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How to Save Money as a Freelancer

Ryan O'BlenessRyan O'Bleness administrator Posts: 1,137 Site Admin
edited January 2017 in Freelance
Working as a freelancer has its advantages and disadvantages, but keeping a close eye on your finances is an absolute must. Freelancers face complex tax issues, likely have to pay for medical and other types of insurance out of pocket and have different articles than full-time employees.

Check out this article from contributor Veronica Pembleton for tips on how to save money as a freelancer! Let us know your thoughts and how you save money as a freelancer or part-time worker. 

https://startupnation.com/manage-your-business/save-money-freelancer/?utm_source=community&utm_campaign=newtopic&utm_medium=12962




Ryan O'Bleness
Community Manager
StartupNation, LLC
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    harryventharryvent subscriber Posts: 48 Bronze Level Member
    Based on freelancer works they are doing some problems are arise. But few precaution steps are there to overcome these problem. Even startup's or small business owners or freelancers facing one of the major challenges is manage finance.

    Nowadays plenty of financial management software, it can take care of financial processes. My business accounts manage through the cloud platform. I can properly maintain invoices, expense tracking, financial transactions & statements for which I use Apptivo. More stuff available in outside, it helps to save money.   
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    Ryan O'BlenessRyan O'Bleness administrator Posts: 1,137 Site Admin
    Yeah, the author talks about bookkeeping and invoicing terms and strategies. It is something freelancers must pay special attention to. 

    Thanks for your thoughts, @harryvent. 
    Ryan O'Bleness
    Community Manager
    StartupNation, LLC
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    Helen LarsenHelen Larsen subscriber Posts: 58 Bronze Level Member
    I think that in general everybody has the same difficulties with savings. It's always hard not to spend money. There are some rules: to put 20% aside e.g.
    I use the common “4 percent rule”.

    That means that you’ll need to save 25 times your annual expenses to become financially independent. If the math doesn’t shake out for you, remember 25 x 4 is 100, and 100 percent = your total balance.

    You could withdraw 4 percent of your principal balance every year and live on this indefinitely. 
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    GastonGaston subscriber Posts: 23 Bronze Level Member
    Now this is a useful article! Kudos for sharing.
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    Tom AdamsTom Adams subscriber Posts: 70 Bronze Level Member
    Thanks for sharing. Useful article
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    Mary_KeyMary_Key subscriber Posts: 11 Bronze Level Member
    Is it better to put all my freelance money toward my loans and save up near tax season or set aside the money now?
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    arjun123arjun123 subscriber Posts: 114 Silver Level Member
    1. Start tracking your expenses. You need a budget, but you cannot put one together until you know exactly how much you are spending each month. ...
    2. Shoot for the 50/30/20 proportions. ...
    3. Pay attention to discretionary spending. ...
    4. Cut down the spending wisely. ...
    5. Combine short and long-term savings.
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