For someone, working for yourself is one of the greatest and fulfilling dream as a person. The satisfaction, freedom, and the time you can allot for yourself without anyone looking over your shoulder is a relief. Well that is not in every case, because in freelance photography life can be hard.
When you have a steady paycheck from a fill-time job, it is very easy to make a budget. You will know how much money to expect each time you will receive your paycheck and you can easily adjust the way you spend accordingly. As freelancer you are often not sure of how much money will come into your account. This makes budgeting tricky, but not impossible.
Here are tips for making the right budget and save money.
- Keep track of what you spend
It is shocking that many people don’t know what they spend their money on. There are times when they simply goes into their bank account and then disappears. To get a good basis on which form your first freelance budget you need to understand what you spend your money on. You can do this manually by keeping track of the receipt from each transaction you have for a month or you can go to electronic route.
- Take different spending categories into account
Use the information you learned from tracking your spending habits to establish a budget. Keep in mind categories that include living expenses and extra stuff. You also want to create a category that is dedicated to emergencies and savings.
- Get some gear
As a freelancer you won’t have access to high-tech camera gear through your workplace. Instead of going to the cage and checking out camera and other equipments you need to keep in mind that you should have your own camera and equipments. When you are starting out you don’t need to have the best-quality or newest camer5a and other gear. You have to save up to buy equipment that is in good condition and will suit your particular needs.
- Pay yourself like an employee
You are your own business remember that because you are a freelancer, while you could take every penny of the commission into your account while you are earn doing photography consider it as your personal budget – you should really keep that in mind.
Once you have been in the business for a long run and you already have a steady stream of clients, as you won’t be able to adjust your budget to allow for more savings and less spending – plus with experience comes the ability to increase your price.