Surefire Ways To Save Money As A Freelancer

Image Credits:

The essential benefits (e.g., health insurance or retirement contributions) indulged by the freelancers are their primary responsibility. It comes along with a variety of other expenses including operating costs. It comes with a variety of problems including late payment from clients. As a result, freelancers must save more money.


Zero-based budgeting entails telling each dollar where it is going to go. Simply put, the money that comes in (net income) minus the money that comes out (expenses) must equate to zero. How will you assign your money efficiently? Well, you must prepare for the fixed and unexpected expenses. Assign an amount to fix expenses and variable expenses first. Then, the rest of your money will be put to savings.

For instance, you earn S$4,000 a month after taxes and you spend S$3,500 on your monthly expenses. Let your extra money be transferred to your savings account. Ensure that you have somewhere to place it with each month.


Say that you cannot afford to cover all your expenses or you cannot commit to your savings. Consider asking for a raise from your loyal clients.

Working with a client for a couple of years can help you prove your worth. There is no harm in asking for a raise as the worst thing that can happen is rejection. You are putting yourself if the position where you are on the present time. So, negotiate your salary. Having an increase of a few dollars per hour or per project can help you save money each month. Trust me, it will add up!


One of the most influential factors that will enable you to save is paying yourself first. Transfer a portion of your income to your savings account to cover insurance and retirement plans. Since your income varies per month, having a cushion will help you worry less. Have a minimum savings amount to keep track of your saving goals.

Making sacrifices along the way entails that you will not have to struggle during retirement or during the next big crisis. Be responsible with your finances!


As much as possible, you must not participate in credit card debts as it is bad for your credit score. Friends of mine who carry credit card balances pay hundreds of dollars per annum in interest alone.

Image Credits:

Re-frame your mind! Never purchase anything that you cannot save up for. Following this statement will help you avoid flushing down your money due to interest. Cash should go to your savings and not your debts.

Sources: 1 & 2

You Might Also Like