Another good day yesterday. I got started on the large project. I’m not waiting for them – some of the content will not change, and I can almost guess which portions. It’s huge, I’m running low on free time, and I have other projects I have to get going on. I’ll compare documents later to make sure I didn’t miss any changes.
I had to head out early for a doctor’s appointment, which seemed kind of pointless because they then scheduled a routine test after five minutes of talk and blood-pressure taking. I’d say it’s normal, but his test is tomorrow and he didn’t have to go through this preliminary junk.
Luckily, I was back by 8:30, but I could not get going again. Maybe it was because I was up at 6:30. Maybe it’s my thyroid medicine isn’t strong enough anymore, or maybe it was a morning started without my tea. I was just dragging. So I opted not to start the next article (amen for a longer lead time) and focus instead on the large project, which is mostly formatting. Doesn’t tax the brain.
I took the daughter to get some clothes for her new job. It would have been easy to drop $200 or more in just the shoe store. Instead, I limited her to one pair (and me to none – ack!) and focused instead on getting her some work clothes that she can mix and match. We got her a dress, skirt, pants, and four shirts. She’s good for at least a week or more and I’m out just $150 for the entire lot.
Wade asked a really good question yesterday – are there any freelance budgeting tricks to help get over those slow periods? I have a few. Some are tongue-in-cheek, some are serious. I think you know the first one I’m going to suggest:
Market every day. The slow periods are much easier to take if you’ve done the marketing and secured the work. Sure, you may sit idle for a week or so, but you can spend that time marketing and working on those projects you’ve been wanting to get to.
Don’t spend anything. My slow summer (brought on by marketing in the wrong places – duh me) was made a bit easier by not spending. I paid the bills, but not a shoe was purchased, nor did I go to the mall for any reason other than to accompany someone else. The wallet stayed closed. If you’re smart, you’ll pretend like every day is famine day. And if you’re able to do that, tell me how. I’ve yet to learn this one myself.
Do your shopping for Christmas now. Not kidding. If you have the cash right now, get those gifts while you can.
Plan for a famine. You may have tons of checks rolling in now, but maybe next month things will dry up. Put some of your mad money in your savings account. Earmark it for your next month’s bills. If you think of it that way, you’re less likely to spend.
Buy store brand. Laugh it up, but I won’t buy a name-brand cereal without a really good coupon anymore. Who wants to pay $5.50 a box for Cheerios when the store brand costs $2.39? That’s a serious difference in price. As long as they taste similar, I don’t care.
Take up couponing. I did it once upon a time, when there was no Internet and we “refunders” found each other via newsletters and magazines. If you have a few spare hours in your week, go for it. If not….
Eat generic. Who cares if your mac and cheese says “Kraft” or not? Well, I do, but that’s because I’m judging you. But you’re not going to see inside my cabinet, so there.
Pretend you’re busy. Maybe this goes along with envisioning yourself busy, but if you pretend to yourself you’re wheeling, dealing, and creating a future revenue stream, it may actually happen. Tell that growling stomach to shut up long enough for you to get some client calls in.
Splurge in small doses. When we were in the shoe store, I could have bought several pairs for myself (I do so need them!), plus a number of handbags. But I bought nothing. Instead, I went to CVS and splurged on nail polish and manicure stuff. It cost a lot less than what I would have dropped at the shoe store, and it satisfied my craving for something new. And my nails look fabulous.
Writers, how do you budget for the lean times? Give me your best.
26 responses to “Freelance Budgeting Tricks”
Use the library more than usual. If you really love a book you read there, you can buy it when you've got a better cash flow.
Use the time to find a new angle on proposals and hunt down new companies.
Go to free local events, or to a museum on a night of free admission. Getting out of the house does a lot to lift morale, and most communities host free events, especially in summer.
Besides, you'll get article ideas and can pitch for more work!
Exercise more. Costs nothing to do yoga, jump rope, run, or walk. It will help clear your head and, again, spark that creative flow.
My favourite saying, that I keep repeating to myself before I buy or spend anything is: "take care of the pennies and the pounds take care of themselves."
Never a truer word spoken 🙂
Like the Christmas gift idea – think I might just start doing that!
Devon, I need that first tip of yours. I'm a book hoarder. It's to the point we've got to build a library out of the family room.
Great ideas all around, in fact. Thank you.
Colin, I've been told that a few times, too. And you're right – truer words never spoken. 🙂
Ooooh. Your small splurges idea just reminded me that I'm overdue for a pedicure. 🙂 I don't get them often, but they go a long way after a few busy and stressful weeks.
I have never been a yard sale kind of person (one person's junk…), but they love them in this city.
So, have a private yard sale-with your self. Clean out your closet-you'll rediscover clothes you forgot about. Donate what you don't want-charity always makes you feel better, plus just cleaning out is good for the psyche.
Go through those bajillion eBooks/reports you downloaded but never read. They are bound to give you ideas for your business. Don't overwhelm yourself-pick just a couple.
Walk, don't ride-save on gas.
Re-read old books-if you have a baby boomer brain like mine-what's old is new again. 🙂
I love it, I inspired a post! Being frugal is the over all theme. I want to be like Jenn Mattern and bill up front. Business writing seems to be more consistent in pay, so budgeting would be easier in that realm.
Looking over yesterday's comments I find it interesting how different everyone's experience is. "Freelance writer" is a wide net and what people make really depends on their niche.
Lori, I won't be going anywhere. Too much good information to leave. 🙂 My teaching gig will slow the writing down a little, but not much.
My top tip would be: Have Lori go shopping with you. All those clothes for just $150? (And that's uttered by someone who only buys cheap discount clothes when they're on sale.)
We had big generation gaps in my family, so unlike my peers, I was raised by a dad who grew up in the Depression, so conserving costs comes naturally. He was into repurposing decades before anyone had head the term. He hated waste. So I pretty much do all of the above on your list, even the tongue-in-cheek ones.
As a freelancer, I consider part of my job to be keeping monthly expenses as low as possible.
My city took drastic measures to save costs after a huge budget deficit, and is now removing 2400 streetlights throughout the city. At a cost-savings of $20 per light per month, that's $48K a month or $567K per year. It saved 10 jobs, too. That illustrates the ripple effect of one little change.
In my own small way I save by making my own veggie burgers (way better than store bought). It probably costs me $1.50 to make 7 or 8 generous veggie burgers. Store bought brands usually sell for $3-4 for a box of four.
I put interior window film on my large 91-year old windows to help keep the heat in in winter. (I was at Big Lots the other day and they had window film way cheaper than at the home improvement stores. I will stock up before October!) I just hope the savings on my gas bill outweigh the cost of window film for my 20+ big windows.
I don't know if it works, but I even slipped heavy duty aluminum foil behind the radiators on exterior walls, hoping it will reflect heat back into the room.
I'm eager to hear everyone else's budgeting and cost-saving tips.
Oh, this is a topic near and dear to my heart since I had a financial crunch a few years ago. I agree with you on a lot, Lori!
1. Yes, go generic when you can. I buy generic when I know it won't make a darn bit of difference to me. That way I can buy organic when that's available, too.
2. Cathy mentioned a yard sale. Our neighborhood does a group one every year, and it was just two weekends ago. I netted about $100 (not much, but I'll take it), but I feel so good with so much less stuff! (And I'm not even someone who has a lot of stuff!)
3. Try freecycling. I've got a few little things on freecycle, and every bit helps. For instance, someone a few blocks away posted a bottle of liquid dishwasher detergent (saying she didn't have a dishwasher anymore). I picked it up and saved myself $5. (That's also how we've got rid of some of our junk that it's not easy to drop off at a charity.)
4. Refinance your mortgage. Now's the time. Rates are crazy low.
5. Always, always, always have savings. You can't build a successful freelance business if you'll take every project because you're worried the lights won't be on tomorrow. By having savings, you can take only projects that pay well and better your resume. And it makes tax time much less stressful (still painful, but less stressful).
You guys are so creative! Love all of these.
Jenn, it's like a little slice of indulgence, isn't it? There's a great mani/pedi place in that new "city" in Collegeville. Probably the nicest nail place I've been in.
Cathy, my husband says the same thing about books and movies – they're always new because he forgets he's read them or watched them. 🙂 Love the shop-your-closet idea!
Wade, you knew it would happen eventually. 🙂 Thanks for inspiring it. It's fun and it's helpful at the same time. (And don't you dare go away!)
Paula, TJ Maxx, Old Navy, and DSW. She got the bulk of it at TJ Maxx, two things at Old Navy, and had her pick of gorgeous shoes at DSW. I can make a dollar stretch like it was Gumby.
Make sure to check your ducts in the basement, too. Tape the seams. It really made a difference in our house.
LOVE Freecycle, Gabriella! Got a 30-gallon octagonal fish tank that way (and Fishy has grown right into the size of it already). I gave away a bunch of stuff too, and that helps because I'm not dumping it in the trash. Who knew my ancient PC would be attractive? Or the broken printer? LOL
Old Navy is super affordable and trendy and the stuff doesn't fall apart on first wash (unlike Forever 21, which I love, but only plan on wearing that stuff once or twice).
Right about now, I'll go to Old Navy and get my kiddos basics for NEXT summer for dirt cheap. Luckily, both my kids are low maintenance as far as fashion (so far).
I splurge on three things- things that LAST: hair visits (color, cut, styling), purses (I always buy a high end brand cause I carry it every day for 6 months straight), and coat (again, brand name, every day in the winter).
Allena, I saw a woman walk into TJ Maxx and buy one of the most gorgeous bags I'd ever seen. When I asked her what brand, she said "Prada." I thought the tag said $180, which hey, I'd buy it for that! Nope. It said $1,800. It was about $500 lower than retail. Way too high for my taste. Worse, she turned down the credit card, which would have saved her an additional 15 percent right there, plus paid her another $75 for signing up. At $1,800? I'd have done it!
With you on the coat and the hair. Bags I get at TJ Maxx or DSW. I just scored a Big Buddha for $39. Bargains are there to be had if you look!
I'm a big nut for dollar stores. I get a lot of our cleaning supplies and stuff like that there.
I generally buy the generic version in the grocery stores, since they're usually bigger and cheaper.
I also use the second-hand stores to get some of the clothes (certainly not personable items) we need.
The only thing I really go crazy buying are books and those I usually shop around online for.
Wendy, you could hit the used bookstores, too. I've made quite a haul a number of times with the ones in this area. My favorite closed, but there are two others nearby and one in the city.
Plus there's eBay. Great place for used books!
We don't have DSW – is that just shoes, or clothes, too?
I am really limited in the kinds of shoes I can wear due to Morton's Neuroma, so I hate going to shoe stores – 90% of the shoes would cause me tremendous pain, and the remaining 10% are usually ugly. Even the slightest heel will cause my feet to feel like they're on fire (the knife stabbing pains happen off & on all the time, but the fire feeling is constant and must be avoided). My sister has gotten a feel for the types of soles that are best for me feet and just yesterday brought me a paid of cool olive suede boots with the exact kind of soles that are comfortable for me. She picked them up – unused- at a thrift store. Haven't tried them on yet, but I hope they're comfortable. I need new boots.
As for generics and store brands, a few years back I wrote for a trade that covered the private label industry. You'd be surprised at how many store brands are made by name brand companies. The only store brand / generic products my store carries that I don't like? Ketchup (too sweet) and the low-end toilet paper. They just introduced a higher end private label TP now that's pretty good. It never hurts to try generics and store brands.
Pardon my typos above. My eyes are all twitchy today. Don't you hate when that happens?
I second the used books theme here, too, peeps!
I got a Kindle as a gift, and its prices are often higher than paperbacks! So I'm very careful about what I purchase on my Kindle. I do like reading stuff on my Kindle, but I hate being a guinea pig for publishers, who are trying to edge prices UP with ereaders.
Instead, before I purchase a book on my Kindle, I check whether I can get a used copy for much less. Often, I can. And I'm perfectly happy with used copies. I'm not picky when it comes to reading good stuff.
Gabriella, I don't know how it is with Kindle, but with Nook we were able to get a copy of a Dickens classic for 95 cents. In fact, most of the classics were very cheap.
I have no interest in paying more for an e-book than for a print one. I like ebooks, but I want to be able to lend them out, swap them with friends and relatives, etc. I always feel like I'm just "borrowing" the damned things. If I wanted to borrow, I'd go to the library and bypass the electronics. 🙂
Lori, nobody owns the copyrights anymore to classics anymore, so they should be free. (Most are on Kindle.) If the Nook is charging you for them, damn, that takes nerve!
Here's an example of a list of free Dickens books on Kindle: http://www.amazon.com/s/ref=nb_sb_noss?url=search-alias%3Dstripbooks&field-keywords=dickens&x=0&y=0#/ref=sr_nr_p_n_feature_browse-b_2?rh=n%3A283155%2Ck%3Adickens%2Cp_n_feature_browse-bin%3A618073011&bbn=283155&keywords=dickens&ie=UTF8&qid=1313625001&rnid=618072011
I try to live below my means – but comfortably (if that makes any sense). My favorite splurges during lean times: organic skin care products and specialty food products, like Mediterranean pink salt and infused olive oils, for cooking.
I grow my own vegetables and herbs, with planting paced so I don't have to harvest it all at the same time. This means I eat well enough even during lean freelance times. As I live in a city, I dont have a lot of land for this, so I removed some lawn and also use containers and allow runner plants to grow vertically, so I can get a bigger harvest. The garden is a great place to relax too when I'm stressed.
Sensible ideas all around, for anyone! I too am a big generics fan. There are a couple of things that I am married to when it comes to brands, because I like their specific tastes – Diet Coke is one that springs to mind…..but other than that, I'm generic all the way. And I have dramatically cut back my Christmas gift buying. Now I literally only buy for my sister, boyfriend & one friend. The remaining, maybe 12, gifts I used to buy, I have canned completely. I just emailed friends a few years ago & said I loved them all, and their kids, but that I was giving up gift buying in favor of making a donation instead, & asked if they'd do the same for me. Helped a lot financially, and also with stress levels – I hate shopping!
Gabriella, I hadn't realized that! Thanks for the warning. I'll not buy another classic, that's for sure! We did have the option for free, but he wanted the illustrations. 🙂
Kim, makes perfect sense. I splurge on the food, too. Indian stores, farmer's market, specialty stuff that you can't find at the grocery store. Ask me how many masala chai varieties I've tried. It took lots of looking before I found a suitable replacement (a BETTER replacement) for my Teavana habit. Teavana raised the price of tea so much that my Masala chai is now $45 for about 10 oz. No way! I went to a friend's Indian store and found a bagged chai that's fantastic, and about $5 a box.
Great idea, Damaria! I'm doing the herbs in the kitchen this year. We tried veggies, but the deer or rabbits eat them. The tomatoes get this black spot on them as they ripen, so we're stuck with buying produce until we can protect them and get rid of the garden fungus.
Nicky, I love shopping. I hate shopping for people who don't know what they want or don't really want anything. I can accommodate that! LOL
Lori, don't get me wrong. Illustrations are and should cost something, and if they were important to you, they're worth the $.95. But for straight text? Nobody owns that to charge for it!
Good point, Gabriella. I wouldn't have paid anything, but he was wanting the illustrations. Ironically, the book I bought (same one) has all the illustrations. The one he bought on Nook? Hardly any.
Excellent tips all around! I'll be reminding myself of these and putting them into action as I say goodbye to a contract that I'm ending next month. This has been a toxic client for quite some time with ever-changing requirements (none of which are in the original contract). So as I look to replace them, I'll be putting these tips into action.
Hi Nikki! Long time no see. 🙂
Good for you. No reason to hang on to a bad situation. We're freelancers. We can create our own realities. If we don't like the situation, we can leave it and find a better one!