November 22nd was officially when I hit my one-month anniversary as a full-time freelancer. I know I’m late on posting this, but funny thing is I’ve been super busy freelancing so haven’t been able to post as much as I would like to.
I’ve had to make some tough choices and declined some full-time opportunities to focus completely on my freelancing efforts, and it’s been a bit of a nonstop wild ride ever since.
I landed two big end-of-the-year projects essentially on the same day, and and one point hired someone to help with some research because I was so slammed.
I am not gonna lie. Transitioning hasn’t been easy, yet at the same time I don’t think I have ever been happier in my life.
All excuses aside, I wanted to share something that I wasn’t expecting to happen, and that is my relationship with money has changed quite a bit. For as long as I can remember I’ve been a bit of a work hog. Kabir Sehgal in his book Coined explains the science of how humans are addicted to money. I’ve been a work hog for as long as I can remember.
The funny thing is that every since I started freelancing full-time I’ve been spending a lot less money, and it’s not because I made a minimal spending pact to myself. It’s because I have started to break the habit. Here are a few reasons why I’ve been spending less money:
Greater Integration of Work and Life
Now that I spend a lot of time in my home office, aka dining table, I can (if time permits) go for a bike ride or a short hike if I need to take a break from my work. I also get chores done throughout the day instead of stockpiling it for evenings and weekends. I can cook and tidy up in between writing.
By the way, 2 p.m. on a Tuesday is prime time for very little foot traffic at Trader Joe’s and the laundromat. Having the freedom to be out and about when things are more chill at shopping areas has helped curb my spending big time.
One small thing has helped me not waste food is by checking out my fridge and kitchen pantry every day. This takes me about 5 seconds and visually logs what I already have. My mind goes on autopilot, and makes an assessment of how much food I need to purchase for the week.
Way Less Bored
When I was working full-time at a day job, it wasn’t necessarily that I hated my job and needed an escape, but it was just more tempting to take a break with a co-worker and buy a snack or go out for lunch. Also when I would drive home from work and didn’t feel like going straight home, I was tempted to swing by Target or a grocery store and pick up some items. The funny thing is a lot of the time I didn’t really need anything, I just enjoyed getting lost in the aisles. Spending money served as sort of release. I did this partly out of habit, but also because my commute in the car made it that much easier to shop.
Now if I ever need a to relieve stress I can go for a walk or meditate for a few minutes.
The Money/Time Exchange Is More Transparent
When you work full-time for one person, you agree to give X amount of time for X amount of money. The amount of hours you put in can increase with no extra pay, but it rarely decreases for the same amount of pay. On top of that, the only times you get extra money is by working more hours, if you get a raise, or a bonus.
If you do a great job, chances are you might get a pat on the back and there’s a high chance you’ll be saddled with more responsibilities.
As a freelancer, if you track your time, you can easily see how many hours you are swapping in exchange for a set amount of money. The great thing is that you can decline taking on an assignment or project. Sure, you may be missing out on an opportunity and some money, but depending on where your priorities lie, it may be well worth it.
So if I know writing an article will take me, say a total of 4 hours, and I am getting paid X for it, I could potentially take a look at my bank account and see I am good for the month and not take it. As a work hog I normally do take on assignments if I can, but the option of saying “no” so I can work on my own stuff is there, which is pretty awesome.
Realize this: Spending is not a necessity, and it’s not really a want. It’s more of a habit.
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