4 Ways to Keep Your Budget as a Freelancer

Working as a freelancer requires an almost constant investment in yourself/business. So, let's look at some of the ways you can cut expenses:

  1. Know what you spend money on

    • These days apps and electronic banking make it easier than ever to stay on top of hidden expenses. Things like going to the coffee shop EVERY morning...and then picking up a bottle of water and a muffin while you're there. And that parking meter you need to pay in order to run into said coffee shop isn't going to pay itself. We happen to be big fans of And Co. when it comes to both billing clients and tracking bank transactions, but there are plenty of other options out there.

  2. Pack your lunch

    • This requires some planning and effort but your brain and stomach will thank you when you're on a creative, productive streak and you need to keep going. A bowl of salad and veggies gives you as much energy as a cup of coffee but will keep you satiated much longer. Not to mention, your bank account will love you for not dropping a few Hamiltons on something you could've just made and bagged yourself (because you're not gonna throw away your shot!).

  3. Plan out your transport

    • No matter how you slice it, transportation will always be a necessary expense. But sometimes it may be more efficient and less expensive to take the bus or *gasp* walk or bike to where you're going. All you need is to do a bit of planning beforehand. And if you're a driver, keep in mind that gas is not your only expense, you'll also be forking up money for parking and maybe even tolls - all things to factor into your budget.

  4. Work out of a coworking space

    • So yes, this is technically an expense since you have to pay a fee to access coworking spaces, BUT we prefer to look at it as an investment. Being in a coworking space could more than make up for the cost by allowing you to be surrounded by potential collaborators and inspiration. And, as many a Hustler can attest, coworking spaces offer free beverages and snacks, so you'll be able to cut down on those expensive coffee runs, or at least break even. The networking and professional development opportunities alone could be worth your money and time in comparison to working out of your home or a coffee shop.

The Bottom Line

Before you decide whether working from home or from a remote workspace is the best option for you, do a bit of math; you want to work somewhere where you can maximize your time while being productive but also avoid mounting unnecessary expenses. The less your cost of doing business, the more money you'll keep in your pocket.