One of the ultimate freedoms is working for yourself. You no longer have to clock your time and stick to your employer’s strict 8 to 5 schedule with an hour for lunch. Instead, you can work when you work best, whether that be at 2 in the morning or 3 in the afternoon.
You decide what type of work you will do and what type of clients you will take on. You decide in part how much money you will make by how much you charge and how much work you do.
Drawbacks of Self-Employment
While these are many of the perks of self-employment, there are some down sides that are not mentioned as often. One of the biggest ones is cash flow.
You might finish a job at the end of December but not see the money until the end of January. That’s if you’re lucky. With an unreliable client, you might not get to see the money until late February or even March.
Two Financial Traits All Freelancers Should Possess
As a freelancer, you need to be disciplined about money. When you have a great month and make more money than you need for your monthly expenses, you need to be disciplined to put that money aside for months when your income comes up short.
You also need to be able to stretch your money with a number of tips and tricks. One of the best ways to do this is to take advantage of deal sites like Chippmunk.
What Is Chippmunk?
Chippmunk is a site that saves you money every time you shop online. Simply enter your allotted amount to spend and then choose either “department” or “retailer.” Department refers to the type of product you would like to buy and retailer is the store you would like to shop at.
Let’s say you need to buy some new tennis shoes. You can enter your budgeted amount as $30 and then search Amazon as your retailer. You’ll see a coupon for 50% off select athletic shoes. Simply click on “click to shop” and begin shopping. You could end up paying $15 instead of $30.
That’s exactly the type of money stretching you need to do as a freelancer. You’re not reducing your lifestyle at all, but you’re saving money with every purchase.
Another option is to search by department. You could use “fitness” as your department to search for shoes. You’ll see plenty of sites to choose from such as Adidas, New Balance and Sports Authority.
If you can’t decide which retailer to go with, Chippmunk also gives a merchant rating for customers’ experiences shopping at that particular store. Amazon ranks 5 out of 5 stars while New Balance earns 3.5 out of 5 stars.
Learn to set aside money when you have a great month and to use strategies to stretch your money such as shopping with Chippmunk, and you’ll enjoy your life of self-employment even more.