Protect yourself from risk

Freelancers need more savings than employees: 6x your monthly expenses. Your emergency fund can be in a savings account but the focus should be availability rather than accruing interest. 

You’ll also have to pay for more than you're used to. Here are some of the main expenses freelancers will need to cover from day one: 

  • Insurance  
  • Legal costs 
  • Unemployment, holiday or sick pay.

Your time = money

Time is money for freelancers and wasting it online means shrinking profits. In fact, internet distractions are probably one of your biggest hidden costs. There are two simple ways to reduce this:

Track how much time you spend watching videos, reading articles or using social media. Add up this time over the course of a week at your hourly rate. This amount is how much your procrastination has cost you. 

Download software to block distracting sites. It’s usually free. 

Your budget will set you free

With variable income, knowing exactly what’s going in and out of your accounts is vital for your future. Budgeting might seem scary but with our guide and just a few minutes you can easily make it a part of your financial routine. 

With an effective budget you can plan the future of your business, boost profits and live stress free, despite not having a steady salary.


Keep personal and private money separate  

Keep separate bank accounts for your personal and professional life. When you get paid, take a proportion of each invoice and pay it into your personal account. The rest should go towards tax, expenses and savings.

Taking care of your future is also something you should factor into your business. Many traditional pension plans aren’t applicable or are too expensive for self employed people. 

Minimise your taxable income

DISCLAIMER: This is not tax advice, nor are we tax professionals. Every person should take responsibility for their own tax liabilities. If in doubt, always seek advice from a qualified tax advisor. 

 If you can justify a cost as being related to your business, the chances are you can deduct it from your yearly income. Here are a few of the expenses you can submit: 

  • Mobile and internet costs
  • Office space 
  • Childcare costs
  • Computers 
  • Accountant services

With cryptocurrencies, tax can get confusing. That’s why we’re the first bank to offer integrated crypto tax reporting solutions straight from our app. Simply download a file that has everything the tax office or your accountant needs to know. Job done. 

Freelance work is not for everyone. But, with remarkably little effort and some good organisational skills, the benefits massively outweigh the costs. At Nuri, we believe that everyone has the power to grow their money and build a better financial future. 

From investing to branching out on your own, we find that the best opportunities in life come with a bit of risk.