Q: I am a graphic designer in a high profile role but low paying salary. To compensate my income, I work as a spin and yoga instructor. My goal is to go full-time freelance but without the luxury of a dual income I do not have the safety net I need to make this happen. I know there are millions of freeagents who have pursued this career path and was hoping you can provide some money saving tips to help me get started
First, congratulations on pursuing your freelancer dream. That is a great first step. Since money worries can take over all your thoughts and not let you focus on building your business, you want to make sure you know exactly how much you need to live on a monthly basis. The second part of that is to come up with a weekly cash spending amount and stick to that. That way, you are sticking to your budget but still living your life and not stressing too much about paying the rent. 2 more key points that new freelancers don't do but are very important are setting up a savings account (even if only $25 a month, check out www.ingdirect.com ) and making sure you have health insurance ( www.freelancersunion.com or www.ehealthinsurance.com ).