Freelancing on a budget might sound daunting but for many it’s simply a way of life. If you’re looking to trim your outgoings in pursuit of your freelancing dream, here are our top 5 tips for everyday budgeting.
While freelancing might sound like the dream, it can quickly turn into a nightmare when the cashflow stops, well, flowing.For some freelancers living on a budget is simply a way of life, whereas for others, managing freelance finances doesn’t come so naturally.
But never fear, here are our top 5 everyday moneysaving tips for freelancers on a budget…
Know what you’re spending
OK, so this isn’t a money saving tip per se, but if you’re looking to set a budget then the first thing you need to understand is exactly what you’re spending every month. While it’s a good idea to have a handle on your fixed expenses (rent, utilities, etc), you also need to look at your flexible expenses, too — the dinners out, cinema tickets and weekend getaways. Once you know what you’re spending, you’ll know what you need to cut out if you want to make your budget.
Plan your travel
If you spend a lot of time travelling between meetings, catch-ups and your favourite workspaces, then chances are you’ll be spending a lot of your outgoings on transport. To keep costs down, plan out your meetings so they’re near each other or on the same day, to keep travelling to a minimum. If you drive, why not consider a bike? Not only is it significantly cheaper but it’ll get you healthy and it’s often quicker in city traffic. If public transport is more your thing, if you travel regularly, look at the merits of investing in a season pass to keep costs lower.
If you’re using email to contact clients and apps to send invoices, there really isn’t much need to use paper at all these days. Many freelancers are going paperless not only because it’s environmentally friendly, but also because it saves them a lot of money on printers, paper, ink and printer maintenance. If you do ever need to print anything, local libraries usually have printers that can be used.
Compare the markets
There’s almost always a cheaper energy provider or mobile phone company out there, so make sure you’re on the cheapest tariff that still meets your needs. Comparing the market and switching providers could save you hundreds of pounds, and as a struggling freelancer on a budget those are numbers you just can’t ignore. You can also ask your energy provider for a free smart metre, monitoring your usage could help you reduce your gas and electric bills.
Watch where you work
Working in a coffee shop every day might be the ultimate freelancer favourite, but it can be expensive. On top of the regular cups of coffee, the lure of pastries and sandwiches can be too much and you might have casually spent £20 over the course of a day — that adds up to around £400 every month in coffee shops! Keep it cheap by working from home (invest in a good cafetiere if needs be) or heading to the local library and keep the coffee shop trips as a once-in-a-while treat!
Posted by The Secret Businessman