Clever Tricks To Protect Your Freelance Income

Business Insights

If you're a freelancer, you'd probably used to not knowing exactly how much money you're going to have coming in every week or month. It can be stressful, especially when you're trying to plan things financially and work out if you can afford certain things or not.

Freelancing in the UK is on the rise, so this might become more of an issue as the economy develops.

Thankfully, if this is an issue for you---then you're in the right place. In this article, we're going to look at how to protect your income as a freelancer so that you can have a bit more control over your finances.

Protecting your income as a freelancer is important, and could help you with things like getting a mortgage or applying for other financial products.

Sign More Permanent Part-Time Contracts

Just because you're a freelancer, that doesn't mean you shouldn't have more permanent deals with clients. While you probably like the flexibility of being able to pick up work as and when you want, this comes with some downsides. most notably, it makes it much harder to know when you're going to have money in or not.

If you can agree to just a couple of hours a week with certain clients on a long-term permanent deal, you'll have a much greater ability to plan for things financially.

Save More

Instead of simply spending everything you earn like lots of people do, you need to take care and save more. Try putting money into funds or other accounts that give great returns.

But you aren't just saving to build up interest, you're saving so you know you've got money in the bank for different contingencies. People with guaranteed paychecks every month don't have to think about things like this, but you do. So save carefully.

Take On More Work With Longer Lead-Times

If you're really busy right now and can't really take on more clients, try agreeing in principle to deliver the work in a few weeks. it's a good idea to stack as many clients as possible that are happy to wait a bit longer rather than turning down work and then having quiet periods when your current jobs are finished.

Consider Income Insurance

You might want to have a look at income insurance which will guarantee a certain amount if the work dries up. You'll have to pay for it, so it's worth evaluating if it will be worthwhile, but it could be a good idea to at least protect an amount that could cover your mortgage and bills should you lose a few clients. You can find a few different ways to protect your income like this at Money Expert, using this price comparison site will save a lot of time with research !

Keep Hold Of Regular Clients

This one is super-important for any freelancer, but you need to keep your clients. Overdeliver ifi possible, and make sure they're always happy. Your regular clients will be the foundation of a stable income as a freelancer, so don't take them for granted.

Don't Have Too Many Outgoings

When you've got a regular job and you know how much money you've got coming in each month, you'll be able to be a bit more relaxed with all the services and other things you sign up for. But having loads of monthly outgoings is a bad idea for a freelancer.

While rent or a mortgage and bills can't realistically be avoided, things like satellite TV and expensive phone contracts might need curbing if you're unsure about what you're going to earn each month.