Growing your freelancing income is making your freelancing career accomplished and secured. When you learn to grow your income, you will have financial stability and be prepared for whatever circumstance in the future.
Here are seven tips to consider as a freelancer to help you grow your freelancing income.
7 Tips in Growing your Freelancing Income
1. Change your mindset
Changing your mindset from the wrong to the wise one is one of the effective ways to grow your freelancing income. Most of the time, as freelancers, you tend to receive higher pay, and you get overwhelmed, which leads you to overspend. When it comes to growing your freelancing income, have the mindset that “what you have is not all for spending.”
In addition, you need to plan out, invest, and multiply your income.
2. Change your spending habit
Spending more than what you earn should stop. Otherwise, you will get a loan to buy the things you want. Also, you need to learn to spend less of what you’re getting because you do not know what awaits you in the future.
On top of that, you should allocate a 10% portion of your income for tithing. You’re not doing this to receive more. However, you’re doing this because you are obliged and you are strengthening your faith in God.
3. Track your finances
Tracking your finances online or simply writing in a notebook is very important to your freelancing career. You are doing this because you need to monitor and evaluate your finances. As a result, you can identify the part you’re spending most and extremely. And by tracking, you will be able to adjust spending on that specific area.
On the other hand, when you don’t measure, you will not accomplish your goals because you will not be guided. Also, it will be hard to grow your income.
There are times where you lose track of your expenses. It’s okay, go ahead and restart. Just be consistent.
Related blog: How to Manage Your Freelancing Income
4. Work with your budget (if there is no budget, don’t spend)
To grow your freelancing income, another vital thing to do is create a budget and stick to it when spending. Usually, when money comes, people are going to spend it all. You need to stop doing that and make sure that your money will last longer. Your income is not measured by how big it is but is associated with time. It doesn’t matter how much you have right now but how long your money will last.
Instead of spending your income and saving on what’s left, prioritizing saving is vital. It is because savings can help you a lot when things turn out crucial in the future. When you receive your freelancing pay, you need to save for tithe first, allocate an amount for your savings, and spend for your needs wisely later on. When you save, you’re creating a mindset about preparing for a future that you don’t know what will happen.
Yes, being a freelancer means receiving great pay. But, you need to keep in mind that one way of growing your income is to grow your money by putting up a business. You can start a small business or a bigger one. It depends on your capability.
Another thing is you can invest and earn a passive income. You can do stock marketing or other investments to generate a passive income.
7. Grow your freelancing expertise
As a freelancer, you won’t settle for less, and you won’t be content with what skill sets you to have right now. You need to acquire growth and development. And so, you need to learn continuously.
You can be a competitive freelancer by continuously learning, and a competitive freelancer means having a higher income. You can work less but earn higher pay. And, most importantly, you will be relevant to the field, and you cannot be easily replaced in your position.
You can prepare for the future with the seven tips shared in growing your freelancing income. All you need to do is start small, be consistent, trust the process, and start all over again when you fail. Now that you learned the essential tips, are you ready to be hired as a virtual assistant? Let us know how we can help. Email us at grace@filipinovirtualassistance.