Being your own boss is a great way to reduce stresses that are related to the workplace, but the erratic income of the average self-employed person can actually create additional stress in other areas of your life, such as your finances. If you are already self-employed or considering leaving the safety of the brick-and-mortar life behind, the following tips can help you take steps to help level out your expenses and stretch your income.
Look for opportunities to barter
A great way to potentially eliminate or reduce the cost of supplies or labor on some of the services you may need is to find a way to barter your skills for those of another self-employed person. For instance, if you are self-employed as a freelance writer or computer tech, you may be able to barter these skills for home repairs, carpet cleaning, pet care, or a number of other services. Before bringing up the subject of bartering, do a bit of research to see if it is likely that the person or company you want to barter with needs the services you can provide. For example, finding out that they have an outdated or poorly worded website could be a sign that they would be interested in discussing a barter arrangement with you.
Eliminate or reduce the cost of a rented work space
Reducing or eliminating the monthly expenses related to the cost of renting and maintaining a separate work space can be an excellent way to slash your expenses and make your self-employed income go much farther. If possible, find a way to conduct your business from your home's garage, basement, backyard shed, or spare bedroom. If you live in an apartment or other space where you cannot do this, consider renting a storage shed to house your tools and materials or finding other self-employed people who might want to share the cost of a rented work space.
Take advantage of service and warranty programs to cut the risk of unexpected expenses
The sometimes erratic income of the self-employed person can make it difficult or impossible to save money for a cushion against large unexpected expenses, such as major vehicle repairs. To avoid these costs and make sure that your work and personal vehicles remain in excellent repair, take advantage of an extended warranty program through your automobile dealer. Sometimes called protective vehicle service agreements, the cost of these programs can be added to the cost of your vehicle payment and will cover the cost of any major repairs or servicing covered under the terms of the agreement.
Share7 July 2016
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