The Budget Roller Coaster
Sixty-four million Americans freelanced in 2023, whether full time or for gig work, according to an Upwork study. That not only represents a new high for that category of work but also a significant percentage: 38% of the American workforce is earning income on a per-job basis. Freelancers often trade in traditional 9-to-5 jobs for benefits such as flexible work , setting their own hours and independence. However, freelancing comes with trade-offs, many of them financial. Freelancers face irregular income, a lack of employer-supported benefits, such as a retirement plan and health insurance, and shouldering the full federal income tax burden. These trade-offs don’t necessarily have to be viewed as disadvantages. With the right mindset, planning and financial strategies, freelancing can be a stable(ish) form of work or additional income stream. Navigating Instability Employees receive regular paychecks in fixed or anticipated amounts. However, freelancers must ride the tide of pay fo