1. Common Social Media Marketing Mistakes
  2. Take control of your personal information
  3. 3 trends that can stimulate small business growth
  4. Content Optimization: The Key to Writing Content That Ranks Higher on Google
  5. 5 Easy Giveaways That Help Build Customer Loyalty
  6. 6 Innovative Examples of Technology in Marketing You Should Be Aware Of
  7. Top 5 Tips for Paying Off Debt Quickly
  8. Is A ‘Robo Advisor’ In Your Financial Future?
  9. Three tax savings strategies for a secure retirement to try right now
  10. 4 habits for fit finances
  11. Study finds small businesses have a big impact on the economy
  12. How to Promote a Self Published Book: 8 Pro Tips
  13. How to Measure the Success of Your Blog Strategy
  14. 9 Technical Writing Tips to Improve Your Skill
  15. 5 Undeniable Benefits of Email Marketing for Book Promotion
  16. How to Create Great Writing for Social Media Marketing Posts
  17. 7 Promotion Strategies to Promote Your New Content
  18. 10 Marketing Tools and Supplies You Need to Boost Business
  19. Tips for Measuring Marketing Effectiveness
  20. How to Find an Awesome Social Media Advertising Agency
  21. 5 Steps You Must Take When Starting a Business
  22. How to Create a Lead Magnet to Attract Clients and Boost Sales
  23. 5 Ways to Diversify Your Marketing Tactics
  24. 15 Social Media Tips for Small Businesses
  25. Top 10 Tips to Improve Customer Service in Your Business
  26. Top 5 Best Website Promotion Tips
  27. How to Improve a Website: Web Design Tips and Tricks
  28. How to Create a Blog People Will Read
  29. 10 Reasons All Businesses Need a Solid Social Media Marketing Campaign
  30. 8 Ways to Avoid the Most Common Logo Creation Mistakes
  31. The Difference Between Remarketing and Retargeting Advertising
  32. Types of Content Marketing: The Ultimate Guide
  33. How to Monetize Your Blog
  34. The Top Business Trends You Must Keep in Mind
  35. Should You Incorporate an SMS Campaign In Your Marketing Strategy?
  36. How to Protect Your Identity Online
  37. How Niche Markets are Using Social Media to Increase B2B Sales
  38. 5 Proven Strategies to Promote Your Ecommerce Website
  39. 9 Local Lead Generation Tips Every Entrepreneur Needs
  40. 5 Productivity Hacks for Writers
  41. Where To Find The Best Free Images For Blogs
  42. A Brief Guide to Taxes for Freelancers
  43. 5 Content Creation Ideas for Your B2B Blog
  44. 3 Tips For Writing Amazing Content For Your Financial Blog
  45. 9 Reasons Why You Need a Professional Web Designer
  46. How Answering Services Work (And Why You Need One)
  47. 5 Ways to Create More Data-Driven Content for Business
  48. How to Improve Your Credit Score Fast
  49. Affiliate Marketing for Beginners
  50. The 3 Easiest Solutions for How to Improve a Website
  51. How to Organize Your Online Content with a Writer’s Journal
  52. The 10 Most Overused Digital Marketing Buzzwords
  53. Why Brands Are Switching to Narrative Marketing
  54. Installment Loans: What Are the Benefits?
  55. 5 Super Cheap Promotional Items To Boost Your Customer Retention
  56. The Ultimate Budget Guide for Freelancers: Learning When to Save and When to Splurge
  57. Challenge Accepted: Issues Facing Legal Marketing Teams
  58. Simplify Your Life With These Money Saving Tips
  59. How Millennial Talent Is Driving Digital Media Growth
  60. 10 Tips for Driving More Traffic to Your Blog
  61. How to Grow Your Blog in 5 Simple Steps
  62. 8 Reasons Why Digital Marketing Is Important for Every Business
  63. Marketing Your Business Online: A Simple Guide
  64. 4 Tips for Creating a Viral Facebook Post
  65. How to Capitalize on Hot Button Topics With Your Marketing
  66. Writing Income Down This Month? Try These 5 Tips to Make More Money Online
  67. How to Build and Market an Affiliate Niche Site
  68. 5 SBA Loan Questions to Ask Before Getting a Loan
  69. How to Start a Successful Online Business
  70. Why You Should Encourage Employee Blogging
  71. Great Blog Apps That Will Help You Monetize
  72. How to Use Promotional Flyers to Increase Sales
  73. 5 Tips For Improving Your Business’s Web Strategy
  74. 5 Office Layout and Design Tips
  75. 5 Ecommerce Solutions for Small Business Success
  76. 8 Ways to Avoid the Most Common Logo Creation Mistakes
  77. Staring at the Screen: 5 Ways to Beat Writer’s Block for Good
  78. What to Consider When Choosing an eLearning Template
  79. The Best Ways to Manage Your Cloud Storage
  80. How to Increase Blog Traffic for Your Business
  81. How to Increase Blog Traffic for Your Business
  82. Security Alert! Don’t Leave Your Site (Or Your Customers) Vulnerable
  83. 7 Blogging Mistakes That Could Be Hurting Your Traffic
  84. Understanding the Writing Style for Your Brand
  85. 4 Tips for an Effective Website Development Project Plan
  86. Secrets to Creating a Visual Brand Identity That Sets You Apart
  87. A Guide on How to Be Charming in All Situations
  88. How Brain Training Games Boost Memory and Productivity
  89. The True Entrepreneur – 3 Tips for Your Success
  90. The 2018 Small Business Report [Infographic]
  91. 6 Website Must-Have’s for Small Businesses
  92. Tips to Help You Become An Entrepreneur
  93. 5 Smart Investment Management Tips
  94. The Top Content Marketing Trends Going Into 2018
  95. Great Blog Apps That Will Help You Monetize
  96. SEO Made Easy: How to Optimize Your Blog Posts
  97. How to Write a Compelling Logo Tagline
  98. Social Media Management for Realtors
  99. 10 Tips on What Makes a Good Website Design
  100. 8 Recruiting Solutions to Help You Find The Right Employees
  101. Entrepreneurs in unexpected places: How one Midwest city promotes diverse local innovation
  102. How to Set the Financial Goals that Grow Your Business
  103. How retailers can build trust and relevance in their communities
  104. Make 2018 the year of helping veterans
  105. Growing your business? These 3 financing mistakes can cost you big
  106. 3 Ways to Stay On Top of Your Taxes
  107. 5 Things CRM Software Does to Catapult Your Business
  108. The Best Ways to Use Equipment Financing For Your Startup
  109. 5 SBA Loan Questions to Ask Before Getting a Loan
  110. 10 Super Cool Unconventional Business Cards
  111. What Are My Business Loans for Poor Credit Options?
  112. 12 Local SEO Solutions That Will Help You Outrank the Competition
  113. How to Have the Smartest Home on the Block
  114. Time-saving tricks that save hours each week
  115. Small businesses have struggled to find funding: Not anymore
Monday, December 17, 2018
  1. Common Social Media Marketing Mistakes
  2. Take control of your personal information
  3. 3 trends that can stimulate small business growth
  4. Content Optimization: The Key to Writing Content That Ranks Higher on Google
  5. 5 Easy Giveaways That Help Build Customer Loyalty
  6. 6 Innovative Examples of Technology in Marketing You Should Be Aware Of
  7. Top 5 Tips for Paying Off Debt Quickly
  8. Is A ‘Robo Advisor’ In Your Financial Future?
  9. Three tax savings strategies for a secure retirement to try right now
  10. 4 habits for fit finances
  11. Study finds small businesses have a big impact on the economy
  12. How to Promote a Self Published Book: 8 Pro Tips
  13. How to Measure the Success of Your Blog Strategy
  14. 9 Technical Writing Tips to Improve Your Skill
  15. 5 Undeniable Benefits of Email Marketing for Book Promotion
  16. How to Create Great Writing for Social Media Marketing Posts
  17. 7 Promotion Strategies to Promote Your New Content
  18. 10 Marketing Tools and Supplies You Need to Boost Business
  19. Tips for Measuring Marketing Effectiveness
  20. How to Find an Awesome Social Media Advertising Agency
  21. 5 Steps You Must Take When Starting a Business
  22. How to Create a Lead Magnet to Attract Clients and Boost Sales
  23. 5 Ways to Diversify Your Marketing Tactics
  24. 15 Social Media Tips for Small Businesses
  25. Top 10 Tips to Improve Customer Service in Your Business
  26. Top 5 Best Website Promotion Tips
  27. How to Improve a Website: Web Design Tips and Tricks
  28. How to Create a Blog People Will Read
  29. 10 Reasons All Businesses Need a Solid Social Media Marketing Campaign
  30. 8 Ways to Avoid the Most Common Logo Creation Mistakes
  31. The Difference Between Remarketing and Retargeting Advertising
  32. Types of Content Marketing: The Ultimate Guide
  33. How to Monetize Your Blog
  34. The Top Business Trends You Must Keep in Mind
  35. Should You Incorporate an SMS Campaign In Your Marketing Strategy?
  36. How to Protect Your Identity Online
  37. How Niche Markets are Using Social Media to Increase B2B Sales
  38. 5 Proven Strategies to Promote Your Ecommerce Website
  39. 9 Local Lead Generation Tips Every Entrepreneur Needs
  40. 5 Productivity Hacks for Writers
  41. Where To Find The Best Free Images For Blogs
  42. A Brief Guide to Taxes for Freelancers
  43. 5 Content Creation Ideas for Your B2B Blog
  44. 3 Tips For Writing Amazing Content For Your Financial Blog
  45. 9 Reasons Why You Need a Professional Web Designer
  46. How Answering Services Work (And Why You Need One)
  47. 5 Ways to Create More Data-Driven Content for Business
  48. How to Improve Your Credit Score Fast
  49. Affiliate Marketing for Beginners
  50. The 3 Easiest Solutions for How to Improve a Website
  51. How to Organize Your Online Content with a Writer’s Journal
  52. The 10 Most Overused Digital Marketing Buzzwords
  53. Why Brands Are Switching to Narrative Marketing
  54. Installment Loans: What Are the Benefits?
  55. 5 Super Cheap Promotional Items To Boost Your Customer Retention
  56. The Ultimate Budget Guide for Freelancers: Learning When to Save and When to Splurge
  57. Challenge Accepted: Issues Facing Legal Marketing Teams
  58. Simplify Your Life With These Money Saving Tips
  59. How Millennial Talent Is Driving Digital Media Growth
  60. 10 Tips for Driving More Traffic to Your Blog
  61. How to Grow Your Blog in 5 Simple Steps
  62. 8 Reasons Why Digital Marketing Is Important for Every Business
  63. Marketing Your Business Online: A Simple Guide
  64. 4 Tips for Creating a Viral Facebook Post
  65. How to Capitalize on Hot Button Topics With Your Marketing
  66. Writing Income Down This Month? Try These 5 Tips to Make More Money Online
  67. How to Build and Market an Affiliate Niche Site
  68. 5 SBA Loan Questions to Ask Before Getting a Loan
  69. How to Start a Successful Online Business
  70. Why You Should Encourage Employee Blogging
  71. Great Blog Apps That Will Help You Monetize
  72. How to Use Promotional Flyers to Increase Sales
  73. 5 Tips For Improving Your Business’s Web Strategy
  74. 5 Office Layout and Design Tips
  75. 5 Ecommerce Solutions for Small Business Success
  76. 8 Ways to Avoid the Most Common Logo Creation Mistakes
  77. Staring at the Screen: 5 Ways to Beat Writer’s Block for Good
  78. What to Consider When Choosing an eLearning Template
  79. The Best Ways to Manage Your Cloud Storage
  80. How to Increase Blog Traffic for Your Business
  81. How to Increase Blog Traffic for Your Business
  82. Security Alert! Don’t Leave Your Site (Or Your Customers) Vulnerable
  83. 7 Blogging Mistakes That Could Be Hurting Your Traffic
  84. Understanding the Writing Style for Your Brand
  85. 4 Tips for an Effective Website Development Project Plan
  86. Secrets to Creating a Visual Brand Identity That Sets You Apart
  87. A Guide on How to Be Charming in All Situations
  88. How Brain Training Games Boost Memory and Productivity
  89. The True Entrepreneur – 3 Tips for Your Success
  90. The 2018 Small Business Report [Infographic]
  91. 6 Website Must-Have’s for Small Businesses
  92. Tips to Help You Become An Entrepreneur
  93. 5 Smart Investment Management Tips
  94. The Top Content Marketing Trends Going Into 2018
  95. Great Blog Apps That Will Help You Monetize
  96. SEO Made Easy: How to Optimize Your Blog Posts
  97. How to Write a Compelling Logo Tagline
  98. Social Media Management for Realtors
  99. 10 Tips on What Makes a Good Website Design
  100. 8 Recruiting Solutions to Help You Find The Right Employees
  101. Entrepreneurs in unexpected places: How one Midwest city promotes diverse local innovation
  102. How to Set the Financial Goals that Grow Your Business
  103. How retailers can build trust and relevance in their communities
  104. Make 2018 the year of helping veterans
  105. Growing your business? These 3 financing mistakes can cost you big
  106. 3 Ways to Stay On Top of Your Taxes
  107. 5 Things CRM Software Does to Catapult Your Business
  108. The Best Ways to Use Equipment Financing For Your Startup
  109. 5 SBA Loan Questions to Ask Before Getting a Loan
  110. 10 Super Cool Unconventional Business Cards
  111. What Are My Business Loans for Poor Credit Options?
  112. 12 Local SEO Solutions That Will Help You Outrank the Competition
  113. How to Have the Smartest Home on the Block
  114. Time-saving tricks that save hours each week
  115. Small businesses have struggled to find funding: Not anymore

The Ultimate Budget Guide for Freelancers: Learning When to Save and When to Splurge

Over 57.3 million Americans currently engage in some form of freelance work, and research shows that the majority of workers will freelance by 2027.

For a new freelancer, it can be scary to navigate money and create an effective budget guide when your income isn’t always steady.

Fortunately, we’ve got the guide to help you learn how to manage your money- and splurge with ease.

Let’s get to it!

Track Your Money

This is the first step for all freelancers, and it may be the most important step of all. You need to know where your money is going! And, no, that doesn’t just mean checking your bank account “every so often” to make sure that you’re in the clear.

To actually make an effective budget guide, you need to know how much you’re spending and how much you’re saving.

Are you spending too much on groceries each month? Too much on eating takeout? Too much on little impulse buys that don’t feel like much of anything- until you add them up?

Fortunately, today it’s easier than ever to track your personal finance and create a budget guide. You don’t even need pen and paper. With free money management apps, such as Mint or Personal Capital, you can simply link your bank accounts and credit cards and view all your transactions.

These apps can provide an overview to see how much income you’re actually making (in proportion to how much you’re spending).

If you’re a freelancer, you already know that your money won’t necessarily be predictable. Apps like these can help you predict the downturns and plan accordingly for them.

Build an Emergency Fund

If you don’t already have one, you need a solid nest egg (at least 1-2 month’s income) for unplanned expenses that may arise.

In fact, most financial experts recommend having at least 6-12 months of take-home pay saved in a savings account, but you definitely need to start somewhere.

Consider keeping your money in a high-yield savings account where you’ll accrue interest for just keeping it parked there.

And, remember: this is your emergency fund. You only pull from it when an actual emergency happens. Only you can really define what that means, but it’s a fund designed to protect you in extremely dire times- not when you just want a bit of extra cash.

There are always options available if your emergency fund runs dry, but if you can avoid the unnecessary stress, that’s usually most optimal.

Organize Your Spending

Now that you know where your money is going, you need to figure out how to create a budget guide that honors the inconsistencies that are common with freelance income.

Many financial gurus recommend starting with the 50/30/20 budget. With this model, you’re aiming to spend 50% of your income on basic needs.

These include:

  • Rent or mortgage
  • Car payment
  • Insurance
  • Groceries
  • Transportation
  • Medical bills

The other 30% can then be devoted to your wants, hobbies, and priorities. These can include anything from:

  • Gym memberships
  • Restaurant expenses
  • Clothing
  • Hobbies and entertainment
  • Travel

Finally, it’s ideal to use your 20% for paying down any debts and saving for retirement.

With that said, these aren’t hard numbers, and you may want to tweak them to fit your budget guide in a way that makes sense for your lifestyle.

If you’re in extreme debt, you’ll probably want to cut your “extra 30%” down. Experts recommend you don’t reduce it altogether! Everyone needs that small indulgence, whether it’s a browse through Shop Three Wishes Online Store or a special date night with your significant other.

On the other hand, if you’re looking to retire early, you’ll want to amp up your savings. Evaluate your priorities and plan accordingly.

Stay On Top of Invoicing

As a freelancer, you don’t just have the luxury of getting paid biweekly at a predictable time. Typically, you’ll be using invoicing with your clients.

In general, it’s a good rule of thumb to set up an invoice system and an appropriate billing period for your clients. You can use professional software to do this or make your own invoices.

Doing this will provide you with a peace of mind since you can anticipate when you’ll receive your payment. Just be sure to clearly state your terms and conditions beforehand.

After all, you want your clients to know when and how to prepare your money- and by what date they need to send it.

Splurge on the Right Things

Now you know that creating an effective budget guide entails saving money and budgeting appropriately.

With that said, it’s also important to know how and when to spend money! After all, as a freelancer, you’re not necessarily “given” the tools or equipment to succeed. You need to purchase them yourself.

Consider the following investments:

Professional Memberships

Depending on your specific industry or niche, joining a professional membership can provide you with valuable access to contract databases and networking opportunities. These memberships may even “pay” for themselves with the clients and leads that you land through such connections.

Creative Digital Marketing

You know that saying, it’s not what you know, it’s who you know. In today’s day and age, it’s more like it’s not who you know; it’s what your website looks like.

What does that mean for you? It means that you need to have a standout website and marketing campaign. You can do this yourself, but it may be worthwhile to consider outsourcing these complex tasks to the pros. After all, if you spend all your time trying to decipher SEO, you may end up wasting precious time that you could be spending on your own freelancing.

Secure Software

When you’re working on your own, you can’t just call up the IT desk at the office next door. You need to tap into your own resources.

In general, buying software to serve as a backup system will get the job done. It’s important to protect your business’s data and your clients’ sensitive information. With all the data breaches happening today, this isn’t a risk worth taking as you draw up your budget guide.

Clothing

If you just work at home, you can work in your pajamas, right? You probably don’t need a ton of fancy suits or jackets.

However, many freelancing businesses thrive on meeting clients face-to-face, and you want to look as professional as possible during these interactions.

Fortunately, you don’t need a whole new wardrobe. Consider investing in a few quality items and taking really good care of them.

Office Furniture

If you work at home, you want your office to be functional, inspiring, and productive. If you’re all crammed in a messy room with dim lighting and clutter everywhere, are you really going to feel creative? Probably not.

No, you don’t need to blow your entire budget guide here. But consider buying a desk you love and make sure that you splurge on a few nice office decorations (plants work great!).

Don’t neglect the computer chair, either. Chances are, you’ll be spending several hours sitting in it, and you want to make sure that you are comfortable.

Virtual Assistants or Employees

If your freelance business is booming, some extra help may be needed in your budget guide. After all, we can’t just do everything on our own, and some of the most successful freelancers have several people helping them behind the scenes.

Virtual assistants can be great for social media marketing, organizing, scheduling, and pulling different resources and information.

You may also want to consider adding on another employee- especially if you are finding yourself burnt out or spread too thin. This will allow you to expand your work without overwhelming yourself with too many tasks.

Good Internet

If you’re in the freelancing business, having fast and reliable Internet goes without saying. If you have slow or spotty connections, consider switching providers.

This will save you all the headaches that come from reloading pages (so much time spent!) and give you more time to work on the projects ahead of you.

Plus, you’ll be able to stream Netflix better (for when you’re taking those much-needed breaks). And, it’s a tax write-off, so it’s a win-win for everyone!

Final Thoughts on Your Freelancing Budget Guide

The world of freelancing can be as exciting as it is overwhelming. With the proper planning, you’ll be on top of your finances in no time at all.

0 Comments

Leave a Comment

Subscribe!

Subscribe to our email list

* indicates required
How did you hear about us? * *
What am I Looking For?