3 Freelance Budgeting Tips for Moms
Does freelance budgeting freak you out a bit? I hear you.
Maybe you are a mom looking for work flexibility.
And maybe you need to replace your income or you are just looking for a side hustle, and now you have so many questions since you know that freelance income varies.
In this blog post, you’ll discover my advice as a freelancer of 4 years and a mom of a 2 year old.
What is a Variable Income?
I’m not going to lie.
Freelance budgeting can be amazing some months and others not so much.
But first, what is a variable income?
It is when your income varies from month to month.
Common sources of variable income are from most freelance jobs like photography, social media, graphic design, web design, content creator, selling digital products, email marketer, yoga and fitness instructors, etc.
Pros are that you can make more money in one month and you can live comfortably the rest of the months of the year.
But a huge con to freelance budgeting is that your income will vary and that means you might have some months where you will have to dip into your savings account.
One: Assess Your Finances
As a freelance social media specialist, one big lesson I had to learn was tracking my expenses and income.
That means I would write how much income was coming in per month and every expense in another column.
I always made sure to assess any big monthly expenses per a month.
Anyway, I’m not a huge financial expert, but my biggest advice is to build a savings account if you are going to quit your 9-5 job to freelance. I would build up at least $5,000 USD savings account or build up a FULL roster of clients before quitting your job.
That way you have a set amount of income coming in.
If freelancing is your side gig, I would make sure you have financial goals. Like making an extra $1000 a month is very doable depending on your gig and what type of clients you serve.
Two: Create a Freelance Budget
Freelance budgeting is very simple.
- Create a goal of how much money you want to make per month from freelancing
- Identify your marketing strategy (cold outreach, referrals, ads, etc)
- Get a deposit of at least 10-25% of what you charge and get the remaining payment when you finish the service. That way you have cashflow coming in.
- Identify how much of your income you will save or spend
- Prioritize your spending categories – will you put the money in your savings, travel, or credit card bills?
My best advice is to write out your budget on paper.
Disclaimer: I’m not a financial expert. This is what works for me.
Three: How to Manage Income Dips
The truth is freelance budgeting is not easy, especially as a mom.
If you don’t have a supportive husband, a large emergency fund, or a long list of clients, it can be a lot.
I would recommend you have a main job like a 9-5 if you don’t have an emergency fund. This way your freelance money can be used for other categories like savings.
But if you are already a freelancer, I would make sure to stay pitching every single day and leverage social media.
Get into all the Facebook groups and start connecting and partnering with others. If you are social media expert, connect with photographers in your area. Or if you are a web designer, make sure you connect with Facebook or Google ad experts.
It’s a simple as writing out a post like:
“Hey! My name is X. I specialize in Y and I’m looking to connect with W. Leave a comment below if you are open to jumping on a call to see if we can be referral partners.”
Note: You can also do this on LinkedIn if you don’t like Facebook groups.
Another way to manage income dips is to have a second stream of income like selling something passive and your main done-for-you service.
If you want to build a passive income, you need a blog and a social media channel.
Like if you are a web designer, you can also sell a course or e-book that is passive.
Having two different offers can be great so that you don’t have to have a full roster of clients.
So if you are a graphic designer, you can sell coaching packages, and done for you services.
In the past, I sold brand consulting services and done for you social media services so that it works hand in hand.
A lot of online marketers do this, like they will sell online courses but you can also pay them for monthly web design or photography.
Remember for passive offers you will need a website, email list, and a main social media channel.
Grab the social media planner below to learn how to market your online course or digital product.
Tools and Resources for Freelance Budgeting
Please note that I’m not a financial expert by any means, this is just my recommendation. One of my past clients is a financial expert though and you can reach out to her if you have any budgeting questions as a mom or a freelancer. Reach out to Lisa Chastain.
Another resource is to talk to your tax expert or bank and they will give you a ton of resources on how to budget based on your circumstances.
Staying Disciplined and Motivated
The best way to always bring in a steady income is to build a referral list, and always be marketing. My best advice is to join in-person networking groups and Facebook groups in your industry.
By building a referral list it will help you stay disciplined and motivated.
Plus they will help you build out a business that fits your lifestyle since they are most likely working with people who need what YOU offer.
Then always be marketing your business.
You can do this by creating a website, social media page, or cold pitching.
Next, I know this is going to sound corny, but have a positive mindset.
Remember that people are looking for freelancers everywhere and there are more than enough opportunities for YOU.
Yes, I practice affirmations, if you can’t tell already LOL. 🙂
Recap
Freelance budgeting is all about taking into account your expenses and income. As a mom, I totally understand that a variable income is not ideal.
If you need more income then it comes down to creating a marketing plan and pitching every day.
So if you have any questions about marketing your freelance business, make sure to send me a DM on IG or grab the social media planner or marketing planner below if you want to sign clients from social.
Read the previous blog post, “Beginners Guide: Pinterest Marketing Strategy.”
