Boston Buyers Club

How to Overcome Common Freelance Expenses

August 25, 2017 by · Leave a Comment 

In today’s economy, freelancers have grown exponentially as more opportunities open up to work from home. The freelance economy relies on being able to save money in small ways, including on how they get paid. Since many contractors come from outside the US, it’s important for employers to do everything they can to help freelancers get the payment they deserve. That starts by examining the way freelancers are paid. Here are some thoughts on ways freelancers can help employers, and themselves, save money getting paid.

Digital Wallets and Bank Accounts

Mostly, freelancers utilize digital wallets in order to send and receive money. If they attach that wallet to a high interest savings account, they may be able to recover some of what they may lose in fees using credit card payment processing at a store or to withdraw funds. It’s also helpful to have a second bank account so that freelancers can keep their income and savings separate. It will help long term savings for vacations and rewards.

Transfers

Freelancers tend to work with people outside their home countries, says Charge.com. That’s where a good digital wallet with low fees can be useful. You can keep funds in your wallet and use them to pay for goods and services in your own country, or transfer them to your external bank account.

This way, you’ll be able to easily create an emergency fund for yourself. Once you quite your day job, you lose your guaranteed paycheck. You can earn more money working on your own, but it takes quite a bit of work to get to that point. Creating a solid savings plan early helps you get past those early-stage hiccups.