How to Support a Family on a Freelance Career

If you work as a freelancer, you know that income may vary considerably from one month to the next. It’s hard enough to sustain yourself on a freelance career income, but supporting a family can be quite intimidating. Knowing how to plan and organize your life around your fluctuating income can help you live stress-free despite the insecurities.

Instructions

1. Set up a budget. Make a list of your constant expenses, those you must cover every month, no matter what. This may include rent or mortgage payments, utilities, transportation and groceries. Expenses that are fixed but only happen once a year, such as car insurance, should also be accounted for.

2. Cut down on optional expenses as much as possible. If you don’t have savings or a security account, paying for a gym membership or art classes may not be the best idea right now. Start by giving up things that are not essential or you are not actually using. Keep reducing your expenses until only the most basic things remain.

3. Find alternative sources of income. Selling things online in auctions could be a start. You could also look into ways of using your expertise in alternative ways, such as bartering your services or selling them through online mediums.

4. Try to land a few regular clients. Even if you work freelance, having some companies you can go back to when work becomes scarce is important.

5. Open a savings account and get into the habit of putting money aside every paycheck you get, no matter how small. Consider this an emergency account that should only be touched to cover unexpected expenses that may come up.

Tips & Warnings

• If your work is seasonal, take that into consideration when setting up your budget. Rather than paying your rent for the month, add up a little extra when writing down your budget and then set it aside so it will cover you on those months when your income is significantly reduced.

• Don't overspend just because you make a lot of money in a particular month. You should keep the same expenditures on a good month or bad month.