Freelancing jobs are all good and easy at times but sometimes it can bring you in a financial crunch. Starting money in freelancing is not much but as you grab bigger projects or internships you get start getting decent money out of it. However, there is another way to earn money while you focus your attention on freelancing. Investing the money, you earn from freelancing. Investments also carry a risk of losing money but there are ways to invest money without having to lose your hard-earned money. Here are some tips to invest your money properly: –
Firstly, keep your personal money and money earned from freelancing separately. The last thing you want to do is invest all the money you have and gamble on the chance to win big. Irrespective of how good the returns are, invest the money you earned with freelancing because you can always earn more by freelancing but your personal savings take more than freelancing to grow.
Invest you freelanced money in a place where you can strata by investing from the bottom. If you are new to the investments and return world, start by investing only a part of your money until you get a hang of it. A mutual fund is a good option for you to try.
Prepare a SIP route – Freelancers don’t make consistent money but they can still prepare a SIP (Systematic Investment Plan). A SIP may require you to have money with you at an exact particular time. But if you work through your schedules and complete a job just before your next instalment you can manage to pay for it and hence preparing a SIP.
Manage your finance – Some people are bad at handling their finances. The worst investment one can make is not to invest his money in the first place. As soon as you get your paycheck, you will be eager to buy the newest smartphone or new sneakers. But, hold that thought. In fact, skip that thought and start thinking about growing your bank balance. Create two bank accounts in different banks. Save your money in one and use another account to spend your money. Keep as little money as you can in the account that you spend from.
Get insurances – Insurances are good investments too at times. You get a healthy cover after you meet the requirements. And when you get the benefits of your insurance, you certainly feel glad about getting insurance. It can be as small as for your phone or bike or as large as your life insurance.