Living On Freelance Income Series: Spend Only What You Need
These days, many individuals are seeking more than just a wage from a single employer. People from all career stages—from college graduates, to professors, and even business executives—are turning to freelancing positions, side gigs, and contracting jobs to either generate or supplement their income. In this three part series, The Daily Deduction has tips on how to successfully manage your income as an independent contractor.
Identify Your Living Expenses
Coming out on the positive end of independent contractor money management requires knowing how much you need to live. This includes having a firm grasp on how much it takes to pay your rent, maintain your insurance coverage, buy groceries, keep your utilities on, and make your car payment. As a freelancer, these living expenses should be your minimum goal.
Independent contractors can help reduce these overhead expenses by following these suggestions:
- Live with roommates or obtain tenants.
- Forego car and auto insurance payments. Travel by alternative means of transportation (bus, train, or car service)
- Buy store-brand products.
- Clip coupons and use apps that help you earn rewards just for going shopping.
- Shop the clearance section.
- Shop thrift stores for clothing and other household necessities.