My Top 4 Freelance Financial Mistakes
The price of learning
For over six years, I was a full-time freelance designer, and I have learned that being a freelancer is a journey filled with highs and lows.
While having the flexibility to control your schedule and workload is great, it can be quite hard to navigate the financial aspect of being a freelancer.
That’s why I want to share some money mistakes I’ve made as a freelancer, so you can avoid making the same mistakes.
Misjudging My Workload
When you’re starting out, it’s easy to get excited about new projects and the money that comes with them.
But trust me, I have been there too.
Taking on a project without fully understanding the amount of work involved can cause a lot of stress and negatively affect your income.
That said, before accepting any job, take a moment to calculate the estimated time it will take to complete it and consider the work involved.
Don’t be afraid to ask questions and clarify expectations with the client.
It’s important to feel good about the work you’re doing and be paid fairly for it.
Additionally, if you don’t accurately calculate the total time involved, you may regret it if the project takes longer than expected and impacts your potential income.
Not Saving for the Times When I Don’t Work
When you step into the freelance world and try to make it a full-time job, you often don’t consider that you are only paid when you have work.
Let me explain it.
When you love your work, it’s easy to forget that taking time off is just as important as working hard.
I used to think I could power through and work on more projects, but that only led to burnout and guilt when I finally had to take a break.
Looking back, I realized that I should have saved up for vacation days, sick days, and slow work periods.
That way, I wouldn’t have felt guilty about taking time off to recharge or spend time with loved ones. Trust me, you don’t want that nagging feeling of guilt hanging over you when you’re supposed to be relaxing.
You should always keep in mind, that as a full-time freelancer, you’re in charge of your own paycheck.
That is why it is essential to set aside money for those days when you can’t work; you will experience many such days.
Having that cushion can make all the difference.
I Forgot to Diversify My Income Sources
In the past, I have made a mistake and got too comfortable with one big client of mine.
I loved the work, we had a great relationship, and they paid me well, so I stopped seeking out new projects.
I mean, who wants to work more than they have to, right?
Well, let me tell you, relying on just one client can be a dangerous game.
When that client eventually paused their projects, I found myself in a tough financial situation.
I learned the hard way that I needed to diversify my projects, clients, and portfolio.
Whether you’re a writer, a graphic designer, or any other type of freelancer, it’s important to keep your work exciting and your income steady.
Having a range of projects and clients can not only make your work more interesting but also protect you from financial hardships if you lose a client or experience changes in your industry.
You want to make sure you have some income coming in at all times to cover your living expenses.
So, my advice to you is to keep pushing yourself out of your comfort zone and diversify your work. You never know what opportunities may come your way, and it’s always better to be prepared for anything that may happen.
Accepting Wrong Projects
We all know the feeling of wanting to say “yes” to everything.
I am a person who has said “yes” too many times in the past and has forgotten that not every project is a good fit for my skills.
I’ve learned this the hard way.
There were times when I said yes to projects that I knew deep down I shouldn’t have taken.
It only ended up causing more stress for me, and I even found myself feeling resentful towards the work.
Now I know that it was a huge mistake.
So, keep in mind that it is okay to turn down a project if you don’t think it is right for you.
What you could handle a few months ago may not be what you can handle today, and that’s totally normal.
Remember, your time and energy are valuable.
Don’t stretch yourself too thin by taking on too much work.
Focus on the projects that excite you and that you know you can handle.
Trust me, you’ll be much happier and more successful in the long run if you do.
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About the Creator
NechCloud
Blogger, websites owner, YouTube creator. I create content about personal growth, money making ideas and share my knowledge about interesting income methods.
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