When you work as a freelancer, you will likely go through income fluctuations throughout the year. This is one of the downsides of doing gig work. While income fluctuations can’t always be predicted, you can prepare for them so you’re able to support yourself when work is slow. Job availability may fluctuate seasonally, depending on what you do. If you’re aware of these changes and plan ahead, you can have enough money put aside to pay your bills when there aren’t as many jobs available.
Take on extra work when it’s available
Set up an emergency fund that you only use when you’re experiencing a downturn in your income. Add to this fund whenever you can by taking on extra work when it’s available and you have the time. You may need to look beyond your normal clients and sources of work to find extra jobs, but you’ll be thankful for that money when work slows down. This also helps you plan better for vacations and time off. You can relax and enjoy your time away from work knowing that you saved up the funds beforehand.
What to do when work is slow
If you’re lacking jobs and your emergency fund is quickly dwindling away, you may have to look elsewhere to find income-earning opportunities until your normal jobs pick back up. There are many opportunities for short-term work that would allow you to earn some cash. Check online job postings for temporary work or ask around to other freelancers to see if they know of available jobs. Consider working for a delivery service or taking on part-time retail work. Be sure to update your online career profiles and availability so clients can find you. You never know when a temporary job could turn into a long-term working relationship.
Working as a freelancer gives you freedom and independence, but with that often comes regular fluctuations in your income. Be sure to save up an emergency fund and take extra jobs when you can so that you’re prepared for low-income seasons. Don’t be ashamed to have to take on extra work when your normal work is not available. Be open to new opportunities and always be on the lookout for ways to expand your skills, which can go a long way in advancing your career as a freelancer.