Back in May, when my husband finished graduate school, we made the decision to move closer to our families. I quit my full-time job as an internet marketing specialist and copywriter at a web design company, we packed up our 2-bedroom apartment, and headed to Indiana.

Since I was already about 8 weeks pregnant at the time, we decided that my husband would be the primary earner and I would seek money-making opportunities from home. My field is well suited to freelance and contracting work, and staying home will make things easier when the baby comes.

Four months later (really? FOUR months?!), I’m just now starting to get into the swing of things. As you can imagine, working from home is significantly different from working in an office for someone else. Here are the main pros and cons I’ve encountered so far.

It’s a lot more convenient.

The ability to set my own schedule has been invaluable as I’ve faced a rough pregnancy. Some days I don’t feel well enough to work until after noon. This would be a serious problem if I was employed by someone else, and it would involve calling in, using sick time, and perhaps being reprimanded or fired if it became a regular occurrence.

Now I simply adjust my work schedule to meet my needs. If I don’t start working until noon, then I most likely won’t finish for the day until 8 or 9 p.m. If I have errands to run in the middle of the day, no problem; I take care of them when it’s convenient for me. When I have a doctor’s appointment, I take a couple hours off. And let’s be honest, sometimes pregnant ladies just need a mid-day nap.

It’s also more responsibility.

When you work for someone else and the workload is low, you still get paid. You may spend a day or two organizing files or working on other projects until work funnels in, but your paycheck will come. That’s not the case when you work for yourself. I’m now the sole member of my sales staff, and if I don’t find work, I don’t get paid. I’m no good at sales, so this has been a challenge for me.

The other big issue? Health insurance. Ugh. Right now, I qualify for good coverage at a surprisingly reasonable premium through COBRA. That will run out in October 2011. My husband’s current job doesn’t offer health insurance, so if he doesn’t find full-time work with benefits before then, I may join the legions of uninsured workers in this country.

Also: taxes are no fun when you’re self-employed.

It’s tough to stay motivated.

Some days when I’m feeling particularly crappy, it can be really tough to get out of bed and get to work. With no one to answer to but myself, it’s a little too easy to procrastinate. I sometimes end up days away from my deadline, sweating bullets to get the project finished and wishing I’d just stuck to my work schedule to get it done.

I don’t miss office politics.

My least favorite part about working in an office was the gossip, clashing personalities, and office politics. I love that I don’t have to deal with that anymore. I also don’t have to pick up the slack for other people’s laziness, fix problems created by co-workers, or do my job according to someone else’s protocol. I love having the freedom to do my job the way I see fit, only answering to myself and my clients.

But I do miss office camaraderie.

I miss the occasional lunch out on a nice day, the holiday parties, and commiserating about difficult clients with my teammates. With my husband gone six hours a day, it can get pretty quiet and lonely around the apartment.

The pay isn’t so hot (yet).

When I started my last full-time job, there was definitely room for growth in my salary. But I had full benefits, including paid holidays, health insurance, and vacation time. Since I started on the low end of the pay spectrum, my employer was generous with raises. By the time I left, I was pretty happy with my salary.

Now that I’m just starting out in my freelance career, I find myself taking jobs at a lower rate than I’d like because the competition is stiff and I’m relatively inexperienced as a consultant. I’m also still working out the kinks when it comes to estimating the time each project will take. Sometimes, my hourly wage is pretty sad — especially since I receive zero benefits. But there’s potential for growth, and working from home offers me lots of other perks, so I’m hoping it’ll turn around.

Despite the challenges, I love being self-employed.

Overall, I’m really happy with my decision to work from home. I honestly can’t imagine handling a full-time job once the baby comes, and knowing that I don’t have to deal with daycare and other working mom issues is a huge relief for me right now.

However, I should caution you, if you’re planning to make this move yourself: save, save, save. If we didn’t have a healthy savings account, the last four months wouldn’t have been possible. My husband just started his job (we still haven’t received his first paycheck), and since I’m just starting out, my income is sporadic. There’s no way we could have survived the summer without our emergency fund.

Since my income is so sporadic, we’re not including it in our regular budget. Everything I make will go toward replenishing our emergency fund. I recommend living off your spouse’s income for a while when you begin your freelance career, otherwise you could end up in financial trouble if your workload dies down or your clients are slow to pay you.

Photo by Damon Duncan