As a freelancer, you have to be even more aware of your financial situation than when you are otherwise employed. Companies such as TransferWise can help you to do business with customers in other countries and you can read honest reviews of TransferWise here. But what are the things that you need to think about when you are self-employed? We made an overview of some of the important things that you need to keep in mind.


Employees who work for an employer won’t have to worry about the pension they receive after their retirement. You know that you can’t work full time forever, but in this scenario, your pension is already included in your monthly salary. As a freelance worker, you need to take charge of your pension yourself. It’s important to put some money aside every single month. Decide upfront at what age you want to retire and what your income should be after you quit working fulltime. Then, you have to calculate how much time you have left to acquire the amount of money that covers that income for about 25-30 years. Put aside that money as the start of each month, otherwise, you might be inclined to spend it.

Sick Leave

If “normal” employees get ill, they still get paid by their boss, even if they can’t work. It’s part of their contract that they are able to ask for sick leave and paid sick days. As a freelancer, you will have to come up with your own construction because a day without work is a day without income, even if it’s not your fault. It’s wise to put aside some savings for when you are not able to work. And there are also insurance companies that offer sick leave cover for freelancers. Look around to see if there is any cover or policy that can help you.

Own Equipment

Freelancers have to care for their own tools and supplies. And sometimes, these tools break at a moment when you least expect it. You can, of course, put some money aside for unexpected events and we advise you to do so. But still, you need to make sure that you have some equipment ready to use. If you don’t you have to buy equipment and wait for it to arrive. This will cost you a lot of time that you could have spent helping clients.

InsurancesWe already addressed the freelancer sick leave insurance, but there are more insurances that you need to take under consideration. You’ll probably need to take out your own liability insurance because there is no employer or company that already has collective insurance for all the employees. Other insurances are health insurance (but that’s the case with everyone), van insurance (in case of a company vehicle) and commercial property insurance.

ClientsOf course, a freelancer also needs clients. You need to be active on social media, have your own website and make this website easy to find for customers. Be clear about the plumber service, construction work or gardening service that you offer or the kind of products your (online) shop sells.