I have a secret.

Despite what you may have been told, it is impossible to become a successful freelancer if you are making mistakes in terms of money management. Buying every new product or service you hear about will not turn you into an overnight success. You will, in all actuality, end up spending all of your profits and savings and may even end up wishing you had never quit your job in the corporate world.

The truth? As a freelancer you’ll need to be extra careful about the way you manage your money – more careful than ever before. Every single penny counts – whether you’re a freelance writer, graphic designer, web developer, or working in some other field.

Beginners tend to have the most trouble. The absence of a steady paycheck coming in every other Friday can certainly cause confusion. So what can you do to make the transition a little smoother from a financial standpoint?

Plan Ahead

Don’t quit your regular day-job unless you have a plan. Do you have savings? Do you have extra work lined up? Do you know where you’ll be able to look for extra work right away? Are your kitchen cabinets filled with food? Make an outline, create a plan, and visit your local grocery store to take advantage of every sale possible. If nothing else, you won’t starve.

Don’t Waste Money

When I first started freelancing full-time I wanted to make my office as professional and comfortable as possible. I thought I needed to run out and buy new equipment, furniture, and a slew of supplies I may or may not have actually needed. Spending all of that cash on things I didn’t actually need would have been an immediate setback, making it difficult for me to take care of my real bills.

Redefine Trust

Trust was another huge problem for me. I developed a condition known as “shiny new object syndrome.” That means I was, for a while, the kind of freelancer willing to buy any product or service another internet marketer recommended. I mean – they’re successful, right? They would never lead me down the wrong path, right? Wrong. Internet marketers are out to earn a living and while some have used the products they’re recommending, many others have not. Don’t buy and buy and buy without testing each product first. Some may work and others may inspire you to request a refund. Just make sure you aren’t throwing away your profits (or tapping into your credit accounts) to purchase things you don’t actually need.

Getting started as a freelancer is tough – especially from a financial standpoint. Do your best to make a plan so that you can actually start your business off on the right footing instead of immediately sliding into financial debt. Your bank account and wallet will appreciate your efforts.

This is a guest post by Deborah Dera who is a full-time freelance writer specializing in personal finance, credit repair, online degrees, blogging, freelancing, and search engine optimization. She is the founder of Write on the Edge and offers unique content creation solutions to business owners looking to brand themselves online.

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