Money on Freelancing: How to Make Your Earnings Stable

One of the most frequently mentioned and, perhaps, frightening problems for freelancers is unstable income. How to get used to it, what to do so that it does not affect the quality of life and why a freelancer needs to reconsider his views on life in general – in this article.

So, you switched to freelancing from full-time, where you received a very specific amount of money to your card twice a month, the employer made insurance contributions himself, provided you with money for vacations and paid for sick leave.

Now everything will be different: you get paid for every completed project, which may appear today, in a week, or in a month. This is not a constant, it is a variable that depends only on your efforts and current level of professionalism.

Less, but more often

You need to remember the main thing: now the money you live on comes like this:

Unequal and independent parts (full or partial prepayment for the project) instead of the usual advance payment and salary;
Unevenly during the month instead of 2 exact dates of advance payment and salary.

Once you understand this principle, it will become easier for you to navigate freelance earnings.

You need to switch from waiting for a salary twice a month to being ready to receive income in uneven installments at different times of the month. This is how businessmen and entrepreneurs live: they work to increase the profits of their business, only freelancers take all the profits for themselves, and businessmen still need to pay the same regular salary to their employees. It’s easier for freelancers in this regard.

In this case, it is convenient to keep records of income in Excel or Google Spreadsheets: record each receipt specifying on which day, to which account or wallet, for which project money was transferred to you and which part of it is full or partial payment. So at the end of the month, you will be able to see the final amount of earnings without having to count manually and will be able to compile some income statistics based on the results of the half-year in order to understand, for example, how to split the prepayment, in which part of the month your income is declining and why.

Google Dock is convenient because the data can be entered from any device, and it will be remembered. You can also build charts and graphs there for a more visual representation of the data. However, if you want to automate and simplify your accounting as a freelancer, Norman can be a great solution.

How do you set up the processes so that the flow of money is more or less constant and at the end of the month you are sure that you have enough to pay for an apartment?

Take care of the promotion

The sooner you start doing this, the more stable your order flow will be. If you haven’t left your main job yet, it’s time to start building a personal brand. Create pages on social networks, communicate in profile groups, and become friends with those who could potentially become your client. Fill your pages with content: write about completed projects, share insights and useful tools, and most importantly, remind your subscribers and friends about what you are doing every couple of weeks.

Use different platforms to search for orders

You can only concentrate on one site, except for those who have been successfully working on Upwork for a long time. It is critically dangerous for all other freelancers to cycle on only one exchange, group, or other platform. Choose several different exchanges from the list: for example, FL, Kwork, and one specialized in your field.

Don’t just focus on freelance exchanges: find Facebook groups and channels with projects and vacancies for remote access and check them regularly. At first, you will spend several hours a day just on feedback, but as you complete new projects and earn a name for yourself, promotion and word of mouth will begin to bring orders themselves.

When everything is sad on exchanges and in groups, start sending out offers of your services directly to potential customers. Write briefly about your experience, attach a portfolio, and be sure to indicate why you want to work with these people.

If there are still no orders, it means that you are doing something wrong.:

You describe your services too vaguely.;
You write too little about the experience;
You’re attaching a completely irrelevant portfolio.

Analyze your responses or let an experienced freelancer look at them, he will tell you what can be changed to attract the customer’s attention to your response.

Another way is contextual and/or targeted advertising. You need to be able to work with them in order not to waste a lot of money, but in some areas (for example, development or web design) these methods bring a good flow of customers.

Establish long-term relationships

Offer additional services, try to negotiate a permanent amount of work – in general, think about how you can hook the customer so that he comes back to you again and again. For example, after making a logo, suggest designing business cards and new flyers. After writing the texts for the landing page, go through the main site and suggest reworking some of the texts in the interface to maintain a uniform style.

The best option is when you find a couple of projects with permanent part–time employment and collect the rest of your income in separate projects. Moreover, it is not necessary to get a permanent remote job – you can find projects for 3-6 months and then change them.

Save money

Before going freelance, it is advisable to set aside at least 1,000 Euros (or two or three salaries). If you don’t have a portfolio or at least a couple of clients for your first projects yet, you’ll need this money to get started. The first year of freelancing is the most difficult – there are no regular clients yet, the portfolio is small, and there is little money. The main thing is to overcome this period, and after it you will be able to make a qualitative leap up both in terms of income and level of professionalism.

As you work, keep putting it off–for sick leave, vacations, equipment upgrades, and travel. You will be more comfortable with income inequality if you have a pleasant-looking amount in a separate account. Establish useful financial habits that will help you increase your income.

After about a year and a half of work, you will get used to this format and stop considering freelancing unpredictable and unstable, because you will feel that your income depends on your efforts. In two years it will become the norm, and in three years you will forget that you ever lived “paycheck to paycheck.”

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More Recommended Ebike/Scooters

Check out these other ebikes and scooters I've reviewed:

Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
Sohamo S3 Step-Thru Folding EBike Review – A Great Value Folding Ebike – The Sohamo S3 Step-Thru Folding Ebike is an entry-level folding ebike that offers a lot of value for the price point. I’ve been riding the Sohamo S3 for a while now, putting the bike through its paces, and I have to say, this bike has exceeded all of my expectations. Check out my Sohamo Review.
KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
Hiboy S2R Scooter – The Hiboy S2R is one of the more interesting electric scooters I’ve been able to test out. It’s not a high-powered scooter, but for an everyday transport option, it’s very useful, especially given some of the unique features that it has. Indeed, for the price, the Hiboy S2R might be the best value scooter I’ve used. Check out my Hiboy S2R Review.
Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.

More Recommended Investing App Bonuses

For additional investing app bonuses, be sure to check out the ones below:

M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with just $10 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
Webull (20 free stock shares) – Webull's current promotion gives you 20 free shares valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free shares using Webull.
Moomoo (15 free stocks) – Moomoo is a free investing app currently offering 2 different referral bonuses if you open an account using a referral link. Read my Moomoo referral bonus guide for more information.
Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.

More Recommended Bank Account Bonuses

If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.

Upgrade ($200) – Upgrade is a free checking account that’s currently offering a $200 referral bonus if you open an account and complete a direct deposit. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Here’s a post I wrote with more details: Upgrade $200 Referral Bonus – Step By Step Directions.
Ally Bank ($100) – Of all the banks out there, Ally is, without a doubt, my favorite. At the moment, Ally is offering $100 to customers who open an eligible Ally account and meet the requirements. Here are the step-by-step directions to earn your Ally Bank referral bonus.
Fairwinds Credit Union ($175) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
US Bank Business ($900) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
GO2Bank ($50) - GO2Bank is an easy bank bonus that I recommend people take advantage of if they have an easy way of meeting the direct deposit requirement. I like that it’s easy to open the account and that the bonus pays out quickly. Check out my step-by-step guide on how to earn your GO2Bank $50 referral bonus.
Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link. Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
Varo ($25) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $25 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.

Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.

Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.

Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:

SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
5% Savings Accounts. I'm currently getting 5.24% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
US Bank Business. US Bank is currently offering new business customers a $900 signup bonus after opening a new account and meeting certain requirements.
M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
Empower. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.

Feel free to send Kevin a message here.