Skip to content

5 Money Tips for Freelancers

  • Sabina Lohr
  • Money

World of Freelancers contains affiliate links. If you make a purchase through these links, I will earn a commission at no extra cost to you.

Money is the main reason most of us work, let’s face it.

We all know that the money we earn from our work is extremely important, but a lot of us don’t realize that managing this money is, likewise, very important. A lot of freelancers have a hard time managing money because when you’re a freelancer your income fluctuates constantly. Thus, your ability to allocate the necessary amounts of money towards all of your expenses fluctuates constantly as well.

Some people could not stand to live with the uncertainty of a constantly changing money situation. But other people can stand it. I am one of these people.

I have been freelancing all of my life. I’m very far from being an expert on money at all, but I have been able to handle my finances pretty well, in my opinion, throughout the years. I’ve never heard advice like mine anywhere else. Here are my 5 money tips for freelancers. 

5 Money Tips for Freelancers

Money tips for gold-colored coins

Be Open Minded

You probably try to be open minded about almost everything in your life. But are you open minded when it comes to your money?

You may think being open minded about your money sounds ridiculous. But if you’re an employee earning a fixed income and you’ve created a solid budget with predictable expenses, that is a pretty rigid way to handle money, isn’t it?

If you’re freelancing, you’re definitely not going to have a fixed income, so you’re probably not going to be able to carve a budget into stone. Open your mind to handling your budget with creativity. Find ways that you can move your money around a bit, spending and saving when it’s coming in so you won’t feel stressed out when it’s not.

Earn Money with a Side Hustle

Many freelancers, and even non-freelancers, earn income from a side hustle. There is nothing wrong with this, and it is actually really smart.

A huge variety of ways exist by which you can earn extra money as a freelancer. For example, in person you can have a side hustle like:

  • driving for Uber or Lyft
  • walking dogs
  • renting a room in your home as an Airbnb

Online you can have a side hustle like:

Earning money with a side hustle when you’re freelancing can be a really wonderful way to fill in any financial gaps and even exceed your income goals.

Separate the Wheat from the Chaff

Don’t get used to always buying cheap stuff (unless it’s really all you can afford) nor get used to always buying high-end stuff (unless you really can afford it.)

As freelancers (and as humans, actually) we all have to pay taxes. Aside from that expense, though, how you spend your money is largely up to you. Decide what is important to you and what you don’t care about. Spend the money you have on the important things and as little money as possible, or no money at all, on the things that aren’t so important. Doing this, you can better enjoy the things that really matter most to you.

Focus on Your Physical Health

This may not sound like financial advice, but in the long run it is. Financial health can be tied to physical health.

If you don’t have your health, not only can you not enjoy life as much but as a freelancer you may not be able to earn as much. If you’re sick or injured, you are not going to make as much money as if you’re healthy.

The better care you take of your body, the better you will feel, the more energy you will have, the clearer you will be able to think and the more efficiently you will be able to work. Put your physical health before your work, and your financial health will naturally follow.

Believe You Can Succeed with Money

Don’t let the fact that you’re not very good with money stop you from freelancing. I didn’t let it stop me, and living a freelance lifestyle is one of the smartest things I’ve ever accomplished.


So there you go. Money isn’t everything, but it’s important to do the best you can with what you earn. Hopefully these money tips will help you do just that.

Would you like to learn some more freelancing tips? Take my free freelancing mini-course right here.

(This post was first published in March 2019.)


Sabina Lohr is a lifelong freelancer turned entrepreneur who created World of Freelancers to help others discover how to work for themselves online and live the freelance lifestyle. She’s always really enjoyed the freedom that freelancing brings, including several years on and off of working online while traveling and living abroad.

This Post Has 2 Comments

  1. Hi Sabina – I really appreciate your tip about putting your health first. I think so many of us get caught in the hustle, that we forget that our health is the foundation for any dream we want to realize. This one took me a while to learn, but it’s been essential, so love your approach and how you always emphasize the significance of balance, working smarter and practicing self care.

  2. Thanks, Ayelet! I think it’s sad when people put money and work above everything else. Health is one of the most important things in the world.

Leave a comment!

Back To Top