How to Manage Your Finances as a Full-Time Freelancer

If you are freelancer possibilities are never-ending. Today Freelancers are working in every technical, professional, and creative field. There are several websites assigning Freelance writing.

Brafu is one of such Freelance communities working in every stratum of business including Graphic Design, Content writing, Video and Animation, Digital Marketing, Development, marketing, Music and Audio, and Education and Training.

How to get started as a Freelancer?

Here are some tips if you want to start as a new Freelancer or need to expand your professional horizon. 

1. Enter your Profile

Mention your skills and proficiency. Upload a detailed profile on the Freelance Service site. Update your data and photograph. Get your document verified.  

Brafu is a credible website that authorizes and verifies the documents of both the customers and Freelancer for better service. 

2. Look for the perfect job

Browse for the Freelancers for the selected services. Apply filters for the most suitable jobs. Get a notification that best suits your skills and maximizes your job opportunity.

3. Go for the best bid

The best bid can bring you the job opportunity. Writing a brief for every project can make your client understand your approach. It is advisable to write a brief for every project rather than the same one.

The new Freelancer can give a lower bid to get the job and experienced can bid higher as they can give professional work in scheduled time.

Brafu is one of the leading Freelance Services that allow you to get your work done in the simplest steps.

Get rewarded once you get hired. Deliver high-quality work and earn the money you bided for.

How to Manage Your Finances as a Full-Time Freelancer:

1.Better Job opportunities for Higher earnings

For money management, the foremost thing is a better reward for your job. This is possible only when you get the best bid and fewer bad debts.

Brafu is a Freelancer platform that provides the best price for your work and they check the credibility of both that are customer and Freelancer. Apart from this they also provide support and services to assist you.

2.Separate business account

Segregate your personal and professional transactions by opening separate accounts. This aids in planning and budgeting.

Let the income and business-related expenditure take place through these accounts. It will allow greater flexibility over your income and expenditure.

While opening a bank account check the suitability and the maintenance aspect of the account. 

3.Identify your expenditure and income

Over the period, it is easy to anticipate the incoming and outgoing of money in your Freelancing service.

Freelancing Platforms like Brafu ensure high yield through its prestigious customers.

4.Managing invoices

When you are working on various projects it is essential to manage all invoices as it may lead to haziness.

You can use software to handle it which can track time, manage proposals, set up tasks, and send out projects.

The invoice management allows you to track your invoices, send them for collection and keep track of your income.

5.Track your income and expenditure

Make use of efficient payment systems to track your income. Every transaction needs to be managed in the freelance business as it adds value to your service.

Freelancer should be a multitasked as there is a lot of administration that involved in Freelancing business.

6.Set your budget

You cannot just go on a park walk during your Freelancing job. Planning, managing, and controlling your budget can help you to survive in long run.

Budgeting can help you to focus on your job.

The budget takes care of your past present, and future. Value proposition budgeting, Activity-based budgeting, or zero-based budgeting can be used by the freelancer as per the requirements.

7.Monthly track of your business accounts

Follow short and long-term planning as it helps to sustain and concentrate on your professional commitments.

Keep a weekly or monthly track of your income and payments that assist in long-term planning.

8.Planning of taxes

Irresponsible money management can lead you to taxation crises. You should be well educated about the taxation system prevailing in the country.

You can appoint a CA for your income tax planning to reduce your burden of administration.

Maintain invoices, online payments, and receipts for accurate tax calculation. Save some part of your income every month to pay your share of tax.

9.Savings

Save some money for continuation in the Freelancing services. In some creative Freelancing project sometimes there is no or low-income period, for such situation you need to save.

Always retain some percentage of your earning as when high-income high savings and low-income low saving. This will achieve a balance as you are saving more during the high yielding period.

 Few Tips 

  • Make use of online tools to manage your Freelancer accounts
  • Save for the future
  • Keep a tap on the latest trends and news
  • Frequently visit the sites which are credible and offers a competitive price