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PSA: Just saw that 70% of freelancers have no emergency fund
I was reading a report from a freelance union site last night. It said a full 70% of people working for themselves have less than three months of living costs saved. That number hit me hard because I'm in that group. I've been going project to project for two years and never built a real safety net. It makes sense why a slow month feels so scary now. How are other people here setting money aside when income is so up and down?
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oliverw466mo ago
Disagree with the focus on savings. The real problem is pricing. Charged way too little for years, always felt broke. Raised my rates 40% last year, now I can actually set money aside. The buffer comes from your invoice, not just cutting back on coffee.
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barbaraschmidt6mo ago
I read a blog post last year that made the same point as you, @oliverw46. The writer called it "profit first, frugality second." They said cutting costs has a limit, but raising your price properly has no limit. For years I was scared to charge more, thinking I'd lose work. When I finally did, my best clients stayed and I had room to breathe. That extra money from a higher rate is what finally let me build real savings without the stress. It changes your whole mindset when your work pays what it's actually worth.
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tyler_hall94mo ago
Funny thing is most people raise prices but don't change how they deliver... I think the real magic comes from tightening your process at the same time so you actually keep more of that higher rate instead of working more hours for it.
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