Today, over half of the freelance workforce is accumulated from North America, this figure makes out around thirty-six percent of the total American workforce and is showing promise to create opportunities for talent residing in developing countries. However, the promise it is showing is only one side of the coin, the other side is not too smooth for amateurs. Since the freelancers often work on project basis, their payment is not afloat all year round, making it hard to manage their expenses and income which is not same in amount and vary from project to project.

In order to get you going without bumps either if you are a freelancer or wishes to become one in near future, here is a list of some amazing hacks to make you an expert in personal asset management. The need of it arises because being a freelancer may come up with many benefits but it also teaches you how to be multi-purpose and be a company in oneself, managing time, assets, dealing with clients all these skills come in handy. So, let’s get started.

1. Evaluate your Expenses and Financial Wellbeing

It is vital that before you start managing your money and expenses, take a step back and analyze the situation. Understand what your expenses are, categorize your expenses into two categories one that cannot be dodged or delayed such as bills, house rent, medical expenses etc. and others that can be delayed such as the purchase of new clothes, partying and other luxuries.

However, make sure you do not cut out too much from the latter one as the quality lifestyle is also essential. If you will manage things efficiently then maybe you do not need to compromise anything. Make a diary if you like to write or be techy and record everything in a good mobile phone app.

2. Agree on Milestone Payments

While freelancing, you will realize that not every project you undertake has the same duration or budget. It is something that you should prepare yourself for to avoid any disappointment or stress over the time. Some projects you undertake will be small and will get their payments on completion instantly but what about the gigs which are big? Can you manage if the project deadline is after three or six months and you will be paid afterward? Definitely not! It will put you under stress.

Always keep in mind to negotiate the milestone payments for big gigs to let the cash flow smooth throughout. You can either decide to get paid after each stage of project completion you achieve or can decide to break your payment into 3–4 cycles and get paid accordingly. It is the most effective approach that freelancers can follow to make sure they have money in their pockets.

3. Know How to Save For A Rainy Day

Saving money is not everyone’s strongest suit and in the conventional workplace people often are happy at the payday but broke during the last days of the month. For the freelance community, the problem becomes intense since there is no guarantee that you will complete your planned amount of projects or even get them. Being ready for every circumstance is essential.

Whenever you get paid for a gig or receive your expected milestone payment, make sure to plan out your expenses and keep only the required amount and save the rest. This way you will be prepared in case there a time comes when you are not getting any work or are unable to do it because of an emergency. So, the rule#3 is to be prepared.

Freelancing is cool and worth the hype but it has its own disadvantages that can be countered if managed efficiently. On the other hand, GigTricks is planning to become the ultimate solution to all freelancers’ problems by creating an ecosystem that will acknowledge the needs of freelance and on-demand economy on a global scale.

Join the freelance and on-demand revolution having 5 innovative products integrated into a single ecosystem. GigTricks Pre-Sale will be live from 1st July 2018 to 30th July 2018.

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