5 Money Saving Tips for Freelancers in 2022


With 28% of Americans doing freelance work full-time, there’s no denying that the gig economy has taken hold in the United States and around the world. A big part of being a freelance worker is dealing with fluctuating payments and temporary contracts. This means it can be challenging for these workers to plan ahead due to the sporadic nature of the job, but they can take simple measures to set themselves up for long-term financial success.

This blog post will discuss five tactics that freelancers can use in 2022 to set themselves up for financial success.

Defining Cash Flow For Creative Freelance Workers

The first step to being financially successful as a freelance worker is understanding the concept of cash flow. Cash flow represents how much money you have coming in versus going out over a given period of time.

The rise of the gig economy with platforms like our parent company Fiverr has made it easier for creators to get paid quickly, but there are still hurdles to overcome. Graphic designers, photographers, videographers, and other types of freelancers can all use the tips below to improve cash flow management over the next few years.

1. Set Long-Term Financial Goals

The problem most beginning freelancers make is planning job to job with no end goal in sight. While this might be the only choice some freelancers have, there are ways to set yourself up for long-term financial success even though you’re only picking up short-term projects and jobs.

Taking the time to define your long-term goals will help keep you motivated when job prospects aren’t coming through immediately. Long-term goals can include:

  • Financial independence
  • Retiring earlier
  • Moving abroad to work or live outside of your home country.

2. Manage Business Expenses

Another way freelancers can save money is by managing their business expenses more efficiently. It can be easy to forget that you’re a business, especially if you’ve been doing freelance work for years. But taking the time to manage your expenses will help with tax preparation, setting up a retirement account and meeting other financial goals.

With the help of accounting services or tax prep software, you can see how much money you owe the government and where you’re spending your money. Taxes are the downfall of many freelancers who fail to plan, so be sure to stay on top of your finances.

3. Work From Home When Possible

Depending on the nature of your freelance business, you might need an office, studio or other working space. But when possible, you can save money by completing work from the comfort of your home.

Repurposing a bedroom or using a shared space in your house for work can help to cut costs on rent and utilities. It can also give you the flexibility to let your dog out or cook dinner while still working.

4. Save & Invest Right Away

Another key to financial success is saving and investing right away. You don’t know when your next project will come through, so it’s important to have a little bit of money put away in case things get slow.

Savings accounts can help freelancers avoid dipping into their retirement funds or having to borrow from friends and family members. Conversely, if you have a windfall of cash, it’s also a good idea to invest that money instead of treating yourself to a night out.

5. Turn Credit Into Your Friend

As a self-employed worker, it might be worth looking into a generous rewards-based credit card. These cards can give you cash, airline miles or other perks that can be worth hundreds of dollars per year.

Try to use it only for business purposes, which will boost your credit score and help you get even more perks down the road.

Another option would be a low-interest line of credit that you can borrow from as needed. The interest rates should be much lower than other options, and it can help if you run into a cash crunch unexpectedly.

Should You Use Tools to Help You Save Money?

If you feel like you’re struggling with managing your business finances, don’t be afraid to try new tools. Just like software and apps made it easier for people to find work as freelancers, they’ve also made it easier to manage money.

Several online services help freelancers keep track of their clients and monitor payments. You can even automate some small tasks through apps like Freshbooks, which help you prepare for the future with automatic bill payment reminders and savings goals.

Final Thoughts

Freelance work can be a bit of a whirlwind, but using good financial management can help you set yourself up for success.

When freelancers understand the importance of setting themselves up financially, they’re better prepared to take on projects and positions that will bring them closer to their long-term goals. Be sure to manage your expenses and learn how to use debt and credit cards as a tool instead of a hindrance.

As you take these steps, you’ll know how to make the small changes that will help you achieve financial independence in 2022.    


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