As a freelance digital marketing professional, you are your own boss, and you can take off whenever you need.
Most importantly, you get to earn great pay; with this comes a need to have a sound financial plan.
It is vital for you to be aware of how to make your work financially feasible.
This article will discuss how you can do financial planning.
Invest in the Right Tools
As a marketer, you would work on a wide area of digital marketing, for example, search engine optimization, email marketing, social media marketing, content marketing, reputation management, etc.
And to be successfully executed in different areas of digital marketing, you definitely need the right tools.
For instance, for email marketing, you may need email marketing tools like MailChimp, and to build a prospect list, you need email lookup tools like GetEmail.io for finding email addresses.
Why do You Need GetEmail.io for Finding Email Addresses?
This tool is well known for its high accuracy rate and a very supportive customer care team.
There are many tools available in the market, so you must be very careful while spending money on a particular tool.
Use the free version of all the tools for finding email addresses, and then make a decision on which tool is worth investing in.
Negotiation is an essential trait for any freelance marketer.
If you are not okay with dealings that don’t value your work, you must be willing to walk away from such clients rather than allowing them to undercut your rates.
And then don’t do unpaid work unless it’s a big shot where you could use it to uplevel your portfolio.
Build an Emergency Fund
It’s crucial for you to maintain an emergency fund because it is a safety net that protects you in case of unexpected, financially challenging situations.
You could achieve this by keeping aside a part of their earnings to take care of at least 12 months’ expenses in the form of liquid assets.
With this amount, you should be able to take care of your daily expenses, utility bills, EMIs, children’s school fees, insurance premiums, etc.
When you have an emergency fund, it helps you tackle any unexpected financial crisis.
A simple excel sheet is sufficient to manage your cash flow statement.
Plan Your Taxes
As a freelancer, you need to keep a tab on your income and expenditures throughout the year.
By doing so, you could be sure that you don’t miss anything while filing your tax returns.
Save for Retirement
Unlike salaried employees, you will not be covered by an employer provident fund or any other retirement plan.
Hence, it is essential that you should build sufficient retirement funds all by yourself.
One of the best options would be to invest in Public Provident Fund.
As a freelancer, you don’t have employee benefits. Hence, it is your responsibility to secure your future.
I hope this article helped you learn some of the ways to plan your finances.