Template categories
| Category | Type | Suggested starting % |
|---|---|---|
| Tax set-aside | Savings | 20% |
| Rent / mortgage | Needs | 24% |
| Bills & utilities | Needs | 6% |
| Groceries | Needs | 10% |
| Software & tools | Needs | 4% |
| Professional development | Wants | 3% |
| Late-payment buffer | Savings | 8% |
| Personal spending | Wants | 10% |
| Leisure | Wants | 6% |
| Pension | Savings | 5% |
| Equipment fund | Savings | 4% |
Suggested starting points only, not statistics. Adjust them to your real costs.
How to use this template
Freelancers face two money problems employees rarely do: clients paying late, and gaps between projects. This template includes a late-payment buffer and an equipment fund so a slow-paying client or a broken laptop does not derail your month. As with any self-employed budget, the tax set-aside percentage is a placeholder; confirm the right amount with official guidance or an accountant.
Track which clients pay on time. Send invoices promptly with clear payment terms — our sister site LedgerGuide has a free invoice generator — and follow up as soon as a payment is overdue.
- Invoice immediately when work is delivered.
- Ask for deposits on larger projects.
- Review software subscriptions every quarter.
- Set a minimum day or project rate that covers your full costs.
FAQ
How do freelancers budget?
Set aside tax first, budget from a conservative income figure and keep buffers for late payments and quiet months.
What should freelancers save for?
Tax, a late-payment buffer, equipment replacement and a pension.
How can I get paid faster?
Invoice promptly, use clear terms, offer easy payment options and request deposits.