30 Best Money Saving Tips For Freelancers

Every freelancer must save money to be able to grow his business and sustain it for a longer period.

The beginning may be tough but once the projects start flowing in, a money saving mindset helps in building a stable freelance business.   Here are the best money saving tips for you as a freelance business owner.

best money saving tips

  1. Use free online tools like skype and google drive to save time, effort and money.

  2. Keep a requisite amount of savings for times when you do-not get enough work.

  3. Continue doing a day job before turning into a full time freelancer. You can quit when you have enough work as a freelancer.

  4. It is advisable not to take a loan as this would add to your interest costs.

  5. Invest surplus funds in stocks or mutual funds to keep earning an interest income.

  6. Keep your hardware costs at a minimum. Buy a used PC/Laptop from a friend or a relative at a lesser price.  

  7. Keep a record of all your expenses. Make sure you avail all of your tax deductions and save on your tax burden.

  8. Keep bidding and looking for newer projects. This will help you get regular work.

  9. Use an appropriate time tracking application to track your hours. This will help you bill accurately and get paid well.

  10. Bid for projects on freelancing platforms and find work cost effectively.

  11. Write relevant and useful guest posts to promote yourself online. This is a cost effective method to market your skills

  12. Keep a track of your daily expenses and keep them under control by setting a limit for the same.

  13. Network with people who have complementary skills to get more work from their contacts.

  14. Keep learning and upgrading your skills online. If your skills match up to the latest standards, you shall find work more easily.

  15. Create your profile and add your portfolio to freelancing platforms like Odesk and Elance for free.

  16. Keep your fixed costs like office rent and electricity to a basic minimum.

  17. Do your accounting and taxes yourself. Train yourself or use online tools like Invoicera.

  18. Use online tools to add a late payment fee to invoices. This will help you get paid on time and also get you the right compensation from late paying clients.

  19. Send automated payment reminders to clients when their invoices get due. This will save time and cost of follow-ups.

  20. Get a health insurance for yourself to save the risk of spending a huge amount on sudden health problems.

  21. Manage a to-do list and make sure you deliver the work to your client, on time. This will help you retain clients and get regular business.

  22. Send detailed reports of the work you have done for the client, to reduce the possibility of an invoice deduction

  23. Hire freshers to do the surplus projects that you win. Get them to work on a lower price and keep the difference.

  24. Cut down on office maintenance and keep it to a minimum level.

  25. Avoid using paper and take notes using online tools.

  26. Create a blog and market yourself on social media to get cost effective visibility for your skills.

  27. Send thank you mails to your clients when you receive on-time payments. This is a cost effective way to build positive relationships with your clients.

  28. Ask for online payments and save on time and operational costs.

  29. Use a free speech recognition tool to save time on typing and add to your earning capacity.

  30. Shop online and get the best prices and offers on whatever you need.

A freelance business model offers growth with flexibility. As a freelancer one has to believe in oneself and not shy away from being frugal. This is will surely bring great results in the long run.

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