Freelance finance: How to make more money

Life as a freelancer is exciting, but worrying about freelance finance is one of the toughest parts. You'll want to be prepared for every eventuality because once you start freelancing, you'll be solely responsible for making sure the money is made.

Income is at least broadly understood among most people considering freelancing. Outgoings… less so. When you've worked in a salaried environment, it's easy to forget what you're spending and then fritter money away."You must track exactly what you need to be using in your business," recommends brand designer."I work with a lot of online tools and renewal bills quickly mount up. So I do an audit every quarter to ensure I cancel anything I'm not using.

"It's a constant hustle and the ebb and flow of projects is ultimately out of your control. But when you're an expert in your area and at the top of the list of people that do certain types of projects, you'll get first pick of what's available." Effectively, focusing your energy in several different areas means it's easier to ensure you have some way of making hay while your other field lays fallow."For years, I've told my students about the importance of developing a portfolio career," says Murphy."I work half-time as a lecturer and half-time as a consultant. Those are two distinct income streams and they both help me to stay afloat.

"Being freelance isn't always about trading time for money," she says."Since those days of overwork, I've released online courses and self-published books and I'm currently creating digital products to make my branding methods more accessible to people that can't afford to work with me on a one-to-one basis.

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