Flexible Life as a Freelancer, Here are 6 Tips to Keep Financial Control

JAKARTA - In recent years, the way people work has undergone major changes. The development of digital technology and the internet, coupled with the post-COVID-19 pandemic experience, has made working from anywhere increasingly common.

This is where the freelance profession grows rapidly with flexibility in time, location, and type of work. However, behind this freedom, there are challenges that freelancers often feel, namely financial affairs.

Income that does not always come every month with the same amount makes financial management more complicated than office workers.

Seeing this condition, Jenius, a digital banking service from SMBC Indonesia, held a financial class themed "How Jenius Manage Finances for Freelancers". This class is designed so that freelancers can understand finances in a more practical way and relevant to daily life.

"Jenius understands that freelancers can face challenges in financial conditions, especially because of irregular or fluctuating income every month. Therefore, financial planning is crucial," said Febri Rusli, Head of Digital Banking Product & Innovation at SMBC Indonesia, from Jenius' official statement.

Here are tips for freelancers to stay calm and successfully manage finances without feeling stressed in the midst of uncertainty.

1. Create a Salary System for Yourself

Budi Raharjo, Certified Financial Planner and Director & Co-Founder of Oneshildt Financial Planning emphasized the importance of treating yourself like an employee.

"Fluctuating income can still be managed well. Simple but consistent planning can help financial conditions remain stable even though income is uncertain," he said.

2. Separate Personal and Business Accounts

In order to make it easier to control cash flow, freelancers should have a separate account.

"The key is discipline in managing expenses and keeping cash flow positive," said Budi.

3. Prepare Emergency Funds, Cash-Flow Buffer, and Insurance

Budi emphasized the importance of financial protection and reserve funds.

"Don't just believe in capital, especially in the service industry. I have never been paid because I trusted too much," he said.

4. Build a Profile, Expertise, and Reputation

Freelancers need to build trust through personal branding and real work.

"Sales has steps. From presentation, facing objections, negotiations, pricing, to deals," he said.

5. Evaluation of the Budget Every 3 Months

Regular evaluations make freelancers ready to face the quiet months.

"The main challenge for freelancers is not the size of the income, but the consistency of its management," said Budi.

6. Start Investing from the Easy and Safe

Budi advised starting an investment according to the risk profile.

"Simple but consistent planning is much more important than complicated but unimplemented strategies," he said.

Febri added that digital features now make it easier for freelancers to start saving and investing.

7. Understand Taxes and Contracts

Budi reminded that there must always be a written contract.

"If it's about services, the problem is in payment. So never work without a contract, whether the client is small or big," he said.

8. Build Good Financial Habits

Freelancers must continue to develop themselves.

"Always invest in you. What training do you take every year? What certifications do you take? At least 8 percent of your annual income is used for self-development," explained Budi.

Closing the class, Febri Rusli emphasized, "The features we present are expected to help freelancers maintain financial stability and plan for the future better."