How to Budget as a Freelancer – Managing Your Variable Income
–Working as a full-time freelancer comes with a number of freedoms. The freedom to work when you want, where you want, and with whom you want. However, with all of those freedoms comes more financial responsibility. You are responsible for your own overhead and taxes, all without a regular bi-monthly paycheck. The reality of freelancing is one of flexibility. But your income (or cash flow) will not have the same stability. So, how do you prepare for the financial reality of freelancing? With the skill of budgeting. Why are budgets important for freelancers? As mentioned before, your income is less predictable when you’re a freelancer. This is for two main reasons. The number of projects you have each month changes AND different client pay at different times. Unlike receiving a…
