Thursday, 28 July 2016

Freelancing Week Part Two; Finances and Motivation

Welcome to day two of Freelancing Week! Today I will be looking at managing finances and staying motivated.

Managing your finances as a freelancer can be pretty tough. You can be hired at any time and you can find your pay delayed as payments process. So for me it becomes important to plan around the money that you're going to have more than the money you do have now. So for example I can tell that in the next four weeks I'll receive $500-600 (at least; I'll likely end up with more). So I'm able to plan around that with a good budget.

That's the key to managing finances; budgeting. Create a budget you know you can stick to and then stick to it. I must admit I'm actually pretty bad at that though! A few weeks ago I said I was going to budget myself £100 and then stick to that. To be honest I already spent it. So I've come up with a new budget. I'm going to give myself £30 a week. It's more money overall (£120 compared to £100) but I'm less likely to overspend. The more money I have the more freely I spend it. I'm terrible at this. Terrible I tell you.

I would say that finances are also one of the main keys to staying motivated. Most people give up with freelancing because they don't make money off the bat. It really can take a while to build up a reputation and start building up a nice bank balance. But when you do start making money it will definitely help you stay motivated. It also allows you to buy yourself treats and keep yourself motivated that way.

Until then though a great way to stay motivated is to also look at your reviews. While most people will give you a generic "Great job" there are people who go a little further and give you a real nice review. Even if they don't who doesn't enjoy being told they've done a great job? Taking a look at your reviews and seeing that people really enjoyed your work is a great way to stay motivated. Knowing that you are good at your job helps you to keep doing it. Everyone loves the work I do for them. That's why they come back. Knowing that people enjoy my work really does keep me motivated.

I'm doing something and I'm doing it well. What could be more motivating than that?

Coming up on Friday is the last part of Freelancing Week; Time Management!

8 comments:

  1. But what if I'm not good at my job? Or there is just no recognition to be found in it? How do I stay motivated then?

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  2. I imagine it is like working in sales. you can not just spend what you have but you have to plan so that you have for tomorrow...i think the motivation of doing something well is probably a bit stronger...though it is nice to get those more in depth comments occassionally to show you that people are really enjoying what you are writing.

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  3. I like the point that you have to keep at it, you don't make money right away

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  4. Doing something well and getting money for it -- you're right, that's the great motivator! Great post.

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  5. And may I just say...I would never say Meh as a comment for you!

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  6. That's the right attitude. Motivation is the hardest part, and you have to be a self-starter. Stick with it!

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  7. I'm learning lots from this, which is actually great for me because I'd love to be a freelancer. I like that you budget with less than you're likely going to make, because then when it's more, it's a treat that you've already accounted for. Keep up with these blogs Mark, about to read the first and I feel like I've a lot to learn from it.

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