Exploring Freelance Options, Make Extra Money

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Earn Residual Income For Your Down Payment

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For anyone considering becoming a first time home buyer, one of the major items you will have to be concerned about is your down payment. Once your decision has been made, you will likely need to consider how you currently spend money as well as how to realize your dreams of home ownership. When you work a full-time job, chances are that your salary is fairly stable meaning your best option is searching for additional ways to earn money. This is when it might be a good time to explore freelance options.

What is freelancing?

Freelancing means that you have elected to become an independent contractor. This involves identifying skills that you can market to others and being paid for them. Freelancing involves a commitment of time as well which for some can be challenging. Some people may also have to be concerned about taxes since independent contractors do not have taxes withheld from their earnings.

What type of freelancing opportunities are there?

There are a wide variety of freelancing opportunities available to anyone who has the time to commit to their own success. Writing, website development and creation or photography are just a few of the potential options. Some people are also able to turn their ability to create logos, write eBooks or create attractive brochures and newsletters into sources of new income.

Where do I find freelancing opportunities?

There are a number of options that people can use to find freelance opportunities. When you are trying to save for a home, it is important to not leave any stone unturned. There are several reputable websites such as oDesk, Elance and other marketplaces where buyers of services hire freelance professionals. Local networking events such as those offered by Chambers of Commerce or Rotary Clubs may also turn up new prospective clients for freelancers.

How much money can I make freelancing?

Payments are critical when you are trying to save for a home down payment. Because freelancers set their own rates, you will need to set rates that work for your personal circumstances. These rates should be competitive while reflecting your own personal skills and abilities. Remember, that sometimes offering a slightly lower rate will help you land assignments. The more assignments you are able to complete, the closer you will get to meeting your down payment goals.

Do I have to freelance full-time?

Freelancing does not have to be done on a full time basis in order to find success. One of the best ways to determine how many hours that need to be worked is to determine your savings goals. Find out how much money you need to save for a home down payment and how quickly you wish to save this money. Then divide that amount by your hourly rate. Once you have this figure, you will know how many hours you will need to freelance.

Online freelance opportunities are a great way to save for your home down payment. In addition, the additional earnings can help you manage the added burdens that you will face as a new homeowner. Property taxes, water bills and repairs are integral parts of home ownership. Developing a steady freelance income to save for your house will help you develop habits that will hold you in good financial standing after you buy your home.

Like this article and want to earn extra money via freelancing? I also recommend checking out the other articles in this series, Earning Extra Income Online and Earning Residual Income. Both continue and also expand upon the theme of this article and will help you make more money for your down payment!

This article is written by guest author Doreen Martel exclusively for Save For House.

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