Freelancers and Living on Irregular Income

Freelancers and Living on Irregular Income

We know about the advantages of full-time freelance work such as flexible hours, ability to work from home, more time with your family and the opportunity to earn a decent salary. But there will be times when freelancers will not receive a regular income due to factors such as a lack of clients, failure of clients to pay freelancers and slow periods during the year. If you are a freelancer who earns an irregular income, you can improve the situation by boosting your clientele. Go beyond the online freelance sites and contact local companies directly about doing work for them. Discuss your expertise and how it translates into success at the companies you’re interested in. Ask friends and relatives to let others know about your work along with samples. Start your own website and offer your services there. The next step is to live wisely with an irregular income and here is how to do it.

Cut Out Wasteful Spending

Since your income is irregular at the moment, don’t buy unnecessary things. Instead you should buy only the items and services that will benefit you long term and your necessities such as rent, utilities and the Internet if this is how you get assignments done. Cook at home instead of going to restaurants and learn to repair things yourself. The Internet has several cool DIY tutorials that assist you in this skill. Attend free events and focus on time with your family rather than shopping.

Save Extra Income

If you make extra income during the month beyond the usual earnings you have, take the money and open an emergency savings account. This helps you pay for expenses such as child care, groceries and cleaning supplies, clothes for the children and medical care for emergencies. Freelancers often struggle with getting health and life insurance so savings are especially important for this reason. Your savings can also cover travel expenses you incur due to freelancing.

Know Your Slow Periods

Freelancers know that there are slow times in the year when the income decreases so when you figure this out, you can budget accordingly. If you’re a freelance copywriter whose clients do not send you a lot of work in the summer months, you should save as much money as you can between fall and spring. Also use this time to boost your freelance income.by seeking out clients who can give you work during your slow times.

Get Cheaper Housing

Maybe you’ll have to move out your current apartment and live in a cheaper place so that you’ll be financially stable. Or you can find a reliable roommate to share the rent with you. The local housing authority offers Section 8 vouchers and with the vouchers the housing authority pays part of your rent while you pay the rest.

Life as a freelancer is rewarding because you’re doing what you love, but sometimes it becomes difficult to make ends. With these tips you’ll be able to survive the bumps in the road and continue this career long term.

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