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K Saravana Kumar August 17, 2013

Why want to-be freelancers quit early!

Hearing good stories on how a Freelancer earns a lot of money being at home and the benefits enjoyed many get the desire of becoming one. Freelancer’s life might seem to be luxurious as (he) does work as a passion in his own leisure time and (she) could manage the family and need not depend on any other individual for income and support. This might not be the same for rest of the world. There are various views one might have working as a freelancer.

Being in a good day job already and looking to earn more money or joining the path of a freelancer due to comparisons with your colleagues might not help. You must be strongly driven by yourself. You must have the desire to succeed, willingness to learn and adapt to this life.

Expectations should be set based on how far you can coordinate with the job. Taking many tasks in the initial stages might not work as effective as you may think. The ability to take work comes with experience.

At the early stages one might be tempted to take more projects and learn more, but making it as a practice to work on it every day takes time. Freelancing might sound interesting but it has its own cons. You must be patient and learn slowly to get better results.

Ways to survive

A key criterion to succeed and compete in the freelancing world is starting to work.

Taking a simple scenario:

A lady who has a day job and desire to work as a Freelancer has received a considerable amount of work from a client, and she’s been given a deadline. Having taken the work with lot of enthusiasm, the will to improve and thriving to provide a quality job, all of a sudden gets personal problems and her boss at work wants her to extend and finish a project. Her deadline for the freelancing work is getting close and she hasn’t started with it, as she knew it wasn’t a big task and had the overconfidence of completing it. She’s now stuck between the jobs.

To avoid this kind of situations, one must start working from Day 1 and slowly show progress on it. Make sure you push yourself to do the work before you get diverted. Make sure freelancing is one among your top priorities in day to day activities. However when i mention this, i will not mean to project people being Workaholic but to give importance and spare some quality time.

Treat it as your own business

Focus on the goal to finish what you have started with. As you have the liberty and the flexibility to work by yourself don’t give a chance to misuse it. Stay in the right path. You need make your mind that the job given to you is entirely dependent on you, so never let it loose.

Think ahead before you build the job. Spend some time to think how a business owner would react to situations when a new project comes in and the methods he would construct to implement it. You need to make sure your signature is created by itself in the way that you present it. You can do this by making use of the latest trends in your work. Feel energetic and motivated this can help you to survive

Lack of experience

Experience comes along with the work we do. None can be perfect at the very beginning. You must have the patience and overcome the fear of failure. The least feedback you might get from your first client might be to re-do your work again and again. But don’t lose hope.

Like how John Keats mentioned,

Nothing ever becomes real till it is experienced–even a proverb is no proverb to you till your life has illustrated it.

You must have the confidence to cope up from the stones thrown and you will be molded as a better person.

Keep a practice of learning while you work. While you work on a specific task don’t just find out what it is and implement try to learn the related things as well and this will be reflected in your growth.

Client relationship:

A freelancer generally quit when pressured by client and the way they are handled. Don’t let your emotions overrule you. Always remember to maintain professionalism. Keep your work and speech to the point. Sharing your personal life events may bring many other hidden problems.

Some clients might be harsh and some might be friendly. Make sure you can balance both the kinds of people. Be affirmative, keep the client informed on the progress of work every few days once, but this again depends on how your client wants you to be.

Have in mind the client will never know what you are working on and what he’s going to receive from you. Its certain that you must respond to your client as soon as possible, if the work is not complete sent a receipt of the mail received.

Avoid fear

One among the demotivating factors of quitting early is developing fear. This might be because you have just graduated and took the work or just beginning life as a freelancer.

Know that there are many students who are successful taking their part time jobs working as a contributor. It won’t be picture perfect but slowly you could see greenness at barren days.

You must have the courage to handle, face it more and more to get used to it. Do one thing each day which fears you to build yourself to face the world.

A French poet once wrote,

“Come to the edge, He said.

They said: We are afraid.

Come to the edge, He said.

They came. He pushed them,

And they flew . . .”

Drive yourself to the work you have we never done to explore the possibilities.

Having in mind these ground rules, let’s survive and face the Freelancing world.

K Saravana Kumar

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K Saravana Kumar July 27, 2013

How To Be A Freelance Teacher

Freelancing jobs are full of potential and opportunities Freelance teaching is not a new concept. It has been around for ages. However, the latest trends in globalisation have given Freelance teaching a new spin. Here is a short guide to help you start of as a freelance teacher.

The first step is to decide that kind of freelancing teaching job you are interested in:

A) Travelling freelance jobs: These kinds of jobs require you to travel to other states or countries to take up a teaching assignment there. These kinds of jobs are especially popular with teachers who have multilingual experience.

B) Online freelance teaching jobs: These jobs involve sitting at home and tutoring over the internet. These types of projects include tutoring of subjects such as History, Geography, English etc. assignments are handed over the internet itself.

C) Regular freelance teaching jobs: These are regular freelancing jobs that you can take up in the local areas like tutoring school students, teaching art etc. and do not require travelling or access to online services. You don’t need to travel for these jobs.

Once you have decided what kind of freelance job you want to do then it is time to think on the following points.

What different you can offer?

The biggest challenge that a freelancer faces is offering something different than what others are not. Think hard and fast about your special qualities as a teacher.

Be ready to network extensively

When you are new in the business you don’t have much contacts so be prepared to network eaten surely. Look up your old contacts, old students, and visit local online communities to build up the network. It will be hard work but it will be worth it.

Stay in touch with teaching even when not working

Teaching is a profession in which you need to be at the top of your game at all the times. Therefor it is important that you stay in touch with teaching at all the times. Volunteer at the schools / colleges or at the night classes. This will help you in understanding the minds of your students better and therefore you will be able to teach better.

Network with other freelance teachers

When you are starting as a freelance teacher then in order to get some hands on experience on what actually happens in the freelance teaching world, it would help you a lot to network with other freelance teachers. Remember never ask them to share their client details but ask them about how they started, what they charge and what are the points to look forward to. Teaching methods of every teacher is different and therefore you are bound to pick up some useful points every time you interact.

Make sure all your documents are in order

Nobody wants a teacher who is not organized himself/herself. Keep all your documents in order, which should include your degrees and certificates all in order. If you are interested in traveling freelance jobs then make sure that your passport is updated and you have the necessary permissions.

This way you can present them promptly and the point will go in your favour.

Don’t be afraid to take up new challenges

Just as every teacher is different, every student also had different learning capability. As a freelance teacher, you usually don’t get the time to mould the student as you wish and therefore it is important that you mould yourself the way the student wants. Some students like to have lots of books to read and some understand better with the practical way. Take up new challenges with confidence in your teaching methods and you will defiantly succeed.

K Saravana Kumar

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K Saravana Kumar July 25, 2013

Hourly Jobs Or Fixed Price Jobs

There are mainly two types of payments for any freelancing job: fixed price or hourly payment. For freelancers one of the most crucial questions is how much and how to charge for a job? How does one fix the rate for his/her work? These are not questions, which are never easy to answer. There are no general rules, which can be listed on this topic.

The reason that this topic is so debatable is because the answer depends on both the freelancer and client. A freelancer always looks for a good payment for his/her work and a client is always looking for high quality work at the most reasonable cost. What a client wants to pay and what a freelancer wants for the job is not always necessary the same but between the two they can work the amount of payment. However the mode of payment will have to be either a fixed price or an hourly rate. So how do you choose? Let us take a look at the pros and cons of both and hopefully it will give you a clear idea of which once you should select.

Hourly Rate Job

An hourly rate job is a job for which you are being paid by the hour. Depending on your agreement with the client the formula for keeping a track of your hourly work can easily be worked out. Most of the times the client will ask you about how much work you can do in an hour before fixing the hourly rate for the job.

The Good

Has a scope for changing payment and time.
You will surely get paid for the amount of work you do.
You gain more client trust because he/she can easily keep track of your progress.
Lower financial risk
Changes are adapted easily on both sides because no side feels shortchanged.
Changes and extra time can be easily accommodated.
Perfect for working in a variable environment

The Bad

Hourly rates have a limit.
Income is not always constant.
It is difficult to predict the workload in advance
More chances of miscommunications are more.

There are many things, which you need to consider when applying for hourly jobs. These include things like billing of time that will be required to search the web and time required discussing the project with client and the team etc.

The amount you charge for an hourly job will depend on the skills and expertise required to complete the job. Check the industry rates and calculate your personal factors before deciding an amount.

Fixed price job

A fixed price job is one in which you get paid a fixed amount to do the job. A fixed price job does not take into account the amount of time and energy that you will put in completing the job. There payment of the job is decided upfront and there is a little chance of flexibility. The client will pay you once the job is done in the stipulated time and he is satisfied with your job.

The Good

Income is fixed
You can ask for a part of payment upfront.
The work outline is clearly defined
You can use your resources
Work on your own time.

The Bad

Risk of running a feature creep
Risk of losing payment
Likely to take financial burnt on yourself.

The biggest risk that a fixed price job runs into is the ‘little extra’ that some clients might want you to do. A little changes and additions can be adjusted in the job but you will have to draw a line if these demands do not stop and become a condition of payment.

The right formula

Some freelancers prefer to work for a fixed price job and some prefer to work for hourly jobs. My advice is to strike a balance between the two. Take the advantage of the good in both and you will never go wrong. When working for fixed price jobs I usually take 40% of upfront payment, which acts as a surety on both sides. When you are in doubt about the profit you can get out of a job then go for hourly payment otherwise opt for fixed price.

Of course the client will have a lot of say in this because it is he/she who is offering the job. But if you have a clear mind about what and how you want to charge for the job you will be able to negotiate better and both parties will benefit.

K Saravana Kumar

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K Saravana Kumar July 20, 2013

How To Know When You Are Being Paid Enough As A Freelancer

For a freelancer it is important to be paid well and paid regularly. I admit it is no easy feat but at times all you need is confidence in your abilities. There are mainly three ways a freelancer can be paid: hourly jobs, fixed price jobs and what I like to call give and take jobs.

We are all familiar with fixed price and hourly jobs but not many freelancers take advantage of give and take jobs. These are the kind of jobs in which you do something for a client and in return the client does something for you. For example you write for a photographer and in return he gives you some copyright free photographs or the web designer designs a website you. This type of exchange can be beneficial for both parties. However, the bottom line remains that a freelancer needs to be paid adequately. So how does a freelancer know that he/she is being paid enough and not running in losses? In this post, we will discuss some points, which will help you, figure out the answer to the question:

Do you have enough for overheads?

This is the simplest way to answer the question of adequate payments. When you are done with a job make a list of the number of hours you spent, number on internet hours (if your job requires the same), travel expenses and other expenses and compare it with the payment that you received. The payment is greater than expenses and you have enough left for any overheads then you know that you were paid enough.

Compare with a regular job pay

I know most people say that freelancers should be paid less than the regular employees should because they are just not ‘regular’. However, this is not true, you should be paid the same or even more than that. Therefore, you need to look at the big picture. Compare your earnings with somebody who is doing the same work in a ‘regular’ job. If you are earning at least 3% more than the average earnings then you are doing a good job.

You feel comfortable in taking a holiday

Many freelancers whom I know are not very comfortable in taking even a day off let alone think of taking a holiday. They feel that if they take a holiday in between jobs then they might miss out on some exiting chances or they feel that taking a holiday will put a stop on their earnings. If you as a freelancer fall in either one of the categories then this means that you are not earning enough. You should be able to earn enough to take a break sometimes.

For those who are just starting as a freelancer the excuse that you don’t want to take a break in order to build up a portfolio or to beef up their earning but if you have been successfully freelancing for about a year you should have enough money saved up to not to worry about taking a break with your family or doing some important work.

It is important that you do not compare yourself to freelancers who are working in a different area then you are. They have a different expertise and therefore the payment is different. You can of course compare yourself to your peers to get a fair idea of how much you should charge for your work. As a freelancer, you are rarely going to get regular office bonuses so the knowledge that you are paid well can be a highly satisfying and motivating factor for you.

K Saravana Kumar

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K Saravana Kumar July 18, 2013

How to prevent being cheated in freelancing jobs

Quite often, than not we hear about freelancers being duped out of their money or not being paid for the job that they did. It is not only a financial loss but also diminishes the moral of a freelancer. Freelancers especially newbie free levels often fall prey to the fact that have been duped It is easy to pre vent yourself from falling into such situations H you keep the following in mind:

There is no such thing as simple work and quick money:

Every now and then, you will see advertisements in the mail and newspapers proclaiming that where the job they are offering gives you a chance of earning quick money by waking on pastime basis or wake hg at your continence. This in the biggest trap to lure wannabe freelancers or cash strapped individuals. There is no such thing as part time jobs with lots of money. These are usually data entry jobs that will take up a lot of your time and pay only peanuts.

Avoid free samples:

I once applied for an article-writing job and the client asked for two free samples of the topics, which he gave. It was purely by chance that I learnt that he had asked for two samples each for eight different people. He hired none of us and got 16 articles for free You have to safeguard yourself against such scams the sure shot way to do this is to not agree to free samples of the client’s choice. You can give previous samples of your work. Ok it there is no way out of it than agree to do a small sample and not the full. The client will be able to figure out your work from the samples that you provide.

Safeguard yourself against no payment:

As a freelancer, you do not have a steady source of income. Therefore in the event of non-payment you can face a financial crunch. The best way to avoid this in to take part payment before starting the job and keep taking payments in parts throughout the job. If the client is not ready to give advance then make sure that you have the verified details of the client. This should include phone number (working and checked) email ids and physical address. In case of non-payment, you can then follow up for payment. There will be clients who will delay making payments by giving excuses. Therefore retain the rights of your, walk till you receive full payments

Accept payments through verified means only:

A way to safeguard yourself against bogus payments is to receive payments through a verified medium such as your bank account or on the credit card, which can be traced easily. Keep a record of the payment that you receive for future purposes.

Read the fine print

Many clients and freelancers prefer to sign a contract before taking a job. These contracts are usually legally binding. When you are signing a contract, make sure that you read the fine print about the payment methods and dates. Terms like ‘payment will be made when work is done’ can be misleading if the amount of work is not described beforehand. Therefore, make sure that you know the work and payment proportion.

There is not harm in asking for payments when the work is done because it is your right. Many freelancers face a problem of asking for payment when the client keeps increasing the work. For example, the client hired you for one assignment and then gave you another without paying of the first one. In such situations, it is always good to come out in clear with the client and discuss things rationally.

K Saravana Kumar

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K Saravana Kumar July 16, 2013

Pages Your Website Must Have

An online and updated website is the need of the clay for any freelancer. It does not matter what type of freelancing jobs you do, a web page can help you land many jobs easily. Since most of the freelancing jobs happen online and most of the searches happen online, an attractive web site will definitely put you above the rest.

However, a cluttered and unorganised website will do you more harm than good. The website should be clean and carry information and not useless things. Therefore, what pages should a freelancer’s website have? Here is a list:

Home Page:

Think of the home page of your favourite shopping website and think what makes you buy products from them. This will give you an idea of how the home page of your website should look like. The home page should:

→ have clear and definite links to all other pages

→have your recent photo

→ have your work and self-intro

→ have a readable theme

Select a hosting service that is fast because you want the web page to load quickly and not keep people waiting

About page:

The About page of your website is your mirror. This page should contain all the professional information about you. You can also write about your achievements and thoughts. Do not forget to include you photograph on the page. Readers will feel more comfortable if they have a picture to associate with what you have written.

Do not hide your interest or opinions on the page. Your fresh outlook to things is what most clients are looking for from a freelancer.

Samples /work/Portfolio:

This is the most important part of the website. This page should have the samples of your work listed in a neat manner. List a sample of each one of type of work that you have done. If there are any links, they should be updated and working. Also, make sure that you get the proper permission from clients before posting samples.

Your services

It is always a good idea to let the prospective clients know about what service you offer. This will present you a focused person. Be very specific of the services that you offer. Do not be too general like writing or web designing. On this page, you should also mention what you charge for the services. It is not a bad idea to let the clients know whether they can afford you or not. This will also help prevent misunderstandings after the discussions. Saves time too!

Testimonials:

This is the page that will speak of your success. Don’t be afraid to ask your clients to write testimonials for you that you can post on the website. The testimonials will take your profile to another level. Also if possible, post the client information with the testimonials.

Contact Information:

This one is pretty obvious. On this page post your picture and contact details (all updated and latest). You can integrate a direct messaging option in the website to enable people to contact you directly

Interest:

If someone is going to hire you then feel she will want to know more about you, so why not tell them on the interest page. You can write down all your thoughts or the page, and other activities etc. Another good idea is to make the page interactive big polls, comments, etc. which will encourage the users to participate.

Always remember to keep the website neat and easy to navigate and read. Another important thing that I find helps a lot is to respond to comments and queries as soon as you get them.

K Saravana Kumar

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K Saravana Kumar July 13, 2013

Scope Creep And How To Deal With It

Scope creep is something that every freelancer has to deal with at some point of an assignment or assignments. A scope creep is the changes and growth that were not predefined at the start of the project. Not only can a scope creep cost you a lot of money and a lot of time. Many times, it happens that freelancers are not able to do justice to other assignments because of a scope creep.

A scope creep is also known as requirement creep and feature creep. There are a number of ways a scope creep can happen without you knowing about it or even aiding it unconsciously. For example if you are working on a website design and the client asks you to write a short home page intro and you do it thinking that it is a simple thing, then he asks you to fill in the contact details too and before you know it you are spending time gathering data then designing. This is called scope creep.

Scope creep is not very difficult to deal with; you just have to know when to draw a line between a little something and a lot of extra work. There are a number of ways to deal with scope creep. In this post, we will take a look at some of the ways:

Talk sooner than later

Most freelancers fall a victim of scope creep because they do not talk soon enough. When you let the scope of the project creep up to unmanageable proportions, only you are to be blamed for it. Talk to the client a soon as you feel that you are being asked to do more than that was discussed. Bailing out at a later stage will not get you a happy client.

Know beforehand how much time you are going to spend on the project

When you get a job, especially a fixed price job spend some time with the client tell him/her about how you plan to proceed with the job. Chart down how you are going to progress with the job and how much time you are going to spend on the job. This will give you a definite time frame of the job and you can leave a little time over I case of emergencies. This way you will know if you should start billing extra for any of the changes in the work.

Sometimes scope creep is good if you get to increase your experience base.

Do not be afraid to say no or present a new estimate

There is nothing wrong in saying no to the client if you have completed the job successfully and do not want to take on more of the same work. Be polite and firm and explain it to them. However if you have to do the additional work then do not be afraid to provide the client a new estimate. The client should know that increase work would add to the bottom line. There is nothing wrong in that and you must have confidence in your work. Also mentioning a price up front will ensure that there are no misunderstandings later on. The client will be more than happy to pay the price if asked upfront rather than haggling about it later.

One way to deal with scope creeps is to opt for hourly jobs. This way you will be paid for the work that you do and the client will also know exactly how much work you are doing. Payments also become easier to calculate. Scope creep affects every freelancing job and therefore keeping the above tips in mind will help you deal with it better.

K Saravana Kumar

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K Saravana Kumar July 11, 2013

What A Freelancer Really Is Wondering About All The Time

In our previous posts about how to be a freelancer we have discussed about in length about how you can be a freelancer in almost any field of work. Every freelancer whether he or she is a newbie or an established freelancer worries many times about some of the basic questions all the times. In this post we have attempted to answer all the basic questions in one place

How much should I charge?

The question comes up with every job. Of course it all depends on many factors such as the complexity of the job, the time required and the effort on your part. For example a simple article job without any complex technical mentions will earn you less than an article writing job, which requires understanding of complex technical mentions. The amount of money that you will charge will also depend on the client’s budget.

Many freelancers make the mistake of taking in less professional work to build up a portfolio but it only looks bad on the actual portfolio. Professional rates are to be maintained at all times.

Where to find a client?

The best way to fine a client is to stay in the visible at all times. If you go out of picture for a long time and have not been in touch with things around you because you are ‘too busy’ then you will end up losing clients then gaining them. Initially the best way to get work is to approach the clients. If you have some trouble in a direct approach then the best way is to ask somebody else to help you get some work.

How to deal with a client who is unhappy with my work?

Unhappy clients can be easily avoided if you are consistent with your work and make a special effort to understand everything that is required of a job. However the world is not perfect and you are bound to encounter an unhappy client sometime. The best way to deal with an unhappy client is to be polite at all time and present with the completed work at all times. If things you out of hand then you should retract quietly.

How many samples should my portfolio have?

Your portfolio should showcase your latest and best work. Keep the number of samples limited to maximum of 12. If you have done a variety of work the select the best piece out of each category and place it in your portfolio. Keep in mind that prospective clients are more interested in the quality of your work than the quantity of the work. If the client needs more samples of a particular kind then you can also send the samples in mail.

How to manage money and other accounts?

For this it is important to understand the countries freelancing laws. You need to keep track of all your transactions for filing and tax purposes. Financial management is a must for any freelancer. Money also does need to be set aside for rainy days. You can get some advice from an account professional to help you manage better.

What kind of online presence do I need?

In terms of online presence you must have a website and a blog, which will be a home page of all your work. It will also be a one stop information bank for the client who want to know your interests and want to contact you. Make sure that the blogs are all updated and you answer comments on them. Also make sure that your website has all your latest details. It will also serve as a base to give free rein to your thoughts.

K Saravana Kumar

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K Saravana Kumar July 9, 2013

When To Say No To A Client

For a freelancer the client in the most important person. The client usually has the final say in the working and completion of a project. However, it is not necessary that the client is always right or you cannot refuse to what a client wants. Many a times it happens that even when you have completed the work the client keeps asking for some ‘little’ changes or additions before making the payment. It is ok to over deliver a little but when the little accumulates to large amount of work it is the time to say no. Many freelancers keep on doing -the work from the fear that the payment will not be made or the client will not give a good reference after the job. This does happen in some cases but these situations can be easily avoided:

Use the ‘can we process the payment while I do this’ technique. Client wants some extra work? Sure, you can do it but can they process the payment first so that your invoicing can go through? This way both parties remain happy.

It is ok to say no if you have other projects: Yes, if you have other projects at hand you can say no to the client for entre work citing the same reasons. If the client values your work then maybe you can work an arrangement both can benefit from.

Say no to the client if you have even a bit of suspicion: It is completely ok to say no to the client if you have even a bit of suspicion in terms of the amount of work or payment. Remember you want to work but the work should not go waste. A client who does not want to share contact information for is not giving the clear instructions for the job then you have the right to be suspicious.

Another time which you will have to say no to the client as when the client promises more work but keeps on delaying it. As a freelancer, long periods of no earnings can lead to a serious imbalance in your budget. Therefore, if the client has promised you more work but keeps on delaying the work and the payment then it is a good idea to pick up another work and ask your previous client for payment.

Say not if the client is offering you a profit: Many start-ups are based on profit sharing basis. If the client if offering you profit sharing in place of payment then you should say no because you don’t know if the business is going to make any profit or not. Granted it make seem very lucrative to be a part of the venture but think about how are you going to track the profits, are you going to be a partner, and how long the profit sharing will go on.

Say not o prospective clients if they are friends or family members: Working for friends and family members can be very stressful for both parties. For you, as a freelancer, there is an added pressure to perform extremely well and at a ‘reasonable price’. For the client it is to convey their review without hurting your feelings. You don’t have to say a direct no, instead use sentences like ‘I am too busy with other projects but I can refer you to xyz person who will be able to do it better’ or ‘I don’t like mixing business with family’ etc.

Say no if you are bulldozed in doing work for charity: Doing work for charity is a good thing if you have volunteered for it. If you are being bulldozed, (by making you feel guilty or appearing to your good nature) and the charity work is going to set you back then say no.

K Saravana Kumar

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K Saravana Kumar July 6, 2013

Freelancing On A Shoestring Budget Made Easy With Following Tips

‘We might come closer to balancing the budget if all of us lived closer to the Commandments and the Golden Rule’ – Ronald Regan

In my last post about the importance of budgeting, we discussed about why it is important for all freelancers to maintain a budget at all times. The unpredictable payment structure of your job as a freelancer will not let you have a fixed budget for every month of the year and there will times when you might be operating on a shoestring budget. In this post, we will discuss about some easy tips, which you can use to make a budget that will help you sail through difficult times without having to give up your freelancing dream.

Be realistic

The first thing to do when making your budget is to be realistic. Take the help of online budgeting tools or sit down with pen and paper and calculate your expenditure/ income ratio for the past one year. The easiest way to do that is to divide your income by 12 to find out the average income. For expenditure check your bank balance for the last year and calculate. Once you have the expenditure/income ratio, (which ideally should be less than one) then multiply is by ¾ and this should be your aim for the next year.

Most people tend be overshoot a bit when making the budget because they see the large picture with big amount of money. This is where you have to rein yourself, and make a budget, which looks achievable.

Fix a salary for yourself

This is my secret of budgeting and maintaining the budget at all the times. I have two bank accounts, one in which all the payments come in and the other which is my personal account. At the beginning of each month, I give myself a fixed salary and leave the rest of the amount in the other account. I have been following this practice for two years and have found out that I actually end up saving more than my budget indicated. My monthly budget is then based on the fixed salary that I get.

Ditch the credit cards

Credit cards are easy to carry and use but they can also be the greatest sources of factors that can upset your budget. The ‘buy now pay later policy’ can be quite misleading as you often end up paying more in terms of interests and fees. Therefore, ditch the credit cards when you are working on a shoestring budgets and pay only by cash. This way you will know exactly what you spent and how much you have left with you.

Create an emergency fund

‘Forearmed is forewarned.’ Every budget should have an emergency fund over and above the personal and business accounts. Set aside some money to spend in emergencies such as hospitals, broken computers, extra equipment etc. You can cut down on your monthly expense budget but on no account you should cut down on the emergency fund budget. Keep the emergency funds at a place where you can access the easily.

An emergency fund is the money that you can bank on to keep you afloat during the months in which you are looking for new jobs or have taken a break from working.

Be prudent in spending and bargain wherever you can

Of course, the first rule is that you should not buy what you need. However when you are out shopping for things that you do need, it will not hurt to be prudent in your spending. Check online and newspapers for deals and sales at various stores before you go shopping. You can always bargain for things from the local shop. Before going shopping make a list and stick to it. In fact, if you can take only amount of money that you will need so that you don’t end up buying anything else.

Operating on a budget needs some practice but if you follow through then by the end of six months you will be surprised to see the amount of saving you have.