Freelance income is never steady. Sometimes you\u2019re so buried in work you don\u2019t know what day it is. Other weeks are so quiet, you wonder if your email is broken. But no matter what happens, there are still bills to be paid \u2014 and due dates don\u2019t wait until business is good. <\/p>\n\n\n\n
If you\u2019ve struggled to keep up with bills as your business ebbs and flows, it doesn\u2019t mean you\u2019re bad with money. It\u2019s simply an indicator that the way you manage your finances needs to be as flexible as your income. <\/p>\n\n\n\n
Let\u2019s dive in, and learn how to build a system<\/a> that can handle the swings \u2014\u00a0 without needing to recalibrate every week.<\/p>\n\n\n\n Your bottom line is the basic income you need to make to meet your monthly obligations. They depend on your situation, of course, but that number almost certainly includes housing costs, bills and food. Having that baseline can help you see your monthly income clearly, and allow you to allocate the appropriate funds to the most crucial areas of your life. <\/p>\n\n\n\n To ensure you\u2019re covered, here\u2019s what you need to do every time you get paid: <\/p>\n\n\n\n Over time, you can add mini-accounts for things like gear upgrades or future time off. Splitting off those expenses means you keep them safe from getting sucked into other funds<\/a>.<\/p>\n\n\n\n Now that you have a basic income strategy set up, we can get into the more advanced moves for freelancers. <\/p>\n\n\n\n And something all freelancers know well is that a good contract doesn\u2019t mean your clients will respect it. But having a clear, common-sense payment system with safeguards can do wonders to keep most clients in good standing. These small changes set you up to stay on top of your earnings, and generate income before completing an entire project. <\/p>\n\n\n\n The beauty of freelancing is that you work for yourself \u2014 but that means you need to be your own safety net<\/a>, in case you have to take time off. Don\u2019t wait for that inevitability to happen to figure it out \u2014 have a budget<\/a> and a game plan to make tough decisions simple.\u00a0<\/p>\n\n\n\nStep 1: Beware the Bottom Line<\/h2>\n\n\n\n
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Step 2: Optimize Your Contract<\/h2>\n\n\n\n
Essential Freelance Contract Terms<\/h3>\n\n\n\n
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Step 3: Have a Backup Plan Ready<\/h2>\n\n\n\n
Backup Plans for Freelancers<\/h3>\n\n\n\n
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Change the Game (If Needed)<\/h2>\n\n\n\n