How I saved $20k in two years just starting out as a Freelancer

I’m going to metaphorically hold your hand when I say this one…

If you don’t have any business savings (or personal money for contributions) you’re willing to risk, separate from taxes… you shouldn’t invest in luxury items or non-necessities in your biz that aren’t directly and data-backed ROI positive.

And don’t come at me with the “you have to spend money to make money” argument…

Yes, and when you spend money, it should be to make money until you can afford not to take a loss for that budget. 

Having savings is one of the best things you can do for your business. And, I’m talking like a 3-6 month minimum runway here.

ESPECIALLY if you’re just starting out getting your footing without a consistent MRR.

This is the stance that allowed me to grow.

What I’ve done to build a $20k (and still going) safety net for my business was set a small auto debt to a high-yield savings account every month. One that I budgeted for. One that I knew that even with my lowest revenue I could still maintain.

I also didn’t say yes to things (like building out a website and a blog, an all-inclusive retreat for networking, and a revenue-share business opportunity) until I had savings in order.

I said not yet/no to several seemingly expansive opportunities in order to prioritize my “yes” goal of savings.

My “yes” goals of stability.

My “yes” goals of foundations.

Why?

• Business in and of itself is a risk. I’m not willing to fail, and I take responsibility for the things within the business I can control
• One bad month plus a splurge could tank a small business. I’ve seen it.
• Knowing there’s a safety net increases psychological safety which calms your nervous system and allows for an abundance mindset
• Setting achievable goals with actionable milestones you hit releases dopamine, and therefore increases your momentum
• Slowing down to focus on the one “yes” vs. all the potential opportunities gives power and intention to your “not yet”s or “no”s. 

Now?

• I’ve invested in a more SEO-friendly and designed website
• I’ve centered on my offers 
• I’ve networked in spaces that made sense for my “yes” and met some incredible people (plus got referrals)
• I’ve expanded my own beliefs into what my next 5 years will look like

What I didn’t do is not allow myself anything that I could realistically afford. While focused on my “yes” I still built out my office to the specs I knew I wanted. I still upgraded my computer for higher productivity. I still bought the Apple AirPods because I wanted them.

But I didn’t do that at the expense of my “yes” goal. You can build slowly and sustainably. It’s allowed!

So, you can decide whatever you want – your business is not my business. But, this has worked for me and I’ve seen it work for others!

Now, I’m off to create my next “yes” goal now that i’ve crushed this one!