How do I manage money as a freelancer?
<div class="user-question">Hi Frich! I’m a freelancer and my income changes every month. Some months I’m good, others I barely make anything. How do I go day-by-day and start working towards my future goals, when I have no idea what I’ll make next month?</div>
Hey there!
So you’re a freelancer, a free spirit, a creative hustler, a self-employed queen/king/royalty. But your income? Yeah… it’s giving rollercoaster.
One month you’re thriving, next month you’re stress-eating ramen and wondering if Wi-Fi counts as a luxury.
Here’s the deal: You can still build a future and hit your goals - even when your cash flow is a little chaotic. Let’s break it down, day-by-day.
Don't have time for the whole thing? Here are our main takeaways.
<div class="frich-tip">1️⃣ Rule number one as a freelancer - ALWAYS HAVE AN EMERGENCY FUND. Rule number two - always keep it in a HYSA. Here are our current top picks.</div>
<div class="frich-tip">2️⃣ Ready to scale up your business? Here are options for small business loans.</div>
<div class="frich-tip">3️⃣ Before you take out a loan, remember to focus on your credit score. Here's a company that helps you build your credit score - without any interest rates, late fees, credit checks, or minimum deposits to worry about!</div>
First, accept the freelance reality (with love)
Let’s be real: freelance income will probably never be a perfect straight line. But that doesn’t mean you’re doomed or “bad with money.”
The key? Stop waiting for the perfect month to start planning. You build your financial future in the messy middle.
1️⃣: Know your bare minimum number
“What’s the least amount I need to survive each month?”
This is your baseline budget: rent, groceries, bills, non-negotiables. Write it down. Even if it feels scary. This number gives you clarity - and removes guilt when you have a low-income month. If you can cover this, you’re already winning.
<div class="frich-tip">Frich tip: use one business credit card for all your expenses to keep track. Here are our favorites for small business owners.</div>
<div class="frich-tip">Frich tip: Make sure that your "bare minimum" truly is a minimum by cutting down your monthly fixed costs. For example, hare our favorite cheap phone plans that actually deliver.</div>
2️⃣: Create a “ramp-up” budget
Next: plan for the medium months.
What do your average months look like? Add a little extra: savings, subscriptions, fun money, investing, etc. This becomes your target budget. If you hit it? You’re moving forward.
<div class="frich-tip">Frich tip: You can use platforms like Bump to connect your bank accounts, which will allow you to track your creator income, set monthly goals and create a freedom fund.</div>
3️⃣: When you have a high income month - act like it’s a blessing (because it is)
Got a $4K, $6K, or $10K month? We love that for you. But don’t spend like it’s forever. Here’s what to do instead
1️⃣ Set aside 25–30% for taxes (freelancer rule #1)
2️⃣ Pay yourself your baseline first
3️⃣ Use the extra to build a “low-month buffer”
4️⃣ Drop a little into your future goals - like investing, savings, or a dream purchase
<div class="frich-tip">Frich tip: always put aside your buffer money in a HYSA (high yield savings account) to make sure you earn interest on that hard-earned cash! Here are our team's current favorites.</div>
4️⃣: Create a ritual for the “down” days
Freelance lows can mess with your head. But here’s a habit that helps: check your money every Friday. No matter what.
Make it vibey. Light a candle. Play your favorite playlist. Log into your accounts, take 15 mins to check in with yourself. Ask:
1️⃣ What did I earn this week?
2️⃣ What expenses are coming up?
3️⃣ What small win can I celebrate?
<div class="frich-tip">Frich tip: Don't underestimate your wellbeing as a freelancer - if you feel good, you'll create better work. Take care of yourself with Headspace!</div>
5️⃣: Dream big but start micro
Want to buy a house? Build a $10K emergency fund? Take a 3-month sabbatical?
Cool. You deserve that. But don’t overwhelm yourself. Break your goal down into tiny actions you can do even on the slowest weeks. Like:
1️⃣ Set aside $10 from every paid invoice
2️⃣ Automate a weekly $5 transfer to savings
3️⃣ Create a Pinterest board for your dream future
<div class="frich-tip">Frich tip: Does your future dream involve owning a home? Start small by investing in real estate with Fundrise!</div>
Freelance Finances Cheat Code
💸 Know your bare minimum
💸 Create a “medium month” target
💸 Save from the highs to cover the lows
💸 Stay consistent with a weekly check-in
💸 Start building your goals with tiny steps
Freelance budgeting isn’t easy - it’s a constant dance between feast and famine. But just because your income is unpredictable doesn’t mean your future has to be.
That’s where Bump comes in. It’s not just a budgeting tool - it’s a creator-friendly financial partner designed to move withyou, not against you. Whether you're riding high or in a slow season, Bump helps you track your income, plan your expenses, and build real financial freedom - without the stress.
Because even when your checks change, your goals don’t. And with the right tools, you can still build something solid - one creative paycheck at a time.
Found this valuable? Here are some more deep dives from the Frich team 🤝
✅ 7 Tiny Money Moves That Feel Really, Really Good
✅ How Do I Actually Make Money By Starting My Own Business?
✅ What am I supposed to do with my salary?
Future you is already proud of present you!
You’ve got this! -- Trudy from Bump
