You Can Make the Switch to Working From Home
For some people, the pandemic was an eye-opener. Time and quality of life are precious commodities. As a result, many are now giving up their current employment to work for themselves from home. If you have the same feeling, there are ways to make it happen. However, it’s important to have a plan in place and weigh the pros and cons carefully.
Start Slow
Leaving your source of income without preparation isn’t wise and will most surely lead to regret. Instead, create a plan that includes a trial run at working for you. For example, if you want to become a freelance writer, create a website, a stellar marketing campaign and start finding work now. Once you have several reliable clients, you can make the switch with the confidence of income.
Cutting Costs
It’s scary to leave behind reliable income and venture out on your own. Thankfully, there are ways to reduce your expenses. You can lower your cable bill by changing the service to basic or giving it up altogether. Bundling home and auto insurance and avoiding the use of credit cards are also beneficial. Ordering takeout just once or twice a month and cutting coupons when food shopping are a few other cost-effective measures.
Learning to Save Money
Some people have a knack for saving money. They earn the same amount of money yet seem to have so much more. They own a beautiful home and vacation several times a year in exotic places where they show off their Brazilian bikini. The good news is, it’s never too late to start a savings account. Take a small amount each pay period and increase the deposits as your income increases and your debt decreases. Establishing savings prior to leaving your job will give you a cushion to help through the lower income months.
The Household Budget
Unlike working for an employer, your paycheck can vary. Some months will prove lucrative, while others disappoint. Using and sticking to a household budget will allow you to maintain a steady income and remain afloat financially. It will also bring awareness to your debt and poor spending habits. This will allow you to make beneficial changes, freeing up money you can use best elsewhere.
Working From Home
Working from home sounds amazing. You wake when you want, work when you want, and take time off as you wish. While this is true, there are drawbacks to it as well. Working for yourself from home means you are in the home. If you have children or pets, they can cause distractions. Some people who don’t have either still have difficulty working from home. They need the stimulation of other employees to keep them moving. It can become very lonely on your own causing mental health issues, which is why it’s important to get out of the house, too.
No Health Insurance, Retirement Benefits or Paid Time Off
Something else to consider is the lack of personal benefits. Unlike working for a company, you won’t have medical or dental insurance, a retirement plan or paid sick days or vacations. You will need to take out your own health insurance and open a retirement account. If you get sick and can’t work, you do so without pay. For your vacation, you can take it any time of the year for as long as you like, but you will fund the entire trip. On the bright side, you can set aside money throughout the year to enjoy time off.
If you plan ahead by creating a website, marketing your business and establish savings, you can make the switch from the office to your home. Just make sure to weigh the pros and cons prior to quitting your job.
