25 Surefire Ways for Freelancers to Save Money

Having a freelance business offers a certain amount of freedom. Freelancing means that you are able to create your own schedule and run your company as you see fit. Being a freelancer also means that you are responsible for all of your personal and business costs.

If you need ideas on how to save money and keep costs low, here are 25 ways to save a little dough while building an empire.

1. Build up your emergency reserves

Gather at least a six-month emergency fund so that you don’t have to take out a loan or dip into credit cards during slow times.

2. Cut your living costs

Getting a cheaper apartment and watching your utility cost/usage will allow you to put more money in your business.

3. Buy used equipment

Used equipment will slash the cost of your operational equipment, but will still work well for your needs.

4. Share office spaces

If you need an office space, go into a co-op and split the space with other freelancers. This will decrease costs and increase your network.

5. Sign up for free freelancing sites.

Sites such as Upwork, Elance, and Fiverr are great places to find work.

6. Outsource certain projects

Instead of turning down projects, you can hire other freelancers and outsource the project or parts of the assignment. This will put money in your pocket for less work.

7. Utilize free programs

Using free online storage spaces, emails, and editing tools will cut costs on your work.

8. Comparison shop

If you must purchase new items or services, comparison shop to make sure that you are getting the best deal possible.

9. Use good time management

Using appropriate time management to work on and complete your projects will keep your clients happy and cut down on stress.

10. Volunteer outside of your field

To save more cash you may have to step outside of your comfort zone. As a photographer, you can volunteer on video shoots. As a freelance makeup artist, seek out jobs in wardrobes as a stylist. Diversifying will put extra money in your pocket.

11. Create a contract

Each of your jobs should have a contract. A contract provides you and the client with clear expectations. A contract also protects you in the event that your client does not pay, as a written contract is easily enforceable in court.

12. Utilize online payment methods

Set up online payment methods, including bank drafts and PayPal, for clients so that there will be less fees for you and the client. Easy online payment methods also mean that you will receive your money quickly.

13. Create a new budget each month

As a freelancer, your income can change monthly. This means that your budget will need to change monthly to save money.

14. Network

Network with clients and other freelancers, both online and in person. Networking can land you jobs without having to bid.

15. Print business cards and portfolios

If you want to always be in the forefront of a client’s mind, hand them your business card and/or portfolio. Having these printed in bulk will save you money and allow you to keep them on hand.

16. Sign up for LinkedIn

LinkedIn is a free tool that can display your area, your profession, and your prior experience.

17. Register as a business

As a business, you can receive a number of benefits, such as tax write-offs and a wholesale license to purchase bulk products at rock-bottom prices.

18. Charge late fees

Clients being late on their payments will cause you to be late on yours. Make sure to hold clients accountable for payments by charging state allowed interest or flat fees for paying an invoice after the deadline.

19. Download free applications

Business applications for time management, photograph editing, and note taking are often available for free for limited times. Do a quick daily search for free applications that will help your business.

20. Get active in social media

Create a Facebook, Instagram, and Twitter account for your company. This will allow you to connect with businesses and will get your company name on web engine searches for your profession.

21. Send thank-you notes and emails

After every job and every interview or request, be sure to send a follow up thank-you note or email. This will make you memorable and give your clients a feeling of appreciation that will make you stand out.

22. Guest post for blogs in your profession

No matter your particular field, there is a blog that is popular for your industry. Guest post on popular industry blogs so that clients you ordinarily may not have access to you will see your name.

23. Trade in old equipment

When your old equipment is outdated, make sure to sell it or trade it in to get money for the new equipment. This will keep your return on investment high.

24. Save for retirement

As a freelancer, you are 100% responsible for your future. From the time, you get the check from your very first job, start a Roth IRA to invest in. Make monthly contributions over the year.

25. Limit project expenses

Going over budget on projects will create a deficit for you. Make sure you create a budget and do not go over in order to keep proper track of every penny.

Becoming a successful freelancer is a major accomplishment. To keep moving your business upwards, you will need to know how to manage your money properly. Take into account simple ways to save a few dollars that can help you invest in building your own empire.

Author:.

Alesia Hsiao is a professional writer who specializes in business topics. She has written for numerous sites on the web and is known for providing her readers with valuable guest posting services  content.

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