This is what we all want to do, right. Certainly freelance marketing is a perfect way to earn extra money by working at home or anywhere you want to. In freelance marketing, you get to flex creative skills and make valuable connections and networks.
I am sure you’re also looking for ways to earn good income and have freedom. The best available option you have here is freelancing. Let me tell you that in freelancing you earn irregular income, due to which, you have no proper idea as how much you earned. Therefore, here arises the need of proper management of finances for a freelancing or one who is venturing into it. If you’re one who is seeking out ways to manage finances as a freelance marketer, this article is for you.
Without beating around the bush, let’s get started and learn about the ways through which you can manage finances.
Effective ways to manage your finances as a freelance marketer
① Track your income
The first tip you need to follow here is to keep a track of your income. How do you earn? On daily basis, weekly basis, monthly basis, or quarterly basis? To know how much you earn, you need to have a proper record of it otherwise, you will never know how much you earned money. One mistake freelancers make here is that they keep doing their work without knowing the amount of money they are getting for their work. This is the reason; freelancers are unable to keep a track or record of their earnings, thereby face the ambiguity at the end.
So, always track a record of the income you earn from freelancing work. Well, you can maintain online books or bookkeeping to maintain the stability in your finances.
② Maintain and check your expenses
Expenses are a part of life, without making spend; you can’t fulfil your needs and requirements, right. But it doesn’t mean that you keep spending money and don’t even keep a record of it. Doing this will create ruckus in your finances. Flexible and short expenses can easily be controlled but big expenses need to be taken care of. Here you need to show little self-discipline that can help you make big savings. Making an account of all your expenses can help you maintain your finances.
③ Keep a separate account (personal and business)
The mistake most freelance marketers make is that – they operate a single account for receiving or giving payment. Keeping one account will create conundrums for you only. As a freelancer, you should operate two accounts – personal and professional (business account). Having a business account will provide you clear insights about how much you make in a month. Additionally, having a bank account is all about easing the task for you and tracking income and expenses easily. The more clear record you keep, the better for you to manage finances.
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④ Keep an eye on late payments
Sometimes, it happens that you receive late payments which you forget to record because who cares now that you have received payments. Whatever, it is a part of your business where you need to maintain a proper record of everything. Whether you’re receiving payments on time or not, you have to have a proper record otherwise you won’t know when you received your last payment. There are many freelancers who are master in missing out payments. If you’re one of them, you are creating blunder for yourself. Therefore, Don’t let carelessness ruin your finances.
⑤ Hire yourself an accountant
This option is available only if above mentioned tips don’t work for you. As a freelancer, if you’re earning good amount then you can afford to hire an accountant. But if you aren’t then hiring an accountant will cost you a lot. Well, I would recommend you to hire an accountant for yourself but be aware of the cost you will be charged for the same. So, if you want to hire an accountant or accounting services, consider Kayabooks. We provide you best services by fulfilling all your requirements.
Let’s sum up
The concluding section of this article says that managing finances of any kind is not an option rather a big need. After reading this article, I hope now you have better idea as what you need to do to manage your finances being a freelancer. You would better know that freelance income can never be steady, right. The fluctuation will go on and on. Thereby, learning to manage your finances is the key to enjoying life as a freelancer.
If you have any query related to business finances, get in touch with us. We would love to solve your queries.