The most difficult part of being a freelancer is a lack of consistency and security. Much of freelance work is one-time jobs, and recurring jobs often aren’t large enough to be a sole source of income. There will inevitably be some months where work is coming in faster than you can complete it and some months where you only work half as much as you’d like. While there will be some slow months, those busy months can more than make up for it.
One way that you can help create some consistency is to pay yourself a set amount each week. Whether freelancing is your side gig or something you’re doing part-time while studying, knowing exactly how much you have coming in each week is very helpful. This is likely not something you can do immediately, but it’s something that you can build up to. When you have those really busy months, pay yourself only the set amount that you decided on. If you have extra, put it away so that it can supplement those months where work is not so plentiful.
You should also set your freelancing rates with the expectation that you will be covering some slow times, so set your rates higher than you would make in a traditional career. This is a common practice. In fact, freelancers make more per hour than 70% of workers in the U.S. economy.
While freelancing can be stressful in terms of consistency and security, there are things you can do to offset those negative aspects. That way, you can enjoy a freelance career with some flexibility and built-in safety nets.
