Budgeting for Freelancers
Master irregular income with smart money management strategies.
Freelancing offers freedom but requires financial discipline. Variable income makes budgeting challenging, but with the right approach, you can build financial stability while enjoying flexibility.
Budget Priorities for Freelancers
Tax Reserve
Set aside 25-30% of income for quarterly taxes
Health Insurance
Mandatory expense, shop marketplace annually
Business Expenses
Software, equipment, marketing, professional development
Large Emergency Fund
6 months of expenses for income gaps
Calculate Your Daily Budget
Enter your income and expenses to find your daily spending limit. We recommend saving at least 25% for your situation.
Income
$0Fixed Expenses
-$0Savings Goal
$0/monthHow much of your remaining income do you want to save?
10% of remaining income
Monthly Budget
Your Daily Budget
That's $0 ÷ 31 days = $0.00/day
Money Tips for Freelancers
Pay yourself a consistent "salary" from a business account
Set aside 25-30% of every payment for taxes immediately
Build a 6-month emergency fund (larger than employees need)
Separate business and personal finances completely
Invoice promptly and follow up on late payments
Track all business expenses for tax deductions
Get health insurance through marketplace or professional association
Consider SEP-IRA or Solo 401(k) for retirement savings
Common Challenges
- Irregular and unpredictable income months
- Self-employment taxes (15.3% on top of income tax)
- No employer-provided benefits (health, retirement)
- Feast-or-famine client cycles
- Difficulty separating work and personal spending
Frequently Asked Questions
How do I create a budget as a freelancers?
Start by listing all income sources, then categorize expenses into needs and wants. For freelancers, prioritize taxes, health insurance, business expenses. Use the calculator above to find your daily spending limit after essential expenses.
What percentage should I save?
For freelancers, a savings rate of 25% is recommended. Adjust based on your specific circumstances — even small amounts help build financial security over time.
Does this calculator need to connect to my bank?
No. This calculator is 100% private — no bank connection, no account creation, no data collection. Everything stays in your browser and is never sent anywhere.
Helpful Budgeting Articles
Daily Budget Tips: Master Your Money One Day at a Time
How daily budgeting transforms your relationship with money—small daily choices that create big results
First-Time Buyer Mortgage UK: Complete Guide + Calculator (2026)
Complete 2026 guide to first-time buyer mortgages in the UK. Learn about stamp duty relief, deposit requirements, Help to Buy, and use our free mortgage calculator to see your monthly payments.
The Envelope Budgeting Method: Cash-Based Spending Control
The envelope budgeting method gives each spending category its own physical (or digital) envelope. When the envelope is empty, you stop spending. Learn how this simple system creates real spending limits.
Track Your Budget Anywhere
Download BUDGT to manage your daily spending on the go — even offline.
Download for iOS