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6 Ways to Make More Money as a Freelancer

6 Ways to Make More Money as a Freelancer

I’ve been freelancing for many years, and in that time I’ve worked with a variety of people, learned a lot about myself, and had to figure many things out on my own, including what to charge and how to deal with rude clients, among others.

Ultimately, the most important lessons I’ve learned have been about how to maximize what I can do to make more money and become better in my niche and field. Use the lessons I’ve learned to take your freelancing to the next level, make more money, and become a superstar freelancer.

1. Make Yourself Look Good

There are a few ways to make yourself look great as a freelancer, and one of the first places to focus on is your online portfolio. If you don’t have one yet, make one now. This will give potential clients a quick and easy way to see what you’ve done, what you can offer and more. I personally use About.me.

Don’t just throw a website together, though. Spend time using this as an opportunity to highlight your absolute best work and the skills and experience that sets you apart from others.

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If you don’t have a website or online portfolio page like those on About.me, make sure your other freelance profiles are up-to-date and make you look good. Get testimonials/reviews on sites like Upwork, Elance, and 99Designs and add portfolio items and details where possible.

Make More Money: Always send a link to your portfolio to prospective clients, and highlight three key features of your work in the email itself. Some people will want to click through and dig around, while others just want a snapshot. This helps you catch all opportunities.

2. Focus on a Few Niches and Excel

Take time to find your niche. If you can become the go-to person for small business e-commerce photography in retail, for example, you’re suddenly set apart from other general freelance photographers. This gives you leverage when talking about opportunities with a client because you can likely cite experience you have that’s specific to their needs.

Make More Money: Take hold of your niche and use your experience to be more authoritative during initial conversations and negotiations: “Well, when I worked with Client X, we found that photos with a white background lead to more purchases…” If you’re knowledgeable about their industry, the client will feel better about bringing you on board.

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3. Don’t Let Fear Hold You Back

A lot of times I get emails from people who have seen my work and want to see what I can offer them, but this can be a scary email to receive. While it’s exciting to get a new freelance prospect, in cases like this, the bar is already set very high thanks to the great work you’ve already done.

Suddenly, doubts creep in: “Can I actually do this? What if I fail?” A whopping 31 percent of American adults polled cited fear of failure as their top fear—I, and probably you, are no exception. Don’t let this hold you back because it can if you let it.

Make More Money: Turn that fear around and ask yourself: What if I do pull this off? It could lead to more opportunities, maybe even extended work with that one particular client. This is an opportunity to rise to the top, not hold back.

4. Know When to Prioritize

No opportunity is a bad opportunity, but some likely make you more money than others. When working with clients, take stock of how valuable this freelance gig is to you; this could be based on how much you’re getting paid, how big their brand is (and therefore the exposure you’ll get), etc.

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On days when you’re overwhelmed with work, use this as a way to prioritize the work that will be most valuable to you in the long run.

Make More Money: Set expectations up front based on this prioritization. If you know you could deliver results in two weeks, but you aren’t getting a lot out of the relationship, tell them to expect results in four weeks. If a better opportunity comes along, you have more time to devote to it. If not, and you complete your task in less than four weeks, you look even better.

5. Know Your Worth

As a freelancer, I know how hard it is to turn down an opportunity. We can all use a little extra cash, and there’s always that glimmer of hope when you see a prospect email come through, “Oh, maybe this will lead to something big!”

However, taking work that doesn’t pay you what you deserve based on the work you do will not only be frustrating for you but takes up time you could be using to find better freelance gigs.

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Make More Money: Always take at least 24 hours to decide if you want to move forward with a new potential client. When you step away and weigh the pros and cons, you’ll be able to make a more informed decision that will likely lead to making more money.

6. Always Start High

When quoting a price for your work, always start high. If they want to work with you, it’s doubtful that they’ll come back and say, “That’s too much, we’ll look elsewhere.” More often, the case is that they’ll come back with a price or range that they can pay and then you can decide if that is worth your time.

Freelancers have a tendency to undervalue their work to get more clients, and that’s the wrong way to think if you want to get to the next level.

Make More Money: Every project will likely have different requirements, so never create a one-size-fits-all pricing model to go off of—this pigeon holes you into a strict pricing bracket, rather than one that’s fluid and flexible. Consider what you’ve charged for similar projects to start narrowing down the appropriate fee.

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Published on January 8, 2021

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

1. Pay More Than the Minimum Credit Card Payments

Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

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You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

2. Start With High-Interest Credit Card Debt

If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

3. Revisit Your Budget

Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

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Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

4. Avoid Using Your Credit Cards

Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

5. Start a Side Hustle to Boost Your Income

You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

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Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

6. Sell Your Used Items for Extra Cash

Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

7. Know When to Seek Help With Your Debt

Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

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There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

In extreme cases, the debt solution can be:

  • Debt relief – where your debt is partially or wholly forgiven
  • Debt consolidation – taking out one loan to repay others
  • Debt settlement – the creditor forgives a significant portion of your debt
  • Bankruptcy – legal process for seeking relief from some or all your debts

It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

Wrapping It Up

Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

More Tips on How to Pay Off Debt

Featured photo credit: rupixen.com via unsplash.com

Reference

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