How Getting Your Prices Right Can Support Your Mental Health
The connection between finances and mental health is inherent in our day-to-day lives. Your finances can have a huge impact on your mental health and your well-being in general.
But how does this translate to your pricing, and why do your rates have an effect on how you feel overall? Here, I’m sharing 5 reasons why getting your prices right can support your mental health.
When I say ‘getting your prices right’, I mean calculating your rates so you’re earning enough from the hours you want to work to cover both your business and personal expenses. This way, not only will you avoid having to work extra hours to cover your costs, you can also access the benefits that getting your pricing right can have on your mental health. Here are just some of the advantages.
1) Taking holiday and sick leave
Considering holiday and sick leave in your pricing calculations gives you the freedom to take time off. If you’ve already accounted for days when you won’t be working, it removes the pressure so you don’t feel like you have to work all the time. When you need a day off for your mental health, you can take a step back and focus on you, knowing that the time you’re taking is covered financially.
2) Earning enough
Pricing your services so you’re earning enough to comfortably cover all your personal outgoings means you’re more likely to have some disposable income available. And when you have that disposable income, you’re also more likely to spend it on whatever it is that might support your mental health. This could be social activities, nice holidays, retreats, therapy, or medication.
3) Feeling comfortable financially
When you feel comfortable financially, it can make saying ‘no’ far easier. For example, if you get an urgent request that would mean working on weekends or evenings, you might feel able to pass on it rather than obliged to accept it. Similarly, if you’re earning enough and a client is draining your energy, you might find it easier to stop working with them so you can look for new clients instead.
4) Outsourcing work
Earning more than you need could also help you decide to outsource work when you’re struggling to manage your workload. If your schedule is already full and you don’t need the extra income, it doesn’t make sense to take on work you can’t handle. You might decide to ask another freelancer for support, or you might even prefer to refuse the project and recommend a colleague instead.
5) Feeling more confident
For many freelancers, getting their prices right means setting higher rates. Once you do this and you have customers who are more than happy to pay your higher prices, you might find that you feel more confident in your skills and services. If clients are willing to pay this higher amount to carry on or start working with you, it means they appreciate what you do and how you go about it.
Getting your prices right for you and your circumstances can have a huge effect on your mental health and how you feel. It’s so important to make sure you’re earning enough to cover both your business and personal expenses so you don’t have to work all the time. You want to be running a sustainable business that supports you financially but that also allows you to take care of yourself.
Thanks for reading!
If you’re unsure how much you should be charging to get your prices right and support your mental health, you might be interested in myCharge with Confidence mentoring programme. Find out more here.