway. The key thing to remember here though is just because something is on sale, if you weren’t planning on buying it, you aren’t actually saving any money. Always check for discount codes and have popular sites coming to your email so you don’t miss anything.
I highly suggest you sign up on the email lists of the following websites (No, I’m not an affiliate):
Keep track of all business expenses.
This will help at tax time. We use Quickbooks as mentioned above. Technically not a way to SAVE money, but it’ll certainly help save on tax!
Make the most of off-peak and student discounts.
You have a little more freedom in your schedule so you can purchase things at off-peak times. In my case, I can also get discounts as a student. For example, you can get six months of free Amazon Prime! (something I subscribe to anyway).
Stick to the rates you need to pay the bills.
It’s common to underestimate your pay rate and you should not be doing this. Sure, sometimes we need to look for jobs on sites like Upwork, but you should also be pitching as a freelance writer or doing whatever your industry does to find clients. This is actually one of the most important ones for me.
Are you looking to start a blog?
Register Your Domains Hassle-Free with Namecheap.
Create an e-commerce store with Shopify.
Create items for your e-commerce store with Printful.
Already have a blog?
Create amazing graphics with the help of Creative Market Pro.
Do some affiliate marketing the easy way, with Skimlinks.
Handle your bookkeeping with Quickbooks.
Get some help for just $5.00 on Fiverr.
You can also try out PeoplePerHour.
Invest in Leadpages.
Sell digital products with SendOwl.
Just need income on the side?
Trade in your old devices on Gazelle.
Want to learn more?
Support me on Patreon if you like my content.
Check out my Services page.
This post was proofread by Grammarly.
If you are interested in starting a blog of your own, I created a tutorial that will help you, How to Start a Blog. If you are asking yourself “Can you seriously make money blogging?” My main tip is to be self-hosted. This is essential if you want to monetize your blog. It also makes you look more professional to companies you will partner with. Blogging income won’t happen unless you are self-hosted. You can pick from these links: Bluehost, or HostGator.
(Bonus) Want to shop?
Before you go shopping for a new phone, get a $50 gift card from Verizon HERE.
Skip the thrift shop and do second hand the easy way with $10 off at ThredUp HERE.