In 2018, I hit my first six-year figure as a freelance writer on Fiverrearned nearly $300,000 in revenue from blogging, press releases, and website content for clients.
Now, at age 29, I have six streams of income – from freelance writing, influencer sponsorship, ebook sales, course sales, ad revenue, and affiliate revenue. Last year, I made over $400,000 in net income.
Like any member of the gig economy, I know I can’t count on making this much money forever. So while I sometimes splurge on food, entertainment, and travel, on the contrary, I actively save and invest to increase my net worth. I also own three properties in my home state of Florida. Combined, they’re worth almost $1.2 million.
To live the life of my dreams and still save most of what I earn, here are five things I refuse to spend money on:
1. Brand new clothes and bags
I shop for fashion at thrift stores like Buffalo Exchange and Pavement. So instead of buying brand new clothes or bags for thousands of dollars at a time, I spend much less.
My rule is to spend no more than $2,500 a year on purchases. Not only am I saving money this way, but I’m also helping the environment by donating all of my unused clothes to Goodwill.
2. Flights not yet serviced
My Chase Sapphire Rewards credit card accumulates travel points as I spend on food and travel, and because I spend the most on those two categories, my card almost always includes flights and umbrellas. my rental car.
Although the card has a $300 annual fee, it saves me about $2,000 in travel and flight costs each year. I also have a JetBlue credit card that accumulates enough points to cover a few flights per year.
3. Renting
I bought my first property, where I currently live, in March 2021 – then an investment property in Miami in October 2021 and another in March 2022 .
I have long-term tenants in my rental properties whose rent includes my mortgage and homeowners association (HOA).
In the house I live in, in some cases, what I pay for my mortgage is less than what I would pay to rent the same house – except I own it.
4. Drinks after 8pm
I’m a morning person, so happy hour fits my schedule perfectly. I love looking for happy hour specials at local restaurants and bars, especially when I’m traveling.
Eating and drinking earlier in the day can cut your total food and drink costs by a third what you would if you ate at 8 p.m.
5. Uber rides less than three miles away
If the destination is within three miles, I’ll walk there to get some exercise and to save $30 on an Uber ride there and back. When I travel, this rule allows me to explore entire cities and towns on a budget.
I try to walk at least 12,000 steps a day, even when I get home to Southwest Florida, so I plan my days to be able to walk to sites. I check the map first to make sure there is a sidewalk.
Easy Walk saves me over $300 per month on transportation when I travel without a Jeep Wrangler.
Alexandra Fasulo is an entrepreneur, freelance writer and podcast host Fairy tales about freelancing, which covers everything freelancers need to know about navigating the gig economy. Follow her on Instagram @alexandrafasulo.
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