Feast or famine, that’s my life lately. Some months I’m swimming in projects, others I’m scraping by. It’s making budgeting a nightmare.
I’ve tried setting aside money during good months, but unexpected expenses always seem to pop up. Anyone cracked the code on smoothing out the financial rollercoaster?
Been there, done that. The financial rollercoaster is real. Here’s what’s worked for me:
During busy times, I funnel extra cash into my business account. It’s like my own personal cushion for lean months.
Also, diversifying income streams helps. I’ve got:
It’s not perfect, but it’s made things more stable. Still working on it though - this freelance life is a constant juggling act!
I keep it simple. A separate business account helps track income and expenses.
During good months, I stash extra cash there as a buffer. It’s not fancy, but it works.
For steady income, I offer clients small discounts for ongoing work. Helps smooth things out a bit.
Just focus on getting paid and saving when you can.
I just wing it man. No fancy system here.
Some jobs pay good others don’t. That’s life.
Yeah, it’s tough. I put some cash aside when I can, but it’s not always enough. Maybe look into steady gigs or retainers to even things out a bit. Just gotta keep hustling, I guess.
I’ve been in that boat too. What’s worked for me is setting up a buffer account. Every time money comes in, I put 30% into this account. It covers taxes and helps smooth out income.
For budgeting, I use the previous year’s lowest-earning month as my baseline. I live on that amount and anything extra goes into savings or business investments.
I also started offering retainer packages to some clients. It gives them a discount for committing to ongoing work, and I get more predictable income.
One thing that’s helped a ton is tracking my work pipeline. I keep a spreadsheet of potential projects and their likelihood. It helps me see slow periods coming and ramp up marketing efforts ahead of time.
It’s not perfect, but it’s made the ups and downs more manageable. Still a work in progress though!
Look, here’s how I handle it:
Set up a separate business account. That’s where all your income goes.
Pay yourself a fixed amount each month, like a regular paycheck. Doesn’t matter if you’re flush or scraping by, stick to it.
In good months, leave the extra in the business account. That’s your buffer for slow times.
For steady cash flow, offer clients a small discount for ongoing work. It’s worth it for the predictability.
Keep your personal expenses lean. Live on what you’d make in a slow month.
It’s not complicated, but it works. Just stay on top of your finances and don’t let the feast months make you forget about the famine ones.