Working at home and maintaining the expenses all alone is truly a thing to be proud of. However, salary utilization in a proper way in order to handle all the expenses and save the money at the same time is not child’s play. This is where freelancers of big cities like the Peninsula, Langwarrin and more need to work on.
If you are one among those people who work from home, here is essential money saving tips for you –
1. Keep Hold of an Emergency Fund
Having little or no financial protection as a freelancer is a bad idea. After all, an emergency situation can occur in anyone’s life that too at any point of time. Specifically, when it comes to freelancing it cannot be assured when will the work dry up. So, to have a good support during the dry times it is important to always keep enough savings to cover essential things such as rents, payments, and utility bills. Thus maintaining an emergency fund is an absolute must according to tax agent in Langwarrin and other cities.
2. Think before Quitting your Job
If you have thought to work as a freelancer, indeed it is a good option. But quitting your permanent job because of it is not a good way to start your freelancing work, until unless you have considerable savings at your disposal.
3. Have Multiple Sources of Income
Income source of freelancers is never the same. This is where they need to pay special attention. After all, managing expenses become quite difficult in this high-tech and expensive era. Thus having multiple sources of income which mean have links with numerous clients, instead of just one or two is an ideal way to manage all things.
4. Don’t Get into the Trap of Loans
Emergency funds when runs into debt, there comes a problem for the freelancer. Handling expenses and day-to-day needs is not an easy job. This often makes a freelancer think about borrowing money or making use of credit card. But doing so is not a good way to start a freelancing career. Therefore, you should not fall into the trap of long-term loans.
5. Use Open-Source Software
The freelancing job typically does not involve high expenses because with cheaper options as well things can be done. For example, Office 365, Apache OpenOffice, can serve the purpose thus reducing the cost of buying expensive software.
6. Claim All Expenses
According to tax accountant in Peninsula often freelancers end up paying more taxes because they neglect to make tax returns. Thus, freelancers should make a note of filling the tax returns that would include software, hardware, home office equipment, everyday supplies, bills, travel and education expenses. Attaching all receipts and invoices of these things is also essential in order to provide evidence to the government.
7. Make Use of Free Marketing Methods
Freelancers maintaining a website or blog should make a considerable effort on promoting it. This does not require spending any money because free online marketing methods are enough to promote a website and a business. Social media marketing, search engine optimisation and content marketing are to name a few methods.
8. Use VoIP Telephony
Every business depends on communication by telephone. Big companies can handle the expenses of international calls, while small companies or freelancers need to think of some alternative. The word alternative here means VoIP telephony which is cheaper for making international calls to landlines and mobiles. Skype, though GoToMeeting, WebEx and Google Hangouts are to name a few VoIP Telephony that is considerably being used by many companies.
9. Do not Invest in Buying New Furniture
Designing your own home office is a great way to motivate yourself, but making a lot of investments into it is a bad idea. This is because there are a lot many things to worry about. Moreover, when old furniture can serve the purpose then there is no need to invest in new furniture. Hence, being a freelancer you should buy second hand furniture for your home business.
10. Don’t Waste Money on Papers
Using a printer is typically required in big companies as well as in home offices. While freelancers may need a printer on a rare occasion thus running a paperless office is a better way to save expenses on buying ink cartridges, paper, and printer maintenance. Besides this, one can also retain the use the printer and only use it when absolutely necessary like sending a letter or print out a copy of an important document.
With these aforementioned points, you must have got an idea about the important factors that you need to consider as a freelancer. So, keep all these factors in mind and get started with your freelancing work.