The 20-Minute Monthly Money Review for Freelancers
The freelancers who stay calm about money are rarely the ones who earn the most. They are the ones who look at their numbers regularly. A 20-minute review once a month catches problems early and keeps your goals moving.
Pick a fixed day
Choose the same day each month, for example the first Monday. Put it in your calendar as an appointment with yourself. Make a coffee, open your banking app and spreadsheet, and work through the checklist below.
1. Income (5 minutes)
- How much did you invoice and how much was actually paid?
- Which invoices are overdue? Send reminders now.
- Add this month to your income history and update your average and lowest month in the irregular income planner.
2. Tax (2 minutes)
- Did you move your tax percentage from every payment?
- Are any tax payments due in the next three months?
3. Buffer and salary (3 minutes)
- How many months of salary are in your buffer?
- If it is growing steadily, consider a small salary increase. If it is shrinking, find out why.
4. Spending (5 minutes)
- Enter your spending into the budget calculator by category.
- Where were you over budget? Was it a one-off or a pattern?
- Cancel any subscription you did not use this month.
5. Goals (3 minutes)
- Update your emergency fund, sinking funds and savings goals.
- Are you on track for each deadline? Adjust the monthly amount if not.
6. One action (2 minutes)
End every review by choosing one action for the coming month: chase a late client, raise a price, cut a subscription, or move extra money to savings. One action a month is twelve improvements a year.
Once a quarter: go a bit deeper
Every three months, also review your rates, your biggest clients and whether your tax percentage is still right. Look at which work was most profitable and do more of it.
Summary
A short, regular review beats a big yearly panic. Check income, tax, buffer, spending and goals, then pick one action. In a few months it becomes a habit you will be glad you built.
Keep reading
Should Freelancers Take a Loan? Questions to Ask First
How freelancers can decide whether a loan makes sense, how to compare loan costs and how to borrow safely with irregular income.
How to Pay Yourself a Steady Salary as a Freelancer
A simple system to turn irregular freelance income into a steady monthly salary using a buffer account.