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10 Best Budgeting Apps for Freelancers

Best Budgeting Apps for Freelancers

Freelancing can be a fantastic way to earn a living, giving you flexibility, independence, and control over your schedule. However, with irregular income, variable expenses, and often a mix of personal and business finances, budgeting as a freelancer can be challenging. Luckily, budgeting apps tailored to freelancers’ unique needs can make managing finances much simpler. Let’s explore the 10 best budgeting apps to help you stay on top of your finances, track income and expenses, save for taxes, and build financial security.


Why Budgeting is Crucial for Freelancers

Unlike traditional salaried employees, freelancers typically don’t have a steady paycheck or benefits like paid time off or health insurance. Freelancers may experience times of high income as well as lean months. Therefore, having a solid budgeting plan is essential to ensure financial stability, save for taxes, and cover personal expenses without stress. A budgeting app can be a powerful tool to give you a clearer picture of where your money is going and how to optimize your income.

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10 Best Budgeting Apps for Freelancers

1. QuickBooks Self-Employed

QuickBooks Self-Employed is a popular choice among freelancers for its robust features tailored to self-employed individuals. It offers tracking for income, expenses, and mileage (great for freelancers who drive for work). It also allows you to separate personal and business expenses with ease, simplifying tax preparation.

  • Key Features: Income and expense tracking, mileage tracker, tax calculations.
  • Pros: Integrates with TurboTax for tax filing, easy categorization of expenses.
  • Cons: Monthly subscription fee, may be more than some freelancers need.

2. YNAB (You Need A Budget)

YNAB is a budgeting app that follows the zero-based budgeting method, which means every dollar is allocated a purpose. This app is excellent for freelancers as it encourages you to budget for unpredictable income and helps you avoid overspending by giving you control over every dollar you earn.

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  • Key Features: Goal-setting tools, debt-payoff tracking, detailed reports.
  • Pros: Helps freelancers understand and plan for fluctuating income.
  • Cons: Subscription-based, requires a learning curve to fully utilize its features.

3. Wave

Wave is a free app with many features for freelancers, including accounting, invoicing, and receipt scanning. The app is great for those who want a budgeting tool with integrated accounting capabilities, making it easy to manage both personal and business finances in one place.

  • Key Features: Invoicing, income and expense tracking, receipt scanning.
  • Pros: Free, user-friendly, allows for detailed financial tracking.
  • Cons: Limited features compared to paid apps, no mileage tracking.

4. Mint

Mint is a well-known budgeting app that’s also great for freelancers who want to keep a close eye on both personal and business finances. Mint lets you connect your bank accounts, credit cards, and loans to track spending and create budgets automatically. It also offers credit score monitoring, which can be valuable for freelancers who may need loans during lean times.

  • Key Features: Budget tracking, expense categorization, credit score monitoring.
  • Pros: Free, user-friendly, offers spending insights.
  • Cons: Limited features for business-specific tracking, no invoicing features.

5. PocketGuard

PocketGuard is ideal for freelancers looking for a straightforward, easy-to-use app to manage cash flow. It automatically categorizes your spending and helps you determine how much you can safely spend while still reaching your savings goals. PocketGuard’s “In My Pocket” feature shows you what’s left after bills and goals are accounted for, which can be a lifesaver during low-income months.

  • Key Features: Cash flow tracking, spending insights, goal-setting tools.
  • Pros: Simple and effective for freelancers with variable income, free version available.
  • Cons: Limited in-depth features for self-employed needs.

6. FreshBooks

FreshBooks is an excellent choice for freelancers who need more than just budgeting. This app combines accounting, invoicing, and expense tracking in one, making it easy to manage both income and expenses. Freelancers can create and send invoices, track billable time, and categorize expenses. FreshBooks also helps with tax preparation by organizing business expenses and income.

  • Key Features: Time-tracking, invoicing, expense tracking, client management.
  • Pros: Comprehensive for freelance businesses, integrates with other apps.
  • Cons: More expensive, especially for solo freelancers who don’t need all features.

7. Honeydue

Honeydue is great for freelancers who want to combine personal finance with budgeting needs. Originally designed for couples, Honeydue lets users share expenses and track personal spending. This app is useful if you want to manage both personal and business expenses together or if you freelance alongside a partner.

  • Key Features: Budgeting for shared finances, income and expense tracking.
  • Pros: Great for freelancers managing joint expenses, easy to use.
  • Cons: Limited business-specific features, not ideal for invoicing or client management.

8. Zoho Books

Zoho Books is part of the Zoho suite, making it perfect for freelancers who need more than just budgeting. Zoho Books provides expense tracking, invoicing, project management, and mileage tracking. It’s an ideal app if you want comprehensive tools to manage both money and projects.

  • Key Features: Expense tracking, invoicing, project tracking, mileage tracking.
  • Pros: Affordable, offers both project management and accounting tools.
  • Cons: Can be overwhelming for those who need only simple budgeting.

9. Goodbudget

Goodbudget uses the envelope budgeting system, where you allocate money into virtual “envelopes” for different spending categories. This app is helpful for freelancers who want to avoid overspending by compartmentalizing income into specific categories. It’s also useful for freelancers working with unpredictable income, as it helps set aside money for essentials.

  • Key Features: Envelope budgeting, spending categorization, goal tracking.
  • Pros: User-friendly, works well for variable income.
  • Cons: No automatic bank syncing, so entries must be added manually.

10. Simple

Simple is a budgeting tool that is both easy to use and effective for freelancers. While it’s technically an online bank, Simple’s budgeting features are among the best for freelancers. The app allows you to set up Goals and Safe-to-Spend amounts, helping you set aside money for bills, taxes, and personal spending.

  • Key Features: Goal-setting, Safe-to-Spend feature, cash flow tracking.
  • Pros: Helps manage cash flow effectively, straightforward and minimalistic.
  • Cons: Limited integration options, no invoicing or project tracking.

How to Choose the Right Budgeting App for Freelancers

Selecting the best budgeting app as a freelancer depends on your specific needs. Here are a few questions to help narrow down your options:

  • Do you need invoicing and expense tracking? Apps like FreshBooks and QuickBooks Self-Employed are ideal if you’re looking to handle invoices and manage expenses in one place.
  • Are you looking for simple budgeting without frills? Mint and PocketGuard provide essential budgeting features and are straightforward to use.
  • Do you prefer a zero-based budgeting method? If so, YNAB might be your best bet as it’s designed around giving every dollar a job.
  • Do you need personal and business finance management in one app? Apps like Wave and Zoho Books offer combined personal and business budgeting, making it easier to manage everything from one place.

Conclusion

Budgeting as a freelancer doesn’t have to be complicated or stressful. With the right app, you can easily keep track of income, manage expenses, plan for taxes, and stay on top of personal finances, even when income varies month to month. From powerful all-in-one tools like FreshBooks and QuickBooks Self-Employed to simple apps like Mint and Goodbudget, there’s a budgeting solution out there for every freelancer. Start by considering your specific needs and test a few options to find the perfect fit for managing your freelance finances effectively.


FAQs

What is the best budgeting app for a freelancer on a budget?

Mint and PocketGuard are both free budgeting apps that provide essential tracking and planning tools without any subscription fees. These are great starting points for freelancers looking to manage money without added costs.

How can a budgeting app help me save for taxes as a freelancer?

Budgeting apps like QuickBooks Self-Employed and FreshBooks calculate estimated taxes based on your income, making it easy to set aside money for tax season. These apps can also help categorize expenses for deductions.

Can I use more than one app to manage my finances?

Yes, some freelancers use multiple apps to cover all their needs. For example, you might use FreshBooks for invoicing and YNAB for personal budgeting. Just make sure each app serves a unique purpose to avoid confusion.

Are there budgeting apps that allow me to track both personal and business expenses?

Wave and Zoho Books are excellent options if you want to manage personal and business finances in the same app. They offer tools for invoicing, expense tracking, and categorizing business and personal expenses separately.

Do these budgeting apps work internationally?

Most of these apps work internationally, but some features, like tax calculations, may be U.S.-specific. Apps like YNAB and Wave have a global user base and are well-suited for freelancers working from anywhere. Be sure to check compatibility if you’re outside the U.S.

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About Hems 68 Articles
Hems has over 5 years of experience as an SEO expert, writer, and digital media professional. He has led teams to create engaging news broadcasts and has covered major news stories. Hems has worked with top outlets like Bloomberg, Yahoo! Finance, and Fox Business Network, focusing on insurance, business, and finance. His skills combine SEO knowledge with strong storytelling, making him an expert in creating content that is original, optimized and informative.

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