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4 Money Tips for Freelancers Who Work from Home

One of the great things about working from home is that you can set up your own schedule. Between work hours, you can walk your dog, do yoga or take a java break. No matter what, you’ll still need to get back to work and start crossing items off of your to-do list. If you want help with taking care of financial tasks, here are 4 money tips.

1. Chip away at getting paid

If you don’t have a bookkeeper, make sure you have a streamlined process for handling your invoices. Create a set of procedures to follow so you remember to send invoices on time. If you’re a freelance writer, you can cut and paste the title of your article into the invoice with the amount due and save it as a draft while it’s fresh on your mind. This way, when the time comes to send the invoice, everything will be ready to go and you won’t have to strain your brain to remember what you did. You can do the same for other types of work as well.

2. Orange is the new black and so is peace of mind

We’ve all heard that we should save for a rainy day when it comes to our personal finances (insert yawn).  But did you ever think about setting money aside for your small business? You might have to free up space at the top of your to-do list to get this done. Though we’d all like to spend that money on a lavish vacation with Mai Tais, palm trees and tiki huts, if disaster strikes or if business slows down a bit, you might need to dip into your cushion to stay afloat financially.

Kimberly Palmer, Author of Smart Mom, Rich Mom agrees, “Be sure you have 6 months worth of expenses stored away in a savings account, so if an unexpected expense pops up or income goes down, you’re prepared and can still pay your bills.” Make it a goal to stash a certain amount of money per week to reach that goal in a timely fashion.

Your to-do list might need to include purchasing insurance as well. It’s another way to protect your family and business. Palmer points out that if you’re operating outside of a traditional workplace, it’s wise to purchase disability insurance, life insurance and liability insurance on your own. Though it can be costly without a company subsidy, it’s well worth it if your family ever needs it.

3. The more we get together, the happier will be

Forming great relationships with the right people can really help you skip a rung or two up the ladder of money greatness if you make some good connections. If you work for yourself, find easy ways to network. Kelly Whalen of believes you should look into ways you can do so online or through in-person meetups. She adds, “Networking can pay off in big ways with referrals to new clients, maybe a trusted colleague to gives you a push you need in the right direction, or you might even meet potential investors.” Ask around to get in mastermind groups on Facebook. Reach out to people via Linkedin or start forming relationships on Twitter. A little time and effort can go along way to catapult your business to the next level. Make an extra line item in your budget to attend paid events and add this to your things to do as well.

4. Envelopes to the rescue

Receipts can easily get lost or turn into a heaping stack of financial clutter rather quickly. You can get small, inexpensive poly envelopes from the Dollar Tree or an office supply store and house your receipts there. You can buy two and put a label on each to separate business and personal receipts. You can store them in the appropriate envelope as soon as you get back from the store. If you choose to receive receipts electronically, you can store those in separate folders to keep track of what you spent. Just be sure to consistently store them there so you can find them come tax time or if you need to return something.

The Bottom Line

Take time to incorporate some of these tips. It can help you conquer financial tasks both big and small before you know it. You can feel more secure financially, avoid money mistakes and sleep better at night knowing you checked another money task off of your to-do list.



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Financial Editor
Karen is a Nationally Syndicated Personal Finance Writer who sharpens her skills at US News Money. You can also find her placing clients on podcasts and reading about home office organization, productivity and habits.

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