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Tips to help you freelance more effectively

Tips to help you freelance more effectively

Do you freelance or make extra money doing odd jobs? Here are some tips to help you better manage your money and work more effectively with your customers.

The freelance, or ‘gig’ economy – where people work independently on a task-by-task basis – is growing rapidly.

While this sort of work has always been common in industries such as childcare and hospitality, new digital marketplaces are increasing the number of people both looking for work and asking for help, and it's dramatically changing the way the workforce is viewed.

There are so many ways to earn an income or make some extra money, simply by offering your skills (or even your car or home) through an online platform.

If you’re thinking of providing your services on these sorts of platforms, here are a few things to think about.

Financial considerations

Freelancing provides a flexible way to make money – you can pick and choose when and where to work, and how often. Financially, there are a few things you should consider:

  • Saving for retirement: Superannuation is usually not included when you’re paid on a freelance basis. You may need to consider contributing to your super yourself regularly. Not sure about super? Read our quick and easy guide.
  • Complying with tax requirements: Many platforms do not include any automatic withholding payment, such as tax when you’re paid. Depending on how much you earn, you should consider seeking advice about your tax liabilities.
  • Saving for a rainy day: With increased flexibility comes the need to save for those times when you may not be able to work (such as illness) or when jobs may not be available. Learn more about saving for a rainy day.
  • Keep track of when you've been paid: Get complete visibility of your money 24/7 in the CommBank app.   

Maximising trust

One of the key ‘currencies’ of the digital economy is trust. Gaining the trust of your customers can help you stay ahead of your competitors.

Many platforms work on a rating system, with both parties asked to review the other after the job or task has been completed.

To improve the experience for your customer, consider clarifying all requests up front, respond to feedback as quickly as possible and ask your customers to raise any concerns prior to rating you.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Readers should make their own enquiries about whether to use these platforms. The commentary and/or services provided from external companies that are not a member of the Commonwealth Bank of Australia Group of Companies (the CBA Group) does not represent an endorsement, recommendation, guarantee or advice in regard to any matter. The CBA Group does not accept any liability for losses or damage arising from any reliance on external companies and their products, services and material. CommBank has no knowledge of and makes no representation about any member’s ability to perform the tasks they bid for and takes no responsibility for services not delivered or completed to the desired standard.