Struggling with the feast-or-famine cycle of freelancing. Some months I’m drowning in work, others I’m scraping by. It’s a rollercoaster trying to budget and plan ahead.
Anyone else deal with this? How do you smooth out the financial ups and downs?
Eh I don’t really plan much. Just save some when I can.
I’ve learned to keep it simple. Save a chunk during busy times. Have a baseline monthly budget and stick to it.
When work’s slow, I focus on drumming up new business. Cold calls, updating my website, networking. Keeps cash flowing.
Main thing is don’t panic in lean months. Stay productive and the work will come back around.
Been there, done that. Here’s what works:
Save like crazy during busy months. Put at least 30% aside for taxes and another 20% for slow periods. Don’t touch that money.
Diversify your client base. Mix long-term contracts with short gigs. Different industries help too. When one slows down, others pick up.
Offer maintenance packages or retainers. Steady income, even if it’s smaller.
Track your yearly patterns. Plan ahead for slow seasons. Use that time for business development or skills training.
Bottom line: treat feast months like they’re normal. Live on your average monthly income, not your best months. Anything extra goes to savings or business growth.
I’ve been doing this for years now, and here’s what works for me:
I keep two bank accounts. One for business, one personal. Each month, I pay myself a fixed ‘salary’ from the business account to personal. It’s lower than my best months, but covers my needs.
Any extra stays in the business account. That’s my buffer for slow times.
I also started offering small website maintenance packages. Not huge money, but steady. Helps smooth things out.
During quiet periods, I update my portfolio and reach out to old clients. Sometimes they have work they forgot to mention.
Biggest tip? Don’t get used to the good months. Live on your average income, not your best. Makes the whole year easier to handle.
Yeah, the income rollercoaster is real. Here’s what I do:
Track everything. Income, expenses, patterns. Helps me see what’s coming.
Set a base monthly budget. Cover essentials, nothing fancy.
Hustle during slow times:
- Update portfolio
- Reach out to past clients
- Learn new skills
Diversify income streams:
- Mix project types
- Offer small ongoing services
- Create digital products
Save aggressively in good months. Aim for 3-6 months of expenses as a buffer.
It’s not perfect, but it keeps me afloat. The key is staying flexible and always thinking ahead.
Sometimes I put extra cash in savings when work’s good. Other times I just wing it. Mostly I try not to worry too much about the ups and downs. It all evens out eventually.