Are you a freelancer? This is how to deal with money

If you are a freelancer you know how your finances may be difficult, but here at The Wallet some tips!

To try freelancing involves a lot of risks and it opens up new freedom for yourself, so it’s quite something you need to think well and it’s a change that it’s going to take some time and effort.

It’s helpful to “start” your freelancing life before you start it per sé. This means, when you are thinking of becoming a freelancer, start making contacts, calling people, asking for financial advice, start the legwork at least six months out.

You can never do too much preparation when it comes to freelancing. For some people it took 8 months after becoming freelancers to achieve a stable financial position, for others, it took a year or more, everyone is different and every work too, so you need to be as prepared as you can.

Fiona, a photographer and graphic designer, said about the freelancer lifestyle: "The one thing I wish I'd known before starting out was to place more value on my work. No one is "doing you a favor" for taking you on as a client, it's a partnership; a two-way street and it should be treated as such. Yes, some services do exist so affordable freelance rates are an option, but I've learned clients are willing to pay a bit more for excellent customer service, quick turnaround, and a high-quality product or offering, so don't be afraid to tailor your rates for this purpose."

It's very important to have at least savings as much as three wages just in case. People love having free time and the flexibility that involves being a freelancer, but they need to bear in mind that that comes with an effort.

Some are constantly stressed thinking they are not going to have enough money while others get used to that feeling and go with the flow easily.

If you want to do it, go ahead, but make sure you take things one step at a time and be ready for what comes next.

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