HerMoney with Jean Chatzky Ep 503: What Every Freelancer Gets Wrong About Money (And How to Fix It)
Nov 26, 2025
Freelance expert Emily Guy Birken, author of 'Stacked,' shares her financial wisdom for navigating the freelance world. She advocates for a percentage-based money management system, ensuring freelancers save 30% for taxes and maintain separate accounts to simplify finances. Emily highlights the importance of contracts to protect against scope creep and emphasizes the different retirement options, like solo 401(k)s. Plus, she offers tips for budgeting on irregular income and tackling the loneliness that often accompanies freelancing.
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Tax Nervousness Created A Nest Egg
- Early on Emily over-set aside roughly 30% of every dollar for taxes because she was nervous about quarterly estimated payments.
- That caution accidentally created a nest egg she used for business expenses the next year.
Build A Baseline Budget First
- Figure out your baseline monthly spending so you know the minimum you must earn to keep the lights on.
- Save excess in a designated account to smooth feast-or-famine months and pay yourself a steady salary.
Split Income By Purpose Immediately
- Allocate specific percentages: Emily suggests 50% to pay yourself, 20% for quarterly taxes, 20% to retirement, and 10% for business expenses.
- Automate transfers to separate accounts for each purpose to enforce discipline.
