Almost every SEO freelancer has experienced feast or famine. One month, you might land multiple high-paying projects; the next, work could dry up completely
This unpredictability can be frustrating and, at times, terrifying if you’re used to a steady paycheck.
Don’t panic.
Instead of spending freely in good months, set aside income for the slow ones. Remember that inconsistency is part of the process and you’ll build a steady pipeline of clients as you earn credibility.
I really wish I could tell you I had saved six months’ worth of expenses before going full-time, as it would have given me breathing room while I built a client base. I wasn’t afforded this luxury, but I highly recommend this to anyone who wants to freelance full-time.
One of the biggest traps new freelancers fall into is the race to the bottom, accepting any client at any rate just to keep money coming in.
When you’re desperate, you make bad decisions. Savings allow you to be selective, choosing projects and clients that align with your long-term goals instead of scrambling for short-term survival.
Freelancing requires mental resilience. The toughest part of this journey is handling rejection, uncertainty, and comparison.
Beyond savings, you need a financial roadmap to guide you. Without one, you risk undercharging, overspending, or struggling to make ends meet.
Start by calculating your bare minimum income. This is the amount you need to cover rent/mortgage, groceries, insurance, taxes, and other non-negotiable expenses. Then, factor in additional costs like software, internet, and business expenses.
Next, determine how many clients (or projects) you need per month to replace your salary, this is the profit you’d get after expenses.
If you’re in the US or another country without universal healthcare, research your options early and factor that in. Monitor income, expenses, and profitability using accounting software like QuickBooks or a simple spreadsheet.
Luke Carthy does a great job of breaking it down in this MozPod episode.
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