5 money management tips from expert Dominic Say.
He gives the following advice for freelancers:
1. Plan and communicate the payment terms
Let your customers know upfront the milestones for work delivery and expected payment will ensure both parties are on the same page.
2. Do proper accounting.
“Always be mindful of the money coming in and going out,” recommends Say. He even suggests using an accounting tool, as every little costs can add up over time.
3. Plan your cashflow and spending.
As a freelancer, you might experience high and low seasons of work, and earn more or less depending on the amount of work you do.
Learn to exercise discipline and control your expenditure. You can start by budgeting the amount needed for living expenses each month, and then put the extra money saved back into your business.
4. Save for emergencies.
You never know when you might need extra funds for emergencies. Aim to save up four to six months of income in an emergency fund.
5. Use PayPal to help you get paid.
PayPal allows you to send online invoice and payment requests to any client’s email, whether or not they have a PayPal account. Furthermore, PayPal ensures you can get paid securely, in your choice of 25 currencies and improve customer satisfaction with efficient payment options.
Frequently asked questions.
An automatic payment authorizes a merchant to charge you whenever you make a purchase on their website without signing in to your PayPal account. This is something that is set up on the first checkout with the merchant. The terms of the automatic payment will be available in your PayPal account.
Finding your automatic payments on the PayPal app:
- Tap Wallet.  >
- Scroll to the bottom and tap Automatic payments.  >
- Tap the merchant to view or update.  >
- You can update your preferred payment method or Remove PayPal as your payment method at the bottom.
- Go to Account Settings.  >
- Click Money, Banks and Cards.  >
- Click Set Automatic Payments.  >
- Select the merchant.
Changing the payment method:
- Select your current payment method.  >
- Select a new payment method or click link a new card or bank.  >
- Click Save.
If you’re a merchant who needs to cancel a subscription for your customer:
- Click Pay & Get Paid.  >
- Click Subscriptions.  >
- Find your customer’s subscription to update.
To find out why your payment hasn’t been claimed yet or was denied or refunded, contact the person to whom you sent your payment.
Denied: If your payment was denied, it means that the recipient chose not to accept it. You may be able to find out why on the Activity page. A payment can also show "denied" when a card payment is attempted, but is declined by the card issuer.
Refunded: If your payment was refunded, it means that the recipient accepted the payment but then sent your money back to you. If you have made a payment in error you can contact the seller and request a refund.
Unclaimed/Pending: If your payment is pending, it means that the recipient hasn’t accepted it yet. There are a few reasons why your payment might be pending.
A payment might be pending because:
- The recipient hasn’t signed up for a PayPal account yet.  >
- You sent money to an email address or phone number that the recipient hasn’t added to their PayPal account. As soon as they add this information to their account, the money will show up in their balance.  >
- The recipient is still deciding whether they want to accept your payment.  >
- The recipient hasn't confirmed their bank account.
If your payment is unclaimed/pending for 30 days or your payment was denied or refunded, you’ll get your money back.
If you paid with your debit or credit card, the money will go back to your card. (It can take up to 30 days for the refund to appear on your card statement.) If you paid with your PayPal balance or bank account, the money will be returned to your PayPal balance.
PayPal agents can't update, change or answer questions about your eBay hold. Please Contact eBay to learn more about why your payment is on hold and how you may be able to get your money sooner.
Why is my money on hold?
Before we place a payment on hold, we consider information provided by eBay and other data to evaluate the situation and possible risk. Your payment may be on eBay hold because:
- You’re a new seller on eBay;  >
- Your current performance has fallen below the minimum standard for all eBay sellers; or  >
- The payment you received may be considered unusual for your selling pattern.
Delaying funds availability is a common industry practice to help keep marketplaces, like eBay, safe for buyers and sellers. Each marketplace has their own policies, so check eBay’s website for more information about their policies.
Learn more about fees.
How can customers pay my invoices?
PayPal customers can easily pay your invoices. They don’t need a PayPal account to pay. They can also pay you with a credit or debit card.
Can customers make partial payments?To accept partial payment from your customer, check the Allow partial payment box under payment options when you’re creating an invoice. This lets your customers make multiple payments toward the total amount of a single invoice.
If you require a minimum amount due, your customer will need to pay at least that amount in their partial payment. Your invoice will have a Partially Paid status until it’s fully paid. A record of payments will appear on the invoice details.
Partial payments aren’t a credit product or a way to allow for an excessive number of payments. We may contact businesses if we suspect they’re not using this feature correctly.
What if customers can’t find my invoices?If your customer can’t find their email notification for an invoice, their email filter might have sent it to the junk folder. If your customer has a PayPal account, they can pay the invoice by logging into their account where they’ll see the invoice in their Activity. If needed, you can share a link to the unpaid invoice with your customer.
Can I send reminder emails for unpaid invoices?To send a reminder about an unpaid invoice, find it in your list of invoices. On a desktop computer, click the three-dot icon and click Remind. On a mobile phone, you can send reminders from an unpaid invoice’s details page. You can personalize the reminder before sending it. Your customer will receive an email reminding them to pay the invoice. To save time, set up automatic reminders for all new invoices in your Invoicing settings. You can also schedule automatic reminders warning customers when an invoice is overdue.
Set up automatic reminders.