Before jumping into the freelance bandwagon, it is a fact to know that the income is not stable. Better be prepared to have some cash laid away maybe good for 1 or 2 months always. Sometimes you can find yourself in a drought for projects. Some projects doesn’t materialize due to many different factors like, client changes mind, no budget, etc. Occasionally on these periods you learn to adjust your rates to bag a project and end up getting a gig that you could have been paid better. Over quoting may loose the project on the other hand, most often times it is better to be sure to get the project. That is one drawback but think of it as a survival instinct to keep afloat of the unstable freelance times.
On the positive side, at times you are bombarded with projects that some you have to decline. The more projects though the fatter your wallet gets, you may get more projects than you can handle. Learn to balance on how many projects you are capable of simultaneously before your work starts to suffer. Learn from that experience.
Here are some great tips from another freelancer on how to keep up with times and how to keep the gigs rolling.