Jan 19, 2018
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6 Effective Ways to Improve the Freelancers’ Financial Security

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Together with a lot of tempting reasons to work remotely, freelancers also face significant concerns. One of the primary constraints is the lack of the financial stability. Without regular payments, freelancers can never be sure of their financial capabilities. Let’s figure out how to achieve the maximum freelancers’ financial security.

Freelancers’ Risks

Freelance activity for beginners is connected with stress and uncertainty of the future. We identified the leading causes of risks for those who work remotely.

1. Almost every freelancer encountered a situation where the client delayed the payment or even didn’t pay at all.
2. The freelancers can continuously work on their projects from one month another.
3. There might be problems with the payment system.

Nothing can eliminate the risks because of the freelancers’ activities. However, it is possible to minimize the losses as much as possible. We suggest you consider the 6 essential tips to have money always working remotely.

  1. Figure Out The Very Minimum You Need Per Month

Improvident freelancers often face the situation when they do not have enough funds to pay bills or buy food at the end of the month. That’s why freelancers are recommended to keep an untapped reserve of funds necessary for survival “for a rainy day” or at least to be able to earn this minimum amount in any case.

2. Make Sure You Earn As Much As You Deserve

If you work more than 40 hours a week, but barely make ends meet, it is worth considering whether your remuneration corresponds to your level of knowledge and skills. On freelance exchanges, you can find profiles of other freelancers with abilities similar to yours. Also, pay attention to the experience in the professional field. Look at the profile through the eyes of the employer and compare your payment with your “colleagues.” If you underestimate your abilities, serious companies also may not take your profile seriously.

3. Simplify the Payment Method

Then in more payment systems, you are registered, the easier it is for your customers to send you money. Often, the inability to accept payment in a particular payment system for personal reasons or because of its incompatibility with the laws of the state creates an obstacle to future cooperation.

4. Extend the Work Terms With Your Clients

The problem for many freelancers is the one-off nature of their work. Web developers create a website, after which the client does not need them anymore. However, in the future, the same customer can always find a job that you can do.
Perhaps in the future, you can write another article to the client, make a logo design or check his site for viruses.
The presence of a database of regular customers gives confidence in the future. After all, if the work on one of the permanent projects is over, it is likely that there will be a new project for you.
Also, the longer the order, the easier it is for freelancers to plan their work schedule. So, the level of stress from such work is noticeably reduced.

5. Be Prepared for Non-Profitable Periods

In the career of any freelancer exist in periods in which he receives the minimum amount of payments or does not even receive it. For the financial safety of freelancers, it is vital to provide for “survival” in such periods. Experienced freelancers recommend having a stock of funds for 4-6 months, so you can safely survive the period with low costs, go on a trip or just take a break from work.

Thus, freelancers can feel financially secure if they can adequately manage their funds and control the work process. If you think that these qualities are not alien to you, feel free to start a freelancer career this month. Within a year you have all chances to become a prospective specialist in your field.

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