Money Moves Freelancers Can Make Between Jobs:
Save your pennies.
If you’ve ever juggled multiple gigs, negotiated your own rates, tracked invoices, or built a career from scratch—congrats, you’ve been running a business. Freelancers in media often don’t realize how much entrepreneurial muscle they’ve developed just by surviving the hustle. From budgeting like a pro to managing client relationships, the skills you’ve built go far beyond the set—and they’re highly transferable to new career paths. Here's a few ways to apply freelancing fiances to support your own business while you search for the next venture.
1. Line Produce Your Finances Like a Show Would
Create a simple profit-and-loss spreadsheet that shows your income, expenses, and net “profit” from the last year. Break it into monthly averages so you can see your true earning potential—and what months tend to be slow. This not only prepares you for future budgeting but also gives you real numbers you can bring into an interview or career coaching session.
2. Open a Business Bank Account (or Separate One)
If you haven’t already, open a separate bank account strictly for freelance income and expenses. This doesn’t require an LLC—you can do this as a sole proprietor. Separating your finances helps with budgeting, makes tax season less painful, and mentally reinforces the idea that your freelance work is a business.
3. Track Deductions Religiously
Even in between gigs, you’re still doing work that’s deductible—updating your website, taking a business call, researching gear, or attending a networking event. Use apps like QuickBooks Self-Employed or Wave to track those receipts and categorize your expenses. These deductions can mean major tax savings next year, and the discipline shows that you're operating with intention.
4. Build an Emergency Fund for Freelancers
If you’re lucky enough to have wrapped a gig with some cash left over, squirrel some of it away. Aim for a separate emergency fund that can cover 1-3 months of your average personal expenses. This cushion gives you peace of mind—and time to explore long-term career transitions without desperation dictating your next move.
5. Review Your Rates and Contracts
Take this downtime to look at your previous rates. Were you undervaluing yourself? Did you forget to charge for pre-production hours or overtime? Creating a rate card or service menu not only helps you raise your prices but makes your next negotiation that much smoother. Bonus points if you draft a basic contract template for future gigs.
6. Consider an HSA or Solo 401(k)
If you’re purchasing your own health insurance, consider opening a Health Savings Account (HSA). It offers triple-tax benefits: tax-deductible contributions, tax-free growth, and tax-free withdrawals for medical expenses. For retirement savings, a Solo 401(k) or SEP IRA lets you contribute more than a traditional IRA. These tools build long-term financial health and reduce your taxable income now.
7. Upskill in Your Downtime—For Free
Many freelancers forget that professional development is also an investment. Libraries, union resources, and local government programs often provide free access to LinkedIn Learning, Coursera, or even tax prep classes. That new budgeting tool you’re geeking out on? That’s operations training. Learning how to price packages? That’s strategic planning. These free upskilling opportunities can deepen your expertise and reveal new passions.
So… What’s Next?
You don’t need to leave your creative identity behind to enter the business world. In fact, your freelance experience may have already built the foundation for that next chapter. Whether you're thinking of pivoting into creative project management, operations, or launching your own small business, start by recognizing that you already wear the hat of CEO, CFO, and CMO every time you freelance.
And if you find yourself oddly excited about spreadsheets, tracking mileage, or optimizing your portfolio—lean into it. You might be closer to your next career breakthrough than you think.
