Growing your freelancing income is making your freelancing career accomplished and secured. It is because when you learn to grow your income, you will have financial stability, and you will be prepared for whatever circumstance in the future.
"All you need to do is to start small, be consistent, trust the process, and when you fail, start all over again."
In order for you to do that, here are seven tips to consider as a freelancer to help you grow 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, it is because 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.” 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 end up getting a loan just to have or just to buy the things that you want. You need to learn to spend less of what you’re getting because you do not know what awaits you in the future. Also, you need to give back to the Lord and allocate a 10% portion of your income for tithing. You’re not doing this to receive more but, you’re doing this because you are obliged and you strengthen your faith in Him, as the provider of all.
3.) Track your finances
Tracking your finances either online or by simply writing in a notebook is very important to your freelancing career. You track your finances because you need to measure, monitor, and evaluate your finances. By doing this, you are able to identify the part that you’re spending most and extreme, and by tracking, you will be able to adjust spending on that specific area. Without measuring, you will not accomplish your goals because you will not be guided, and it will be hard to grow your income. There are times where you lose to track 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 important thing to do is create a budget and stick to it when spending.
Usually, when money comes, people are gonna spend it all. You need to stop doing that and make sure that your money will last longer.
Your income is not measured on how big it is but, it is associated with time. It doesn’t matter how much you have right now but, how long the money that you have will last.
5.) Save
The habit of saving is being intensified and prioritized, instead of spending your income and saving on what’s left. 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, and then allocate an amount for your savings, and then 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.
6.) Invest
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 either start a small business, or you can start 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 any other investments that will generate a passive income.
7.) Grow your freelancing expertise
As a freelancer, you won’t settle for less, and you won’t be content on what skillsets you have right now. You need to acquire growth and development and so, you need to continuously learn. By continuously learning, you can be a competitive freelancer, and a competitive freelancer means having a higher-income, you can work less but, you earn higher pay. And, most importantly, you will be relevant to the field, and you can not be easily replaced in your position. With the seven tips shared in growing your freelancing income, you can be able to prepare the future. All you need to do is to start small, be consistent, trust the process, and when you fail, start all over again.
Now that you learned the important tips, are you ready to be hired as a virtual assistant? Let us know how we can help. Email us at hello@fvaconsultancy.com.