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Best Ways for Freelancers to Manage Irregular Income

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Freelancing can a profitable career, but a freelancer must plan for the unexpected. Here is a list of ways to maintain your finances while also maintaining the freedom that comes with being a successful freelancer.

Rated 0 points - posted 9 years ago by TracyMcClellan in category Business.

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1.

Keep your personal and business money separate.

Separate accounts for your personal and business matters makes good sense. It makes handling your taxes easier and also helps you to maintain a better budget.

10 points - added 9 years ago by TracyMcClellan -

2.

Volunteer for non-profits.

On more than one occasion, a volunteer opportunity has turned into an opportunity for paid work.

5 points - added 9 years ago by TracyMcClellan -

3.

Meet with an accountant.

There are a lot of tax breaks for businesses that a new freelancer might be aware of. These breaks can save a freelancer hundreds or thousands of dollars.

5 points - added 9 years ago by TracyMcClellan -

4.

Never put all of your eggs in one basket.

Always be on the lookout for new freelancing opportunities. This means that you do not rely on one client or one freelancing entity for work.

5 points - added 9 years ago by TracyMcClellan -

5.

Find other ways to generate income.

Rent out a room, do consultant work, do odd jobs, or sell items you no longer need.

5 points - added 9 years ago by TracyMcClellan -

6.

Have your clients pay in milestones for larger projects.

Milestones will ensure that you will have a steady stream of income while working on a large project. In addition, it will allow you to focus completely on your client's project versus taking on too much work to compensate for the lack of income.

5 points - added 9 years ago by TracyMcClellan -

7.

Estimate your monthly income and expenses, then plan ahead.

Plan for the best and then the worst. If the worst comes, you will have your emergency funds to fall back on.

5 points - added 9 years ago by TracyMcClellan -

8.

Create an emergency fund.

The standard rule-of-thumb for people who work for traditional companies is to maintain an emergency cash fund that will pay bills for six to eight months. As a freelancer, you will need that timeline and more. Plan for a year and also be able to cover business expenses as well as personal ones.

5 points - added 9 years ago by TracyMcClellan -