Freelance Financial Budget
1. Income:
Track your monthly freelance income and any extra earnings.
Income Source | Amount |
|---|
Client 1 | $2,000 |
Client 2 | $1,500 |
Client 3 | $2,200 |
Passive Income | $300 |
Total Income | $6,000 |
2. Business Expenses:
Track essential freelance business costs like software, subscriptions, and services.
Expense Category | Amount |
|---|
Website Hosting/Domain | $50 |
Software/Tools (e.g., Adobe, QuickBooks) | $100 |
Marketing (ads, business cards) | $150 |
Freelancer platform fees | $100 |
Accounting/Bookkeeping | $200 |
Insurance/Business Liability | $80 |
Total Business Expenses | $680 |
3. Taxes & Savings:
As a freelancer, setting aside money for taxes and savings is crucial.
Category | Amount |
|---|
Estimated Tax Savings (20% of income) | $1,200 |
Emergency Fund Savings | $500 |
Retirement Savings | $400 |
Total Taxes & Savings | $2,100 |
4. Personal Expenses:
Include essential living expenses like rent, utilities, groceries, and transportation.
Expense Category | Amount |
|---|
Rent/Mortgage | $1,200 |
Utilities (electric, water, internet) | $150 |
Groceries | $300 |
Transportation (gas, public transit) | $100 |
Health Insurance | $250 |
Entertainment (movies, dining) | $150 |
Miscellaneous (gifts, etc.) | $100 |
Total Personal Expenses | $2,800 |
5. Profit:
Calculate the remaining amount after expenses, taxes, and savings.
Category | Amount |
|---|
Total Income | $6,000 |
Total Business Expenses | $680 |
Total Taxes & Savings | $2,100 |
Total Personal Expenses | $2,800 |
Net Profit | $420 |
Budget Summary:
Total Income: $6,000
Total Expenses (Business + Personal): $5,480
Total Taxes & Savings: $2,100
Net Profit: $420
Budget Notes:
Keep Detailed Records: For accurate tax filings, keep track of all invoices, receipts, and expense claims.
Tax Percentage: The tax rate (20%) is an estimate. Adjust according to your local tax laws or consult a tax professional.
Emergency Fund: Aim to save 3-6 months of living expenses in case of gaps between projects.
Retirement Savings: Freelancers don’t have employer-sponsored plans, so it’s important to save for retirement on your own.
Budget Templates @ Template.net
