Taking a nap in the middle of the day. Having your work area only one room away from your bedroom. Going on a long holiday without needing permission first. These are just some of the perks of the location-independent lifestyle.
As many virtual professionals will tell you, freelancer work isn’t all sunshine and rainbows though. The financial aspect can be especially daunting to deal with. You’ll soon find that your biggest stressors will generally revolve around money.
For example:
- Not receiving income regularly.
- Not having a retirement account set up.
- Not getting taxes filed automatically.
- Not being eligible for group insurance.
- Not earning enough money.
Maybe you’ve experienced these pains firsthand. Maybe you’d rather avoid getting into these situations. Either way, you don’t have to live like that. It’s possible to stay on top of your finances without getting anxiety—simply follow these freelancer budgeting tips.
Budgeting Tips for Freelancers
Keep track of your time
Time is a precious resource for freelancers. When you manage your time properly, you’ll be more productive and earn more. It’s up to you to monitor it though so find a suitable system.
There are plenty of timekeeping apps available online such as EverHour and Time Camp so check them out.
Know your expenses
Know how much you spend on transportation, internet service, utilities, and food. This way, you’ll know how much you need to earn each month to pay for them.
With a baseline figure to cover expenses, you can easily gauge how much extra you have for leisure, savings, or retirement.
Be sure to consider the following in your computations:
- Housing – include mortgage, rent, property tax, homeowner’s association fees, and more.
- Internet – compare different internet providers and their plans to get the best rates.
- Phone – consider getting a postpaid phone plan or mobile data plan as backup.
- Food – count meals out and take-out as extras unless you rarely cook at home.
- Transportation – include fares, vehicle maintenance, gas, or car payments.
- Utilities – look at past utility bills and get the average amount while noting the highest months.
- Medical costs – add the cost of medications, regular check-ups, and outstanding medical bills.
- Essentials – compute expenses for personal care and clothing items you absolutely need.
Account for taxes
Even if taxes aren’t taken from your paycheck, you should still pay them. Look up the directives for personal income tax in your country to know how much you should set aside.
In the Philippines, if you earn less than P250,000 per year, you don’t have to pay anything.
Have emergency savings
Since your income varies, set aside money to cover at least 9 to 12 months of expenses in case of a financial emergency. If you have dependents, set it higher.
Give up extras but you’ll thank yourself when you need to fix your leaking roof or face something similar.
Pay for data backup
Here’s a less obvious budgeting tip.
Nothing can be worse than losing your work while you’re trying to meet a deadline. Redoing work means using time you could be doing other projects.
So, invest in a cloud-based service or an external hard drive to store your important files.
Save for retirement
Unlike office workers who are guaranteed pension, freelancers like you have to set up a retirement account on your own.
Schedule automatic transfers from the account (where you receive your pay) to a separate retirement account so you can stay on track with your savings plan.
Buy yourself insurance
You never know what may happen in the future, so it’s best to prepare for anything. By getting disability insurance, you’ll receive income in case of an illness or accident that keeps you from working.
Life insurance ensures that your dependents are provided financial aid should you pass on.
Set a weekly allowance
Limit your spending to a certain amount every week based on your monthly budget. Take it out in cash and only spend that.
Create a spreadsheet to track where it’s going, specifying the date, item, and amount. With this, you’ll know if you have extra left over for next week.
Cut costs where you can
Though you’re able to cover your expenses now, it never hurts to reduce your spending where you can so you’d have more for savings.
For instance, switch to a prepaid mobile plan if you don’t really need postpaid. Try growing some vegetables in your backyard too.
Consult an expert
Newbies in freelancer work may not be able to afford to hire their own bookkeeper at the moment. But if you run a team, it’s worth outsourcing your accounting tasks every now and then.
An accountant will give you sound financial advice, plus give you time to tackle more important tasks than bookkeeping.
More Than Budgeting Tips
Managing your finances can be complicated if you’re a freelancer but it’s something you just have to do. It gives you a clear picture of your financial situation, helps you manage your money better, and allows you to enjoy the benefits of working from home more.
If you’d like more budgeting tips or other advice for freelancers, we at Remote Workmate are here to serve. Our blog is full of information you’ll find useful in freelancer work. Meanwhile, we provide services wherein we connect you to clients as well.
To help you build a high-performing team for your startup, here are the different characteristics that you should look for in candidates for when hiring.
The Global PVC Window Profile Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
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The Global Polyvinyl Alcohol Fibers Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
The market segments are also provided with an in-depth outlook of the competitive landscape and a listing of the profiled key players.The comprehensive value chain analysis of the market will assist in attaining better product differentiation, along with detailed understanding of the core competency of each activity involved.
The market attractiveness analysis provided in the report aptly measures the potential value of the market providing business strategists with the latest growth opportunities.The report classifies the market into different segments based on product type and application.
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According to a research report "Cognitive Assessment and Training Market by Assessment Type (Pen- and Paper-Based, Hosted, Biometrics), Component, Application (Clinical Trial, Screening & Diagnostics, Brain Training, Academic Research), Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets, the cognitive assessment and training market size is expected to grow from USD 1.98 Billion in 2016 to USD 8.06 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 32.3%.Browse 63 market data tables and 47 figures spread through 150 pages and in-depth TOC on "Cognitive Assessment and Training Market - Global Forecast to 2021"The major forces driving this market are aging global population, increasing awareness about brain fitness, and advancements in technology.
The growing market for cognitive solutions and increasing demand for brain training by next-generation tech-savvy population are contributing to the growth of the cognitive assessment and training market.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1039Clinical trials in terms of application is expected to hold the largest market share in the cognitive assessment and training market during the forecast periodClinical trials are mainly used to identify, measure, or monitor cognitive impairments and cognitive changes.
The assessment of cognitive functions is an integral part of decision-making during clinical drug development, as certain drugs can have an impact on the cognitive capabilities of the brain.
The market is expected to contribute the highest revenue for vendors offering clinical trials.Education vertical is expected to grow at the highest CAGR in the marketCognitive assessment solutions and services are used in the education vertical for screening prospective candidates for schools or colleges.
The leading cognitive assessment and training vendors for this vertical are Pearson Assessment and CogniFit.North America is expected to contribute to the largest market share and Asia-Pacific to grow at the highest CAGRNorth America is expected to hold the largest market share and to dominate the cognitive assessment and training market from 2016 to 2021, due to the increasing awareness among population about adopting medication for cognitive diseases.
The new generation in this region is more concerned toward the benefits of cognitive training, which is not just limited to patients with cognitive dysfunctions.
The new report on the Cutlery market provides estimations of the size of the global market and share and size of key regional markets during the historical period of 2015 – 2019.
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The key regions comprise the following geographical segments:North America (U.S., Canada)Latin America (Brazil, Mexico, Argentina, Rest of Latin America)Europe (Germany, Italy, France, U.K., Spain, Benelux, Russia, Rest of Europe)East Asia (China, Japan, South Korea)JapanAPEJ (China, India, Indonesia, Thailand, Singapore, Australia & New Zealand, Rest of Asia Pacific)South Asia & Oceania (India, Thailand, Indonesia, Malaysia, Australia & New Zealand, Rest of South Asia & Oceania)Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa, Rest of Middle East & Africa)The detailed assessments focus on, inter alia, on the regulatory and macroeconomic frameworks, prevailing pricing structure, imminent investment pockets, and emerging application areas.
Taking the analysis further, the study helps readers get a better understanding of the trends characteristics of the emerging markets, including government regulations crucial to growth of such markets.
