When it comes to entrepreneurship, one thing is certain—you have to get comfortable with uncertainty. For many, that can feel daunting. Others embrace it and tolerate a certain level of risk.
Before starting my business, I put a few financial safeguards in place: I built an emergency fund, budgeted for additional expenses like health insurance, and determined the number of clients I’d need to make my business a “success.” But did these preparations guarantee success? Keep reading to find out.
Now entering my third year in business, I finally feel like the pieces are coming together. In full transparency, after my first year, my business was somewhat on autopilot. My grandmother had recently passed, my life had changed drastically, and growth wasn’t my main focus. I worked with a small group of clients, allowing myself time to grieve. While it came at a financial cost, I was grateful for the flexibility.
By my second year, I wasn’t even sure entrepreneurship was right for me. Instead of the dreaded “Sunday Scaries,” I had daily “Money Scaries.” Health insurance was expensive, clients came and went, and I spent more time on discovery calls than doing the work I loved.
The truth was, money kept me up at night. Even while I was away for the recent holidays, financial stress loomed. So, I decided to shift my mindset. My biggest concern wasn’t the money coming in—it was the money I owed. During my first year in business, I relied heavily on credit cards, something I had never done before. My credit card, once an asset, had become a liability. I examined my expenses and quickly realized I could save more than $500 a month with simple tweaks.
Here’s what I did:
Transferred My Balance
Since my credit card balance was my biggest source of stress, I found a card offering 0% interest for 21 months. After transferring my balance, I immediately saved over $350 a month in interest payments.
Lowered My Bills
My TV and internet bill used to send me into a rage when it arrived at the end of the month—it seemed to increase every time I opened it, even though my internet service was my least reliable employee, to put it kindly. I finally called my provider, expecting a fight, but determined to find savings. In less than 30 minutes, I cut my bill in half, saving $150 a month. I downgraded a TV package I didn’t even know I had and qualified for a promotion as a longtime customer.
Thought Outside the Box
One of my biggest expenses is health insurance, which feels like a second rent. As a thyroid cancer survivor, going without coverage or choosing a bare-bones plan isn’t an option. So I explored whether any of my clients could take me on as a part-time employee, giving me access to their group health plan. While it didn’t pan out, it was a valuable exercise, and something for other freelancers to keep in mind. Some companies do offer health insurance to part-time employees, and it just might be one that you already work with. However, in the end, continuing to charge my hourly rate made more financial sense.
One of my goals this year is to have a healthier money mindset. By making small changes, I’ve not only saved money but also eased my financial stress. And that, in itself, is a huge win.
Have you made any small financial changes that made a big impact? Share your money-saving tips in the comments—I’d love to hear them!
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