How Freelancing Can Solve Your Money Problems

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Whenever someone signs up for my email list they are asked to complete a survey. As a personal finance blogger, my questions are personal finance related.

One of the most important questions I ask is: What roadblocks do you have when managing money?

A roadblock that I keep seeing over and over in survey results (and hearing in one-on-one calls) is that readers aren’t making enough money. They try to budget and make other money management improvements, but there is only so much budget cutting that can be done. At some point, you have to increase your income to save money, repay debt and live comfortably.

I understand full-time freelancing is not for everyone. Having a variable income from month to month is an entirely new beast to manage. With that said, freelancing is an excellent way to bring in side income so you can meet your financial goals. Here’s why:

You Can Get Started Today

Freelancing is offering an independent service. You can do any type of freelance work you want as long as people are willing to pay for it. Options are endless, and you can get started right now.

You may not even need to leave your house to put out your “in business” shingle. I started freelance writing with a simple blog that had a “hire me” page and pitched potential clients non-stop until I got a steady income going.

Freedom to Set Your Own Hours

As a freelancer, you have the autonomy to choose when you will and won’t work. This can be a very convenient set up for someone who already works full-time and needs a bit of side income. You’re able to control your workload, and you can do freelance work when your schedule permits.

You can also charge a high rate for your services depending on your skill level in a given field. Freelancing could bring in double or triple the amount of money you could make with any other side gig. For example, accountants offering bookkeeping or tax services on the side could make considerably more money doing this service than working retail part-time.

Freelancing Can Grow into New Job Opportunities

Aspiring freelancers dream of their side business growing enough to replace their main job. Growing a side business to a full-time income is a real possibility. It may take several months or years, but creating a steady income on the side can give you greater financial security and can open doors to other opportunities.

I credit freelancing and networking for helping me make a sweeping career change. I used to work in event and property management before moving into the financial literacy space. Freelance writing for fintech companies, online publications and entrepeneurs helped me make the leap into the industry.

Final Word

If you’re struggling to make ends meet, think of a service you can provide. It can be scary to start your own business, but you have nothing to lose. When you start earning money, make sure to set aside money for taxes. Not paying taxes could put you in a new financial bind. But after fulfilling your tax obligations, you’ll have extra money to repay debt, save and build the life of your dreams.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

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