Working from home can grant you incredible freedom. Being able to build your own schedule can help you spend more time doing the things you love and spending more time with the people you care about. Avoiding a commute can help you save on transportation costs. However, there are some luxuries one gives up when they decide to ditch the 9-to-5 and work from home.
It can become harder to get health insurance and save for retirement when they’re not automized through your employer; not having a set schedule can lead to motivational problems; and perhaps the biggest hit, no more structured pay schedules. The gig economy can be notoriously fickle, and you can go weeks without regular paying gigs, or your regular work can take a seasonal dip. However, just because you’re no longer getting a direct deposit every other Friday doesn’t mean you can’t make the most of your work-from-home income, or that you’ll have to cut out all but the barest necessities. Here are some tips on how to make your income work for you.
Settle Your Debts:
Even for those of us working regular salaried jobs, debts can take up a huge part of our income. Whether you’re paying off high-interest credit cards, student loans, or medical bills, accrued debts are already a huge stressor, and can be even more stressful when you don’t have a steady flow of cash coming in. If you find your debts have piled too high, look into a debt settlement program. These companies can help you negotiate with your creditors to lower your overall debt, get your monthly payments significantly reduced, or get them knocked out in one lump sum. While there are some drawbacks to debt settlement, including an impact to your credit score, having less debts to worry about will make your work-from-home experience much easier.
Diversify Your Skills:
Many people who decide to work from home already have a particular skill set they hope to monetize. Whether you make artisanal soaps, or a skilled writer, you probably have your one main skill that you are trying to build into a business. However, having multiple well-honed skills in your arsenal will do nothing but help elevate your business. If your main field is taking a downturn, you can always have a backup industry to jump into and make yourself infinitely more hirable. If you’re a writer, try your hand at marketing copywriting or transcription. If you’re an illustrator who primarily uses Autodesk, play around with other platforms and see what results they give you. And it’s always a good idea to learn how to code, no matter what your main industry is. Coding will not only make you more hirable, but can also help you save money, in being able to build your own website, and garner your more clients with a professional looking portfolio.
Save, Save, Save:
While the idea of saving money might seem ridiculous while you’re trying to build a work-from-home income, in the long run, it will save you a lot of headaches. Freelances and independent contractors have a different tax code than people with regular salaries, and you won’t have an employer who will automatically take your taxes from your check. That’s why it’s important to always put aside a portion of every check you receive to make sure you aren’t blindsided come tax season. How much exactly depends on your life circumstances, but come April, your wallet will thank you!
Starting down the road to working from home can be daunting and scary, but the freedom you will enjoy will make it all worth it. Keep these tips in mind as you begin your journey, and start loving your work!
