Everyone experiences a time when they need to cut down on costs but when you’re a freelancer for a living, it might seem impossible to find money-saving solutions when you feel like you need certain things to get by. Don’t stress. There’s a ton of methods to save money as a freelancer that will help you grow your savings while still being able to complete your work and enjoy little indulgences. To learn how you can stop wasting money as a freelancer, continue reading our guide below.
Get rid of those subscriptions!
As a freelancer, it’s easy for subscriptions to stack up and take their toll on your wallet. You could easily save a bunch of money by simply getting rid of subscriptions you don’t really need or use. Be sure to watch out for app subscriptions as well because sometimes those can sneak up on you and be an unpleasant surprise when you notice a hefty annual subscription fee deducted from your bank account.
If there are subscriptions you really need for work or that your client(s) requires you to use, you can still save money on those too! Sometimes clients will require you to use a certain time-tracking tool that cost a monthly fee (a good example is Toggl) or maybe a project management software; if this is the case, you can request that they pay for your monthly subscription to these tools—most will offer to pay for these already or will be more than willing to do so. (We’ll explore how to save a little on subscriptions you use for work but that aren’t required by your clients in the next section).
Tax deductions are your best friend. So is free WiFi.
A lot of the time, freelancers don’t think of all the tax deductions they can take on everyday items or services they use around their home. If you’re an online freelancer, you can deduct a bunch of things including internet, phone or computer expenses, and even subscriptions! Now granted this doesn’t work for everything, but you’ll still save a pretty penny when you add everything up and sometimes this can save you hundreds of dollars! Just save receipts for purchases related to your work and submit these expenses when it’s time to file your taxes.
Speaking of internet savings, even though you can deduct this off your taxes if you work on your computer, you might still think the cost of internet at home to be too expensive and want to cut out this expense entirely. A lot of public places like colleges or libraries offer free internet services that you can use when you’re on-premise that will help you save a little bit more.
Drink more coffee at home.
The first big thing people try to do when they’re cutting costs is to reduce the amount they spend eating out or on nonessentials. Looped into this category is the cost of purchasing drinks or food at your local coffee shop. This is definitely a weak spot for freelancers because a lot of people that work from their computer love to go to coffee shops for the free wifi, interaction with other working people, and because, let’s be honest—espresso is delicious. Unfortunately though, the price of a daily cup of Joe can add up and it doesn’t help that coffee prices are only increasing each year.
That being said, you don’t have to cut coffee completely out of your life to save money. Instead, you can think about long-term savings and invest in a espresso maker to make your drinks at home! Not only will this potentially save you hundreds or even thousands of dollars, but you can also brush up on your barista skills to impress your friends. You might think that coffee made at home won’t taste as delicious as your soy no foam latte made by your favorite barista but in reality, you can easily learn to make your go-to drinks by reading informative articles online on Home Grounds.
The Rundown
Stop wasting your money on unnecessary subscriptions, track the ones that you really need, and don’t forget the power of tax deductions! Pair these money-saving hacks with free wifi at your local university along with a wise investment in your very own espresso machine for maximized savings and one very happy, caffeinated freelancer. Last but not least, if you have too much work which you can’t complete by yourself then you can always considering to outsource it to a reputable company like Deluxe IT Solutions to take care of your freelance projects.
