The Benefits of Savings
I remember how surprised I was when, during one of my infrequent regular jobs, I got paid for a few days Id been out sick. Last week I started into a cold which, by Monday had me almost flat. I managed to post 15 new freelance jobs, and spend about 30 minutes talking with a coaching client before I went back to bed. Yesterday I was totally down and, although Im way better today, I can feel a nap going on.
All of which has left a whole lot undone the dishes, adding content to the site, email, etc. etc. etc. We freelancers, of course, dont get sick pay, or vacation pay or any other of the benefits those who work for others often get.
The only way Ive ever found to cover myself is with a savings account. I regularly put 10% in an account I call my prudent reserve. Ten percent turns out to be easy to do the account is in the same bank I use regularly and I simply do a transfer from my main account to my prudent reserve. The goal is at least three months living expense there, preferably six. Mine isnt that high yet, but I can see that I will get there, one 10% at a time.
When Im determining my fees, I keep this savings program in mind and although I charge enough to cover myself this way. Its worth considering.
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POSTED IN: General Freelance Writing
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