Working at Home with Unreliable Pay
Why the Self Employed Need to Save
Working at home with unreliable pay is often the bane of many self employed professionals. Employers and clients don’t always come through on time, even when they expect to receive their work before deadlines expire. Payments may go askew, processing may change and some projects don’t get accepted when expected. It’s all part of why the self employed need to save money…and save themselves a lot of trouble.
In self employment, nothing is guaranteed. There are no employee benefits, no provided 401k plans or health insurance, no “sure thing” when it comes to any assigned work. Working at home with unreliable pay can be the nature of the business of being self employed - that’s why independent contractors need to save their pennies when the money is coming in on time.
Working at Home
Whether the hours are long or short, the environment hectic or restful, working at home comes with its own ups and down and irregularities that have nothing to do with the home itself. It’s difficult to find permanent and ongoing gigs, which means the self employed are constantly combing job boards to find new self employment opportunities and ideas to help them make a living. There’s a constant need to establish reputation, update the resume and produce high-quality work for brand-new clients and contacts.
By nature, work at home is ever-changing, impermanent and unstable. One great-paying job could fade away unexpectedly, with no new self employment opportunities on the horizon to take its place. Working at home with unreliable pay isn’t even the exception for many self employed professionals….it’s the norm.
It all adds up to create one basic truth, several reasons why the self employed need to save their hard-earned money…and spare themselves the grief of running out.
The Self Employed Need to Save
Every employer pays on their own schedule. One gig may yield a check every single week, while another offers electronic payments in large lump sums every month. Suppose that big windfall that’s expected is running late, or the bottom falls out of the company which has always previously paid on time? It’s natural to become dependent upon a certain gig or income flow.
But in self employment, nothing is for sure. Even that job which seems so steady could suddenly disappear, clients and employers who were as dependable as rocks might unexpectedly flake out and cease payment for no reason.
There’s no way to make someone pay, short of taking legal action (a process which could actually prove to be more costly than the amount owed). Working at home means working alone and without strings - but it also means the self employed don’t have a lot of options when payments come late or not at all. Short of writing angry e-mails or making furious phone calls, there’s very little which can actually be done.
It’s why the self employed need to save their money when it does come in steadily. Even when pennies seem tight and the budget is thin, it’s important for those who work at home to put some portion of their income away. Subtract a small amount of money from every payment received, and let it lie until absolutely necessary. Have a reserve income to provide some stability, because employers and clients aren’t going to do it for you.
Dollar in a Box
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