Tips on Making Ends Meet When You’re a Freelancer


Tips on Making Ends Meet When You're a Freelancer

These days, money is so difficult to get by. For a freelancer, it is especially a challenge as unlike regular jobs, income might be plentiful in one month but meager in the next; furthermore, looking for work is a serious problem. But since every problem has a solution, freelancers have a leeway. There are tips that freelancers can use as a guide to stretch their income from month to month:

  • Trace your expenses

It is difficult to predict freelancer’s funds, especially during the early stages, since workload and income vary from month to month. There are times when income swings up and times when it goes down. This way, budgeting is difficult. At the start, create a budget that tracks all of your expenses to include all necessities and any other. The second step is to total at the end of the month and deduct from it your average income. It is advisable to overestimate rather than come up short.

  • Estimate your average income

After freelancing for a while, you have at least an idea of your income. Look back at your earning in the previous year and divide it by 12. You can trace your income for several months and determine your average from those figures. This will give you an estimate of your average monthly income.

  • Make a flexible budget

After deducting estimated expenses from monthly average income, you will see your budget. If you are short, study your expenses and delete what is irrelevant. If cash flow is above normal; give yourself a treat you deserve. If work’s slow, be stricter in your expenses.

  • Self-discipline in handling your budget

Do not be tempted to splurge when the going is great. Some freelancers can hit the jackpot with plenty of clients and cash pouring in. Since nothing is permanent, the tide might turn and you will experience months of drought. Remember that the rule is: buy only what you need, not what you want.

  • Saving is the best option

Everyone must have an emergency fund, more so for freelancers. Try to set aside enough money during the days of plenty; at least to cover three to six months of your living expenses. It is even better for freelancers to save for at least nine months of living expenses before the next windfall.

Freelancing full time for most people seems like a dream come true. Enjoy the  freedom of being your own boss, working in the comfort of your own homes, managing your own schedule and hours and being responsible for our own success.

It all sounds great – but sometimes you may not be able to make both ends meet compared to the security of working for a company, or getting a 9 to 5 job. Consider the responsibility of working on your own. Learn to budget your income as the time of plenty has a corresponding time of want. Starts saving and you will never have to make both ends meet. You are the one responsible for everything related to your work.

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As an online professional, Marilyn transitioned her way up to success by investing in the field of virtual assistance and web design. Networking with esteemed colleagues in the field, she co-founded Philippine Virtual Assistant Network (PVAN) , Philippines largest online virtual assistant community with over 20,000+ members and counting.

Marilyn is the Project Manager of Remote Virtual Assistant Agency, a virtual staffing agency based in New York, USA, as well as the trainer for Virtual Assistant Guide and Web Internship Program which helps aspiring work from home professionals.

As a serial entrepreneur, she's one of the managing partner of New York Sari-Sari Store Inc.- an eCommerce platform serving clients both in US & Philippines, St. Jeanne Beverly Learning Center & JM Property Rentals - a Pre-school Institution and a growing fleet of rental apartments together with her loving and very supportive husband.


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