Episode 150: Learn how freelancing can help you become financially independent with Kim at The Frugal Engineers.
How Freelancing Can Help You Become Financially Independent
The main benefit of side-hustles is that they can be leveraged to increase your income to pay down debts. By assigning all the money you generate from your side-hustle to savings goals, paying debt or investing, you can completely change your life within a few short years.
Frugal Tips for Freelancers
Freelancing is a great way to schedule flexible hours that fit your lifestyle without limits to your income. To make the most of this experience, try these amazing frugal tips for freelancers:
Take Your Time and Set a Budget
Nothing happens overnight. Set SMART goals and give yourself time to achieve them. Use visual reminders to stay on track.
Adjust Your Expectations
Get over the idea of instant gratification. Driving a paid-off beater car now is well worth the returns down the road.
Plan Ahead for Expenses
Be predictive when planning for expenses. You know that your beater car isn’t going to last forever. How are you going to pay for the next one when that inevitably fails a few years down the road? Saving now will prevent taking on debt later.
Evaluate Your Options
There are always options. Moving to a cheaper location or adjusting your work schedule are just a few ways to make a difference and achieve financial independence.