Happy Wednesday! You may have noticed that the newsletter didn’t hit your inbox last week. That was intentional. After a couple of slower months, it’s been a hectic few weeks on the work front.

I’m thankful that a good amount of work fell on my lap, but there was a lot to get done within a short timeframe. I’m sharing all that to explain that I’m now referring to this as a weekly-ish newsletter instead of a weekly newsletter. Because sometimes life happens.

Anyway, let’s get to it. Last time, I wrote about some ways freelancers can navigate slow seasons. One idea was to spend time on business tasks that have fallen to the bottom of your to-do list, like updating your portfolio, improving the client onboarding process, and building a financial plan for the quieter months.

This week’s newsletter is part two, the financial side of preparing for a slow season. If you’ve ever felt financial anxiety during a slow month, this week’s newsletter is for you. Here are some actionable steps you can take when work is steady to make the next slow stretch a lot less stressful. Let’s get into it.

Revisit your recurring expenses

Most of us probably don’t review our recurring expenses often enough. When work is busy and money is coming in steadily, recurring costs are easy to overlook. But when work slows down, every extra expense adds up fast.

It’s worth auditing your recurring expenses every six to twelve months. Go through both your personal and business spending and ask yourself:

• Is this still necessary?

• When did I last actually use this?

• Is this still a good fit for my life and work?

A colleague recently told me she had been paying for a costly subscription for over a year without using it.

Recurring costs, like subscriptions, are easy to overlook — especially when life gets busy.

Cutting expenses that no longer serve you frees up money and keeps your monthly costs more manageable. Any savings you find could go a long way when work slows down.

Know your baseline number

Knowing your baseline number can make a big difference. It takes the guesswork out of financial decisions and can make slow months feel a lot more manageable before they even arrive.

Add up what you actually need to cover your essential monthly expenses — things like your mortgage or rent, utilities, insurance, and groceries. That total is your baseline number.

Your baseline number tells you a lot. It clarifies what you truly need to earn each month and makes it easier to set rates, evaluate projects, and make smarter financial decisions, no matter what’s happening with work.

Build a dedicated fund for slow seasons

I’ve talked about how I maintain a separate PTO fund. It’s a way to pay myself when I take time away from my business, including vacations.

Several readers reached out to say it resonated and inspired them to do the same. Guess what? You can do something similar for slow seasons.

Once you know your baseline number, you have a savings target to work toward. Here’s how to make it happen: Every month, set aside a small percentage of your earnings into a separate savings account.

Over time, the goal is to build your fund to a point where it can cover your essential monthly expenses for at least a month or two if work really slows down.

Just make sure it’s in a separate savings account. If your fund is mixed in with your regular everyday spending money, it’s too easy to dip into.

Stay on top of your invoicing

When work gets busy, it’s easy for invoicing to fall to the bottom of your to-do list. But staying on top of it is one of the best ways to maintain a stable cash flow.

Get into the habit of sending invoices promptly after completing work. If you have any outstanding invoices, follow up.

If keeping up with invoices is a struggle, invoicing software can make a difference. Once you set up automatic reminders and follow-ups, you’ll spend less time chasing payments.

For those dealing with frequent or recurring late payments, it may be time to re-evaluate your payment terms and update contracts with existing clients. Clients who repeatedly pay late aren’t worth the headache.

Before the next slow season arrives, it’s worth doing a quick audit of unpaid invoices. Getting paid for work you’ve already completed is one of the easiest ways to strengthen your finances before things get quiet.

Diversify your client base

Diversifying your clients, projects, and income streams is something I’ve talked about before, but it’s worth revisiting. When you rely on a limited pool of clients, work exclusively in one niche, take on only one type of project, or rely on a single income source, you leave yourself with very little cushion when things slow down.

I’ve been there before. When things slowed down with a couple of clients, I felt it immediately. It’s a hard lesson to learn.

While diversification can’t guarantee you’ll avoid a slow work period, it can significantly reduce the financial damage when one hits. The best time to diversify is before you need to, when work is steady, so consider this an invitation to review your recent clients, projects, and income streams to see whether you need to strategize and make some changes.

The best time to prepare is now

As freelancers, we have little control over budget changes, strategy shifts, or a client bringing work in-house. But we can control how we prepare. Taking steps to get your financial affairs in order before work slows down can make a significant difference when it does. Plus, regularly revisiting your finances is one of the best habits you can build as a freelancer, slow season or not.

As always, thanks for being here. I hope you have a great rest of the week.

Have a topic you’d like me to cover? Let me know.

When work dries up, it’s easy to feel stuck. I just went through a slow season myself, so trust me, I get it.

But staring at your inbox while questioning your life choices won’t make clients magically appear. The best thing you can do is take action.

This week, I’m sharing a few strategies that have helped me push through slow seasons and come out the other side.

Reach out and reconnect

Hello, my fellow introverts! I see you hiding behind your laptops. 🫣

I know reaching out is easier said than done. But sometimes the most productive thing you can do during a slow stretch is to push through that discomfort and make the first move.

A temporary lull is the perfect time to reconnect with past clients. It’s easy to lose touch when things get busy.

But just because you haven’t worked with someone in a few months doesn’t mean they don’t need freelance support. They may have a project coming up, or simply need a reminder that you’re available.

Take a few moments to send a quick check-in note. Ask how they’re doing, share something they’d find useful, and let them know you have some availability opening up.

Staying in touch with past clients shouldn’t only happen when work slows down. A slow stretch is a good time to take a step back, reassess how you're staying in touch with clients, and build regular check-ins into your routine. Staying connected between projects keeps you top of mind and strengthens your client relationships.

Show up and get noticed

As I mentioned earlier, I recently navigated a slow season.

One that lasted a couple of months. 🫠

Instead of waiting it out, I got intentional.

I reached out to people in my network, put more effort into outreach, and started showing up more consistently online. And while it wasn't an overnight fix, things slowly started to turn around.

Throughout the last few weeks, I've landed several new projects, two of which came directly from LinkedIn. I came across posts advertising freelance opportunities that aligned with my experience, reached out, and started a conversation. And it led to new work.

If work has slowed down for you, increasing your online visibility is one of the best things you can do. LinkedIn is a great place for freelancers to network. Yes, you’ll come across some cringy posts. And putting yourself out there can feel uncomfortable at first.

But the right person could come across your profile, comment, or post at exactly the right moment. Sometimes that's all it takes. You can't control the timing, but you can control whether you're visible when it happens.

Don't put too much pressure on yourself. All you have to do is show up. Leave a helpful comment, engage with someone's content, or post an update letting your network know you have availability opening up.

When you see an opportunity that aligns with your experience, make your move. Leave a comment, send a DM, or follow up with a quick email. You never know where a conversation might lead.

Turn downtime into progress

Outreach and online visibility are important, but you can’t spend every second networking. Burnout is real, and the last thing you need is more stress.

A slow period is also a valuable opportunity to tackle the business tasks that fall to the bottom of your to-do list when things get busy.

For example:

• Updating your portfolio with your most recent work samples

• Improving your onboarding process

• Learning a new skill that complements your current offerings

• Attending a virtual webinar or networking event

• Writing that blog post or newsletter you’ve been putting off

• Putting a financial plan in place so the next slow season feels less stressful

These are the kinds of tasks that often get pushed aside. A slow stretch gives you the perfect excuse to get them done.

Don’t give up hope

Slow seasons don’t last forever. As uncomfortable and stressful as this time may feel, things can and will get better. You will come out on the other side.

The work you put into your business during the quiet moments is an investment in yourself. When things pick back up, you'll be glad you kept going and showed up for yourself during the hard moments.

Have a topic you’d like me to cover? Let me know.

It’s easy to see why so many people are attracted to the freelancing lifestyle…

• There’s no one telling you what to do all day 😅

• More control over your income

• More flexibility with your schedule

• Ability to choose the work you do

If you’re thinking about transitioning from part-time to full-time freelance work or hope to walk away from a W-2 job for good, I recommend getting your finances in order first.

Getting your financial affairs in order before you make the leap can make all the difference down the road.

Here are a few financial moves I suggest making before diving in full-time:

1. Give part-time freelancing a try

Are you considering ditching your job to go freelance? It may be worthwhile to do some part-time freelance work first.

I freelanced on the side for over a year before going all in. While I continued to collect a steady paycheck, I continued to improve my craft. I also spent a lot of time on outreach to expand my client base before I ditched my paycheck.

This gave me the flexibility to explore different projects and more time to grow. Starting off part-time gave me the freedom to focus on my business goals without the added financial pressure of wondering how I’d pay my bills. Plus, the real-world experience helped me decide whether the freelance lifestyle suited me.

If you jump all in without having the added protection of a regular paycheck hitting your checking account, you may face financial struggles if the first few months or years are slow-going.

If you still have a full-time job, consider taking on some part-time freelance work in your free time to protect your finances.

2. Reduce your living expenses

Reducing your living expenses is another money move that can be beneficial. When I started my full-time freelancing journey, I had zero credit card debt.

I had also just paid off my student loans. The only debt we had left was my husband’s student loans. By not having multiple debts to juggle, we had more control over our monthly spending, allowing us to keep our expenses low.

A quick recap: In 2014, my husband and I moved abroad. I went into the experience with a big goal: to pay off all my student loans before returning to the U.S.

Since our teaching jobs included free housing and living costs were significantly cheaper, I could afford to throw an extra $1,000 toward my student debt each month. Our one-year contract turned into two — and by the time our whirlwind adventure ended, I no longer had an outstanding loan balance.

Let me be clear. For many people, paying off all their debt (especially student loan debt) before becoming a full-time freelancer is unrealistic.

But looking for opportunities to trim your spending can make a difference. Reducing your monthly expenses can help to ease financial stress as you build your business and increase your income.

One idea is to shop around for a more affordable cell phone or internet plan. Switching providers, downgrading to a cheaper plan, or asking your service provider to apply a promotional discount to your account could help.

3. Research healthcare costs

Many workers favor traditional employment because they value a good benefits package. Employee benefits may include affordable health insurance, paid time off, and a retirement plan with a company match.

As a self-employed freelancer, you’re responsible for covering the benefits that an employer typically provides. Before diving fully into the freelance lifestyle, researching healthcare costs is a must.

You want to ensure you understand your monthly premium costs and any additional healthcare expenses you’ll be responsible for, so you can budget accordingly. If you’re comparing plan options, don’t neglect to review out-of-pocket costs like deductibles, copays, and coinsurance.

Unfortunately, it can be very expensive to insure yourself in the U.S. Knowing what to expect before you dive into the full-time freelance lifestyle can help you set realistic income goals and decide whether you can afford to go full time.

4. Establish an emergency fund

Here’s another tip: Make sure you have emergency savings set aside.

No matter where you are in your freelance journey, you will probably experience income fluctuations and slow work periods. It happens, no matter how well you prepare. Even experienced freelancers deal with these struggles.

Unexpected bills are another financial hurdle. They can (and often do) pop up when you least expect them. With extra money in the bank, you can weather financial difficulties with greater ease.

So if you don’t have an emergency fund, consider prioritizing building one before becoming a full-time freelancer. It’s okay to start with a small savings goal.

Set yourself up for financial success

Whether you’re freelancing in your free time or have a full-time job and are exploring your options for a career move, always keep your finances top of mind.

By doing so, you’ll be able to make informed decisions and feel more confident about your financial health.

Thanks for taking time out of your day to read this. I’ll see you again next week!

Have a topic you’d like me to cover? Let me know.

Happy Wednesday, fellow freelancers!

I hope everyone made it through Tax Day with minimal stress. After a brief pause, we’re returning to our usual schedule.

It’s good to be back!

This week, I thought it would be helpful to talk about some common financial missteps freelancers make and, more importantly, how you can avoid them.

Unfortunately, there’s no official guidebook for managing finances as a freelancer. (Wouldn’t that be nice?) We’re left to figure it out as we go, learning through trial and error along the way.

Sometimes that means learning hard lessons, some more costly than others.

Money missteps happen. Let’s talk about some of the more common freelance money mistakes so we can be more aware of potential pitfalls and learn what to do to get ahead of them.

As a reminder, I’m not a financial advisor or tax advisor. This is not financial advice. If you have questions, please reach out to a professional for guidance.

Skipping Quarterly Taxes

One money misstep many freelancers make is skipping quarterly estimated tax payments. Some freelancers skip them altogether, while others make late payments or underpay.

When you’re self-employed, you’re responsible for paying income tax and self-employment tax through quarterly estimated tax payments.

If you don’t keep up with these payments, you’ll have an unpaid tax bill to deal with come April, plus underpayment penalties and interest fees. But you can avoid that by staying on top of your payments.

The best way to prepare financially is to set aside a portion of your income regularly. This way you’ll have plenty of money saved by the time the next estimated tax payment date rolls around.

For those who struggle with remembering to stash away money throughout the year, I recommend leaning into automation. I explain how automated bank transfers help me manage my estimated tax payments.

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Basing Your Budget on Your Average Earnings

Fluctuating income is the norm for most freelancers. When your earnings vary from one month to the next, putting together a realistic budget can be tricky.

Many freelancers use their average monthly earnings as a budgeting baseline. This approach isn’t wrong. But it may make things harder during slower months.

When your income dips below your average, your budget may not stretch far enough to cover your actual expenses.

Try this instead: Rather than calculating your average monthly income, consider using your lowest earning month for the last 6 to 12 months as your baseline.

This will enable you to be financially prepared for leaner months. You’ll be in a better position to weather slower work seasons without the added financial stress of coming up short.

During busier months when you’re earning more, you can put more money toward financial goals, like saving, investing, or paying down debt.

It’s good practice to review your budget annually to determine whether any adjustments need to be made.

You want your budget to reflect your current financial situation.

Neglecting Retirement Planning

As a freelancer, you’re in charge of planning and preparing for your future non-working years. There’s no fancy employer-sponsored benefits package with an employer match on retirement account contributions or auto-enrollment in a retirement plan.

When you’re busy juggling multiple client projects, it’s too easy for retirement planning to fall to the bottom of your to-do list.

But if you only focus your attention on your day-to-day business needs, you may end up neglecting to plan for your future. And the longer you put it off, the less time your money has to grow through compound interest.

Taking the time to research and contribute to a retirement plan is one of the smartest financial moves you can make as a freelancer.

A Roth IRA is one option to explore. It’s a tax-advantaged retirement account funded with after-tax dollars. You pay taxes on your contributions now, but enjoy tax-free growth and tax-free withdrawals in retirement.

Other retirement account options for freelancers include SEP IRAs and Solo 401ks. Contributions made to either account are tax-deductible, which can help reduce your taxable income, and any growth in the account is tax-deferred until retirement.

If you’ve been putting off investing in your future, it’s never too late to start.

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Having no financial safety net

Your freelance income can change significantly with little notice. Clients can pause projects, shift strategy, or reduce or cut budgets.

Life also has a habit of throwing curveballs. An unexpected expense can pop up when you least expect it.

For example, an unexpected repair bill.

A bad windstorm could leave you with a damaged roof that requires repairs. (Recent personal experience here. 🫠)

Unfortunately, many freelancers lack emergency savings. Without a financial cushion, one slow month or a costly, unexpected expense can cause financial stress and put you in a difficult situation.

If you have minimal savings, or no savings, you’re not alone.

But don’t put off building an emergency fund. It’s never too late to start. And it’s okay to start with a small savings goal.

Setting aside a small amount of money each month can add up over time.

Don’t be hard on yourself

Nobody gets it perfectly right all the time, and that’s okay. Making financial mistakes doesn't make you bad with money — it makes you human.

Every misstep is an opportunity to learn and adjust. The most important thing to remember is it’s never too late to build new financial habits.

Help me improve Finance for Freelancers: If you have a topic you’d like me to cover or feedback to share, I’d love to hear more.

This week’s newsletter topic draws inspiration from an email I sent to one of my editors recently. It took less than five minutes to write, and resulted in an immediate income boost.

Here’s the story.

​It was about 1/3 of the way through the month, and I had just finished writing an assignment for an editor for a digital publication. I realized it was the first assignment I had done for this client since the start of the new year.

I wondered whether now was an appropriate time to ask about a rate increase. I had been writing for this client for a little under a year and had completed over 40 assignments.

After thinking it through, I sent a quick email to my editor asking whether he’d be open to discussing my rate.

Good news: The email conversation went well. I’m now earning more. 🥳

Here’s the thing. I almost didn’t send that email! I was hesitant because:

• I was still a couple of months shy of my one-year anniversary as a contributing writer

• Based on prior experience, I understood that some publications’ contributor rates aren’t negotiable

But how could I know the outcome without asking?

It was worth taking a few moments to do something slightly uncomfortable.

Sending that email paid off in two ways:

• I’m now earning more money

• It gave me a confidence boost, which will help me advocate for myself again in the future

I’m glad I didn’t avoid or delay the discussion. My workload for this client fluctuates somewhat. But I estimate I’ll earn up to an additional $1,500 this year because of that email.

You may have noticed that I mentioned asking to discuss a rate increase.

Let me explain why I used the word ask.

This was for a digital publication. Typically, when pitching stories or receiving assignments for this type of work, I’m communicating with an editor.

I’ve learned that many publications have set rates for freelancers. And more often than not, editors don’t have the final say regarding rates.

When approaching rate increase conversations, I’ve experienced mixed results. Sometimes an editor will have the budget (and flexibility) to negotiate a higher rate. Other times, there’s no wiggle room to entertain a rate hike.

I think it’s always worth a conversation.

Another way to go about raising your rates

For non-pub clients, I approach things differently.

Instead of asking to have a conversation, I inform them that my rates are going up.

If you’re taking this approach, I suggest giving plenty of notice. It’s good practice to give 30 to 60-days’ notice and communicate the upcoming change clearly.

Here’s what I suggest doing:

1. Explain how much your rate(s) will change (e.g., X% or $X increase)

2. Clearly state your new rate(s)

3. Let them know the effective date of the new rate

4. Thank them for their continued business

Money talks matter

Life gets more expensive every year.

We’re paying more for Chipotle burrito bowls, Netflix, groceries, candy bars, car insurance, health insurance, and more. It’s exhausting thinking about it, really.

Yet some freelancers rarely (or never) adjust their rates. Freelancing is unlike a W-2 job, where you might get an annual cost-of-living increase. That means you have to advocate for yourself.

How much you get paid for your work affects your finances. Asking to have a rate discussion and/or informing your clients that your rates are going up are part of the business side of freelancing.

I hope this week’s newsletter encourages you to consider how your rates are affecting your wallet.

I’m sharing this story as a reminder to you (and me!) that it’s worth the effort to:

• Advocate for yourself

• Ask for what you want/need

• Step outside your comfort zone

How do you handle rate increases? How have your clients responded? Let me know by replying to this email.

Recent happenings

I’m going to test out sprinkling in some “this is what I’ve been up to” content every so often. (I’m open to feedback!)

Media I’ve been consuming: I joined a second book club. It’s been fun getting to know more women who live near me.

Since I read and write on the computer all day for work, I prefer a mix of physical books and audiobooks for “fun” reading.

I’m listening to the audiobook of Gone Before Goodbye. This weekend, I’ll start reading Code Name Hélène.

My husband and I saw The Drama. No spoilers, but I plan to rewatch once it’s streaming. I also binge-watched Something Very Bad is Going to Happen. I couldn’t stop watching!

What I’ve been writing: I’m working on several credit card rewards guides for a digital finance publication. I recently wrote this piece for Motley Boom, a neurodivergent-first living publication: 5 Neurodivergent-Friendly Money Moves.

I received an ADHD diagnosis when I was 33. I have many freelance friends who are also neurodivergent. I hope to cover some finance and business topics relevant to ND brains here in the future.

P.S. I’m hitting pause on content next week. I have a feeling some may be in a mad tax prep dash. See you in two weeks!

If you have a topic you’d like me to cover or feedback to share, I’d love to hear more.

Good Morning!

Before we get started, I just wanted to say I'm truly grateful you're here.

Thank you for reading, sharing, and supporting my work.

This weekend, Finance for Freelancers crossed the 100-subscriber mark.

This is my first newsletter and my first time publicly sharing non-client writing in years.

I had no idea how it would be received, and seeing so many of you show up means the world to me. Thank you for being on this journey with me. ❤️

Today is April 1st, also known as April Fools’ Day. I recently learned this fun fact: In France, April 1 is known as Poisson d’Avril, or ‘April Fish.’ You can read about a few theories of its origin.

Here’s how French kids celebrate the holiday: They cut out and color paper fish, then secretly try to tape them to each other’s backs without being noticed.

Now on to a less fun topic: taxes. For those of us in the U.S., we’re two weeks away from the federal tax filing deadline.

If you don’t get excited at the thought of preparing and filing your taxes, you’re not alone. 🫣

Since we’re nearing the final days of tax prep season, I figured now would be a good time to discuss some strategies that freelancers can use to set themselves up for success well before April of next year.

While it may feel too early to think about next year’s filing season, it’s not. By taking action throughout the year, you can set yourself up for success and ensure that next tax season is a breeze.

As a reminder, I’m not a tax professional, and this is not tax advice. If you have tax-related questions, please reach out to a tax professional for guidance.

Let’s review some year-round money moves that can help simplify tax season.

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Keep an accurate record of your earnings

As a freelancer, it’s your responsibility to report all your income. You’re likely juggling multiple clients and projects throughout the year. That means you need to track all those income streams.

It’s in your best interest to document every dollar that you bring in. It’ll be easier to see how your business is doing financially, and it’ll make tax time easier.

As for how you track your freelance earnings, do what works best for you. One way you can do that is with bookkeeping software. QuickBooks and FreshBooks are two examples.

Another option is to use a spreadsheet. The best part about this method? It's completely free. I use a Google Sheets spreadsheet to document my earnings.

Every year, I create a new spreadsheet. Each month gets its own tab, where I track every project, its rate, and my running total for the month.

This approach makes it easy for me to review my finances throughout the year. It also helps to make tax time way less complicated because I’m ready to dive into the numbers.

Track your business expenses

Tax deductions reduce your taxable income, which can result in tax savings. The IRS allows self-employed business owners to deduct business operating costs.

For a business expense to be deductible according to the IRS, it must be both ordinary and necessary.

Some examples may include:

• Software subscriptions

• Professional organization membership fees

• Educational course fees

• Domain registration and web hosting expenses

• Advertising expenses

It’s important to keep a careful record of your business expenses. Remember that spreadsheet I was talking about earlier?

In each monthly tab, below my earnings, I record my business expenses for that same month. Many of my business expenses are recurring, so they’re relatively easy for me to track.

Having all of this document in my spreadsheet makes it easy to quickly input my yearly business expenses when preparing my tax return in the spring.

I also keep copies of my receipts. I stash electronic receipts in a folder in my email, and I stash paper receipts in a receipts folder, which I keep in my office.

Make quarterly estimated tax payments to avoid penalties

Self-employed workers, including freelancers, are responsible for making quarterly estimated tax payments.

If you underpay or skip your estimated tax payments, the IRS will hit you with an underpayment penalty. That means you’ll be responsible for paying the remaining amount you owe, plus fees.

But you can avoid this by making your payments by the quarterly due dates.

Do you struggle with managing estimated tax payments? Trust me, you’re not alone.

Last week, I shared what I do to simplify things. I’ve been following this approach for many years, and it has reduced my stress.

If you already read my in-depth guide last week, the next tip will be familiar.

Automate your savings

Instead of stressing out about how you’ll be able to afford to make your next estimated tax payment a week before it’s due, you can save up year-round. Automating your savings can be helpful.

Through your bank, you can set up automatic transfers. Once you do this, money will automatically be moved from your checking account to your savings account on a set schedule.

This can be especially helpful for anyone who is forgetful and for those navigating extra busy seasons of life. You won’t have to rely on remembering to manually contribute to your tax savings fund.

When it’s time to make your next quarterly estimated tax payment, just use the funds you have stashed away in your tax savings account.

This strategy has been a total game-changer for me. Every two weeks, money is automatically stashed into a tax savings bucket in my savings account.

I feel more prepared. Plus, I’m earning interest while my money sits in the bank.

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Stay up to date on tax changes

Tax laws are ever-changing. It’s in your best interest to stay alert to recent tax changes so you know what to expect and can plan accordingly.

If the thought of this makes you break out in hives, don’t fret, my friend. Many freelancers choose to work with a tax professional. A CPA can file and prepare your taxes and also keep you in the loop about tax law changes.

Set yourself up for success

The takeaway: How you manage your money matters. You may want to consider whether it’s time to make some adjustments so you’re better organized throughout the year. Small habits, built now, can pay off big come tax time.

We’re quickly approaching April 15, which is the individual federal income tax return filing deadline. 2026 Q1 estimated tax payments are also due then.

And while I already filed my 2025 tax return in February, I’m gearing up to make my Q1 2026 estimated tax payments.

In my state, I’m also responsible for paying local and state income taxes. So I’ll be scheduling three separate payments. Exciting stuff! 😅

Anyway, this got me thinking about how stressed I used to feel managing my estimated tax payments. I wasn’t managing them well at all. The issue was I wasn’t stashing away money regularly, which caused added chaos and stress.

This was my routine for a while:

A few weeks before a quarterly payment was due, I’d stare at my checking account balance, wondering how I was going to magically come up with the necessary funds.

Then came the scramble: I would chase last-minute writing projects, hoping that I could earn enough money to make up for my poor planning.

Luckily, those days are long behind me. I have a system in place that ensures I’m prepared. In this newsletter, I’ll explain what I do now.

A quick reminder before we dive in further: I’m not a tax professional. If you have tax-related questions, please reach out to a qualified expert for guidance.

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Here’s why estimated tax payments matter

Let’s start with an overview.

Why do freelancers need to make estimated tax payments? The IRS requires workers to pay taxes as they earn income.

W-2 workers have taxes withheld from their paychecks. But freelancers manage their own taxes. That means they must set aside money to cover their tax bill and make estimated tax payments.

The IRS outlines four payment periods throughout the year. Freelancers are responsible for making estimated tax payments for each period.

Here are the due dates for federal estimated tax payments for each quarter:

If you skip quarterly estimated tax payments or underpay, the IRS will hit you with underpayment penalties. It’s best to make payments every quarter.

Goodbye chaos, hello calm

Luckily, remembering to schedule my tax payments has never been an issue for me. (THANKS, ANXIETY!) Every year, I mark the four due dates on my work calendar. These reminders keep me on track.

What I struggled with before was actually remembering to set aside a portion of my income regularly. So how do I save up throughout the year so I have enough money to make my payments?

Similar to my approach to saving up for paid time off as a freelancer, I lean into automation. I have an automatic transfer set up through my bank. Every two weeks, a set amount of money is automatically transferred from my checking account to my savings account.

This strategy works really well for me. Since I’m regularly setting aside money, I’m not left scrambling to come up with enough funds to cover my tax payments every quarter. I’m more able to focus on running and managing my business well.

As for making the payments, I like to manually schedule my quarterly estimated payments rather than scheduling them in advance for the whole year. About a week before the due date, I log in to my payment portal of choice and schedule my next payment.

This gives me a chance to review my recent earnings. And if necessary, I make adjustments to the payment amount before scheduling my next payment.

Want to schedule your payments ahead of time? The EFTPS and IRS Direct Pay allow you to schedule payments up to 365 days in advance. You can do this with third-party software solutions, too.

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What can freelancers experiencing income changes do?

Has your income been all over the place lately? If you’re navigating inconsistent income in your current chapter of life, automation may not be ideal.

Here’s another way to manage things so you have enough money saved up by the time the next due date rolls around.

At the end of each month, transfer a portion of your earnings to your savings account to cover your tax responsibility for that month.

But make sure you do this every month so you’re making consistent contributions to your savings account to have enough money to fund your next payment.

If you do this manual savings approach, I suggest scheduling a reminder on your phone or marking it on your calendar so you don’t forget.

Simplify your finances and life

Now that I’m no longer having to remember to manually stash away tax funds, I feel much less financial stress.

It can be beneficial to look for ways to simplify your finances. How you manage your estimated tax payments is just one example.

If how you’re managing your finances is no longer working for you, it may be time to make some changes. Freeing up your time and energy and reducing your stress can be a major win.

Help me improve Finance for Freelancers: If you have a topic you’d like me to cover or feedback to share, I’d love to hear more.

Welcome to week four of Finance for Freelancers! In honor of Women’s History Month, this week’s newsletter content and format will be different.

I’ve been thinking about how just over 50 years ago, it was legal for banks to discriminate against women who applied for credit. 😐

Banks were legally allowed to require women to have male co-signers to open credit cards or take out loans, regardless of their income.

Until October 1974, when the Equal Credit Opportunity Act was signed into law. The ECOA made it illegal for banks to discriminate based on sex or marital status.

I’m 38. I was a senior in high school when I opened my first credit card. I’m horrified that this law only became a reality 13 years before I was born.

But I appreciate the many women who championed women’s rights and fought for women’s financial independence.

With that in mind, I’m devoting this week’s newsletter to celebrating several women who shaped financial history.

Maggie Lena Walker

Maggie Lena Walker was a successful businesswoman and civic leader who became the first woman to charter a bank in the U.S.

At 14, she joined the Independent Order of St. Luke (IOSL). The organization promoted Black economic independence and provided mutual aid and community support to its members.

She worked as a teacher for three years. After resigning from her teaching job (because school policy prohibited married women from teaching), she began working for the IOSL. She worked in various roles.

In 1899, she was elected as the Right Worthy Grand Secretary, the organization’s highest leadership role. She assumed the role when the IOSL was on the verge of bankruptcy. Walker wasn’t deterred, seeing it as an opportunity.

Through her hard work, she saved the IOSL from bankruptcy. She also rebuilt the organization, growing its membership and expanding its mission.

In 1903, she founded the St. Luke Penny Savings Bank in Richmond, Virginia. Walker wanted to provide a safe place for Black families to save and borrow. She hoped to empower her community by fostering financial independence.

She did that and more. By 1920, the bank issued over 600 mortgages, helping hundreds of Black families become homeowners.

Walker spent her entire life championing her community. She’s credited with creating the St. Luke Herald, a community newspaper.

She founded the St. Luke Emporium department store, which gave Black customers a dignified and safe place to shop amid racial segregation.

She also led a citywide boycott against segregated streetcars and promoted women’s suffrage.

Read more: National Women’s History Museum

Emily Card, PhD

We can’t discuss the Equal Credit Opportunity Act (ECOA) without highlighting the advocacy work of Emily Card, PhD.

In the early 1970s, while serving as a legislative fellow for Senator Bill Brock, she helped draft the ECOA's legislative language.

Card herself had experienced discrimination when applying for credit. Despite earning more than her husband, she was denied credit when applying for a credit card in her own name.

She collected evidence to convince Senator Brock that a new national law was necessary. Card coordinated with women’s rights groups to gather personal stories from women who had been discriminated against by banks.

Card was present on the Senate floor when the legislation was passed in 1974.

President Ford signed the bill into law in October 1974. In 1976, he signed an amendment to the law to expand its protections beyond sex and marital status. The amendment broadened its reach to prohibit discrimination based on race, color, religion, national origin, age, and receipt of public assistance.

Card has continued to advocate for women’s financial independence as an educator and author. She authored and co-authored several personal finance books and hosted the television show It's Your Money.

While on faculty at USC, she founded the Women’s Credit Project. She also founded and directed the Women’s Credit and Finance Project at Harvard University.

Learn more: Smithsonian American Women’s History Museum

It’s worth mentioning that the late Justice Ruth Bader Ginsburg helped pave the way for the ECOA. In the 1970s, she led the fight against gender discrimination.

While serving as a volunteer attorney for the ACLU, she argued six landmark cases before the U.S. Supreme Court. She also founded the ACLU’s Women’s Rights Project.

Madam C. J. Walker

Born Sarah Breedlove to formerly enslaved parents, Madam C. J. Walker became the first self-made female millionaire in the U.S.

Orphaned at age seven, she spent her early years working as a child laborer and then a washerwoman.

She escaped poverty by developing specialized haircare products for Black women. Her personal experience with several scalp ailments, including hair loss, led her to create the “Walker System.” The system paired hair products and scalp treatments with hot combs.

After getting married in 1906, she began going by Madam C. J. Walker. She started selling her hair care products door-to-door, teaching other Black women how to care for their hair.

In 1908, she moved to Pittsburgh and founded a factory and training school, called Lelia College, named after her daughter.

At the school, she taught women how to be "hair culturists.” She trained and employed 40,000 Black women as sales agents. Her business model ensured that her agents earned enough to gain financial independence.

After her divorce in 1910, she relocated to Indianapolis and built a factory for the Walker Manufacturing Company. She also built a hair and nail salon and another training school. Walker was a very successful entrepreneur. She became the first self-made woman millionaire in the U.S. by the time of her death in 1919.

Walker was also a philanthropist who supported civil rights and education programs. She contributed to the Young Women’s Christian Association (YWCA), covered tuition for students at Tuskegee Institute, and funded anti-lynching efforts run by the NAACP.

Upon her death, Walker left two-thirds of future net profits to charity and donated nearly $100,000 to various orphanages, institutions, and schools.

Learn more about her life and legacy: Madam Walker Legacy Center

Thanks for going on a historical deep dive with me today. I enjoyed researching these women and learning about their many achievements. I originally hoped to highlight 4-5 women in this piece, but my ADHD brain couldn’t stop talking about these 3 incredible women.

Are you interested in occasional deep dives like this? Let me know by replying to this email.

Cheers to the many women who fought for women’s financial independence and advocated for their communities.

I’ll see you next Wednesday! ❤️

Help me improve Finance for Freelancers: Have a topic you’d like me to cover or feedback to share? Let me know.

Freelance business owners may feel extra pressure to push through our to-do lists despite everything going on. But I hope you take care and allow yourself to step away when needed.

I created this newsletter to provide a resource for my fellow freelancers. But I also want to build a welcoming and supportive community space.

If things feel like a lot right now, I see you. And I’m right there with you. ❤️

Hello, Finance for Freelancers readers. Today, were talking income!

I haven’t worked a “regular” W-2 job in 12 years, so it has been a while since I’ve received a predictable, biweekly paycheck with taxes withheld. (👵🏻🫣)

When you transition from a traditional job to freelancing, your income shifts.

Unless you operate your business as an S-corp, your income will likely look different from one month to another.

It’s not unusual for freelance income to fluctuate. Some seasons may be busier, while others are much quieter. Clients may also shift strategies or reduce budgets. No matter the reasoning, income inconsistencies can cause stress.

But I have good news: You can take steps to improve your financial stability and navigate income fluctuations with ease. Let’s review some tools and strategies.

Build and maintain a financial safety net

No matter your situation or experience level, it’s beneficial to have a financial safety net. That’s why I recommend that all freelancers have an emergency fund.

Setting money aside in a dedicated savings account can allow you to feel more financially secure. It can also make it easier to handle unexpected expenses, such as a costly car repair bill.​

Your emergency fund can also help you keep your living expenses paid during periods of reduced income.

If you’re thinking, “What if I don’t have an emergency fund?” Don’t fret.

It’s never too late to start building one.

Commit to a monthly savings goal and make consistent contributions to your savings account. With time and effort, your account balance will grow.

If you struggle to remember to transfer funds from your checking to your savings account, I suggest setting up monthly automatic transfers. This strategy has been a game-changer for me.

(Quick side quest: Want to maximize the interest you earn? Keep your emergency fund in a high-yield savings account. I’ll dive into this topic more in a future post.)

Budget based on your lowest-earning month

It’s good practice to keep an accurate record of your earnings. Knowing how much money you’re bringing in each month can help you plan for the future.

I track my monthly income and business expenses using a Google Sheets spreadsheet. Doing this helps me:

• Calculate my quarterly estimated tax payments

• Make short-term and long-term business decisions

• Manage my money with greater efficiency

Want to feel more in control of your finances when your freelance income dips? Use your lowest-earning month as your budgeting baseline.

To identify your baseline, review your earnings from the last 6 to 12 months. Take your lowest monthly total and build your monthly budget around that number.

Here’s why this approach is beneficial.

You’ll feel more confident knowing you can afford your everyday expenses, even when work is less plentiful.

And if this amount doesn’t cover all your bills, now is a good time to determine what changes you can make to feel more financially comfortable.

You may need to make lifestyle changes or business operational changes.

Diversify your income

Want to better protect yourself from big drops in income? Having multiple clients and income sources can help you weather slow work periods.

It is tempting to focus on one industry, one kind of project, or a few favorite clients. But that can be risky because your workload can quickly disappear.

You can protect yourself and your finances by diversifying your clients and income streams.

This strategy can make the loss of one or more clients feel less devastating. Even if things are going well, it helps to keep making time for outreach.

Interested in learning more about why income diversification is a must? I’ve written about a past freelancing experience that taught me a difficult but important financial lesson.

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Prioritize clients with consistent work

Some clients only need occasional freelance support. Some clients work with freelancers often and provide a steady flow of work.

As you chat with potential clients, ask whether they need occasional or ongoing support. You may want to focus more time and attention on those who are more likely and willing to provide a consistent workload.

That’s not to say you should ignore or get rid of clients who only provide occasional projects. But choosing to partner with clients who provide regular work can help to make your income more stable.

Chasing one-off projects can be exhausting and make it harder to build a steady freelance income.

If you’re currently going through a slow work period, don’t lose hope. These strategies can help you navigate slower seasons with greater ease in the future.

How do you deal with income fluctuations? Do you have any tips? Let me know by replying to this email.

Help me improve Finance for Freelancers: If you have a topic you’d like me to cover or feedback to share, I’d love to hear more.

Hello and Happy Wednesday!

Today I’m sharing a hard lesson that I learned in my early freelancing days. Hopefully, I can help at least one person avoid making a similar mistake. ​

Let’s travel back in time. It’s late 2019, and I’m in my third year of business. Suddenly, I lost a client who accounted for around 60% of my income. 😱

It was a travel writing client who gave me a lot of creative freedom. They were a dream to work with: they encouraged me to write about topics that interested me, gave great feedback, and paid me weekly, within minutes of invoicing. (…I know!)

As you probably guessed, I was crushed. Since things had been going so well, I never saw it coming. But I was given two weeks’ notice, and then poof, the work was gone.

(Quick side quest: If you’re thinking, “they gave you notice?!” I echo your thoughts. Since then, I’ve learned that in the freelancing world, it can be rare to be given notice before work disappears.)

My editor assured me it had nothing to do with my work. Instead, the decision resulted from a shift in business priorities. The agency had decided to stop publishing content on the two travel websites it had been managing.

For ten months, I had been getting paid to write multiple articles each week for both sites. The money I earned from these projects made up a significant part of my income that year. In fact, that freelance gig was the primary reason I could afford to save up for a down payment on a home.

While I had other work at the time, none of it paid as well or was as plentiful. And remember that down payment? Adding to my stress was the fact that we had just closed on our first home three months earlier.

What followed was a challenging year for my business, as the start of the COVID-19 pandemic was just around the corner. Due to uncertainty and tightened budgets, work from other clients became less plentiful.

Luckily, with time, things improved. By early 2021, my business and my bank account balance were in a better place.

This is what that experience taught me

That experience taught me an important lesson: Never rely on a single client for most (or all) of your income.

This is a good practice to follow…

• Even if you feel secure

• Even if you’ve worked together for years

• Even if they’re praising you for your efforts

• Even if you’re receiving a steady flow of work

• Even if you have extra cash in savings

You could lose that client tomorrow and with it, the income you’ve relied on.

Here’s how to protect yourself

Clients come and go. And over time, their needs and goals may change. As a freelancer, you have little control over that.

But you can lessen your risk of losing a significant portion of your income by diversifying your client base and having multiple income streams.

I had gotten too comfortable relying on those weekly assignments. But had I spent more time seeking additional opportunities, I likely would have felt less financial strain in the months that followed that loss.

Here’s my advice: If you have a client who accounts for a large portion of your income, I encourage you to diversify more.

If you need to make some changes, I suggest you start setting aside time to seek additional work. Make it a priority and build it into your routine.

It takes time and effort to find more clients. But by diversifying your client base, you can improve your financial security. If one client reduces your workload or no longer has work, you’ll feel less financial strain.

While this lesson was difficult for me to learn, it’s forever etched in my memory. It serves as a constant reminder of why it’s necessary to prioritize diversification and make time for continued outreach, even when things are going really well. Especially when things are going well.

And with that — I’m off to spend some time on outreach!

What difficult financial lessons have you learned as a freelancer? Let me know by replying to this email.

If you have a topic you’d like me to cover or feedback to share, I’d love to hear more.

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Happy Wednesday!

Welcome to the first official weekly Finance for Freelancers newsletter! 🥳

In this week’s newsletter, I’d love to discuss something that’s been on my mind: planning for time off.

Before we dive in, let me start with two quick polls.

If you feel comfortable, I’d love to gather your answers to these questions. I’m curious about how other freelancers approach taking time off.

Note: Other readers can only see the poll results, not who voted for what!

Now, let’s dive deeper into this topic.

Don’t overlook planning for time away

I often see freelancers complain about the lack of paid time off. In theory, they’re right that the gig doesn’t come with PTO.

Unlike many full-time W-2 jobs, freelancing doesn’t come with a benefits package that includes paid time off for illness, mental health days, or vacation.​

But you can plan ahead financially for time away. And you should.

Prioritizing taking time off can benefit your business and your well-being.

I didn’t always save up for PTO

For many years, I operated my business with the understanding that the freelance lifestyle doesn’t include PTO. In my mind, that’s just how it was.

When I stepped away due to illness or took a vacation, I knew I would not be getting paid. And sometimes, my bank account took a hit because of it.

The issue with this approach is that freelancers can feel financial pressure to keep working even when they need a break or time to rest.

But that’s not all. If you’re going through a difficult time with your mental health or are fighting an illness, you’re not able to work to the best of your abilities.

That means the quality of your work will likely suffer, and you’ll be unable to focus on your wellness.

Eventually, I realized I needed to change my approach to taking time off.

Here’s what I do now

These days, I operate my business differently.

Here’s what I do to prepare financially for time away from work.

At the end of each year, I tally up my income and calculate my monthly average. Then I determine how much I’d need to set aside regularly to contribute that amount to my high-yield savings account.

Let’s imagine my income was $78,000. I would plan to set aside $6,500 over the next year to cover up to one month away from work.

That $6,500 becomes my PTO package.

Why one month? That’s what works best for me.

Travel is a big passion of mine, and I aim to travel for at least 3 weeks each year. I also know that there will be times when I need to step away from my work due to illness or personal reasons.

Having money set aside allows me to pay myself back for time spent away from my desk — regardless of the reason.

Make a plan for PTO

You may want to consider taking a similar approach.

Here’s how to get started. Determine how much PTO you need. Perhaps setting aside two weeks’ worth of income is plenty. Do what works for your lifestyle.

Once you know how much money you need to save, start making regular contributions to your savings account.

(Quick side quest: I love Ally Bank. Their savings bucket feature makes it easy to organize multiple savings goals. One of my buckets is a PTO bucket.)

How often you set aside money is up to you. For some, it may be easier to set aside money every month. I like to set aside money on a bi-weekly basis.

I suggest setting up automatic bank withdrawals so you don’t have to transfer money from your checking account to your savings account manually.

This ensures you stay consistent. When it’s time to pay yourself back for time off, transfer a portion of your PTO savings back to your checking account.

Remember: you’re the boss

Setting aside money for PTO can be a great money move for you and your business.

If you’re like me, one reason you chose to freelance was the flexibility it offers. But if you never take time off, are you really taking advantage of that?

Ready to shift how you approach and think about time away from work?

I dare you to try this strategy.

Take the sick day.

Take the vacation.

Plan now so you feel less stress later.

That’s all for today! I look forward to chatting more next week.

Do you plan for time away from work? How do you prepare financially? Let me know by replying to this email.

If you have a topic you’d like me to cover or feedback to share, I’d love to hear more.

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Hi! Welcome to Finance for Freelancers.

My name is Natasha — and I’m ready to share my latest side quest with the world.

I’ve spent the last nine years of my writing career as a full-time freelancer, covering personal finance and travel.

While I spend most of my working hours creating content for my clients, one of my goals for this year is to carve out more time for my own writing projects. So here goes!

Personal finance has long been an interest of mine. My obsession with maintaining detailed budget and income spreadsheets and using credit card points and miles to travel more affordably eventually led me to getting paid to create content for brands like NerdWallet.

I don’t have a finance degree — and I’m not a financial advisor. But my professional experience has taught me a lot about important financial topics, and I’d love to share some of what I’ve learned.

I’ve been wanting to start a newsletter for a while. But first, I wanted to make sure I had a unique angle and that there was a need for what I would share with the world.

After much thought, I’ve decided to create a financial newsletter for freelancers.

Here’s why.

Many writers discuss:

• How to start a freelance business

• Strategies to become a more successful freelancer

• Tips for finding more freelance opportunities

• How to find and land higher-paying clients

These are all important topics.

But I’ve noticed there’s less discussion around financial matters for freelancers.

Money management can look very different for those who don’t work a traditional W-2 role. And your everyday business and money choices can impact your wallet.

I created Finance for Freelancers to demystify financial matters for freelancers and creatives. I aim to make it easier to navigate the financial side of freelancing.

No matter what chapter of life you’re in, or where you are in your freelance journey, you can benefit from increasing your financial knowledge. And I’m here to help.

Thank you for joining me on this journey.