How to Survive the Feast-Or Famine Cycle

It’s empowering to have more than one income stream, but there is a downside: it’s easy to splurge when money is plentiful, but what about the lean months? Three self-starters share their tips for keeping an even keel through good and bad.

- By Sylvia Walker

Tracy Lindner

When Tracy closed the door on corporate career, she was driven by the desire to tackle projects with greater social impact, and to create space for her side-hustle, Lindnr, a home decor business. Bills still needed to be paid, though, so she launched Creatively, a digital consulting, design and branding business.

Knowing your worth as a freelancer is something Tracy feels strongly about. ‘Clients pay for the value that you add, not just your physical time. And one must avoid competing on price – there’s always someone cheaper.’

Tracy manages her family’s finances, and she needs to earn enough to cover the bond, her insurance cover (disability and salary protection) and investments. She uses a spreadsheet to track monthly expense and projected income, which she updates quarterly. She also spends a few days each year reviewing her plans for the year. ‘Things don’t always work out as planned,’ Tracy says, ‘but it keeps me focused.’

She uses the app Harvest for budgeting. ‘Life’s too short to count beans! Sure, I have an idea of what I need to cover the big expenses every month and try not to be extravagant on a lean month. But you need to live and enjoy life!’