Why pick out this one? Because dealing with the roller coaster of fluctuating income can be difficult.
One of the best pieces of advice in this article has to be this one:
“Set Aside Bonuses and Raises”
When you’re paying yourself, build in a little extra motivation for landing a big client or making extra money some months.
I’ve also written before about giving yourself a promotion as a freelancer. Both are important to keep in mind. Without motivation, even freelancing can become mundane.
Here’s more of what Bidsketch had to say about budgeting when you work for yourself:
“This is smart tip for a regular employee, but it’s also a great strategy as an entrepreneur. When you raise your prices, land a big client, have a large month of sales, or receive a bonus, put this extra money into a separate savings account.
Don’t mix it with your regular savings goals or savings accounts, but instead use the extra funds as a cushion to tie you over in the months you have an increase in expenses (like during the holidays), or when you have less income coming in one month.
This savings buffer will allow you to still invest in your business, and make smart choices for growth, without being too stressed about where you’re going to make up the income from a slow month.”