Doughsense for Freelancers & Gig Workers¶

A finance app designed for how you work. Track variable income, plan for taxes, and build financial stability on your own terms.

The Challenge of Freelance Finances¶

Traditional finance apps assume you have a steady paycheck. But your reality is different:

• Income varies month to month
• Clients pay on different schedules
• You need to save for taxes yourself
• Lean months happen - you need to plan for them
• Multiple income streams need tracking

Doughsense is built for this reality.

Setting Up Your Freelance Financial System¶

Step 1: Track Your Income Streams¶

Instead of one "salary" entry, create separate income sources for each client or revenue stream:

Example Setup:

• "Client A - Monthly Retainer" → £2,000/month
• "Client B - Project Work" → £3,000 (one-time)
• "Freelance Platform Gigs" → £800/month average
• "Course Sales" → £500/month

Pro tip: Use conservative estimates for variable income. Better to be pleasantly surprised than caught short.

Step 2: The Tax Account System¶

The golden rule: Taxes aren't your money. Here's how to handle it:

1. Create a "Tax Savings" account in your Portfolio
2. Add a "Tax Set-aside" expense that automatically saves 25-30% of income
3. Link the expense to your tax account to watch it grow

Example:

• Income: £4,000/month
• Tax set-aside (30%): £1,200/month → Tax Savings Account
• Actual take-home: £2,800/month

Step 3: Build Your Safety Net¶

Freelancers need bigger emergency funds. Here's why and how:

The 6-Month Rule

• Traditional advice: 3-6 months expenses
• Freelancer reality: 6-9 months minimum
• Why? Client delays, project gaps, seasonal slowdowns

Set a goal for 6 months of expenses and see exactly when you'll reach it.

Managing Variable Income¶

The Baseline Budget Method¶

1. Calculate your baseline - minimum monthly expenses
2. Set your floor - lowest expected monthly income
3. Plan with the floor - budget using minimum income
4. Save the peaks - extra income goes to:
   • Emergency fund (first priority)
   • Tax savings (always)
   • Future investments (once secure)

Tracking Multiple Currencies¶

Working with international clients? Doughsense handles it:

• Add income in any currency
• Automatic conversion to your primary currency
• See total earnings across all currencies
• Plan for exchange rate fluctuations

Smart Tax Planning¶

Quarterly Tax Estimates¶

Create a recurring quarterly expense for estimated taxes:

1. Add expense: "Quarterly Tax Payment"
2. Amount: Total annual tax estimate ÷ 4
3. Frequency: Every 3 months
4. Link to: External (tax authority)

Year-End Tax Prep¶

Track deductible expenses separately:

• Home office costs
• Software subscriptions
• Equipment purchases
• Professional development

Tip: Create a separate "Business Expenses" category to see deductions at a glance.

Scenario Planning for Freelancers¶

"What if I lose my biggest client?"¶

1. Go to your income list
2. Toggle off that client's income
3. Check your runway - how many months can you survive?
4. See exactly when you'd need replacement income

"Can I take a month off?"¶

1. Set that month's income to zero
2. See the impact on your goals
3. Calculate how much to save beforehand
4. Know exactly when you can afford it

"Should I raise my rates?"¶

1. Duplicate your current setup
2. Increase rates by 20%
3. Compare net worth projections
4. See the compound effect over years

Building Long-Term Stability¶

The Path to CoastFI¶

Even with variable income, you can reach financial independence:

1. Set your FI number - 25x annual expenses
2. Track your progress - see it grow despite income variations
3. Find your CoastFI date - when you can stop saving aggressively
4. Plan your transition - from hustle to choice

Diversification Strategy¶

Don't put all eggs in one basket:

• Track income concentration (% from biggest client)
• Set goals for income diversity
• Monitor passive income growth
• Build multiple revenue streams

Freelancer Quick Wins¶

Week 1: Foundation¶

• Set up all income streams
• Create tax savings system
• Calculate your runway

Month 1: Optimization¶

• Run client loss scenarios
• Set 6-month emergency fund goal
• Track all business expenses

Quarter 1: Growth¶

• Model rate increases
• Plan for time off
• Set CoastFI target

Common Freelancer Questions¶

Q: How do I handle retainers vs project work?
A: Create separate income entries. Retainers as monthly recurring, projects as one-time income on expected payment date.

Q: What if clients pay late?
A: Use conservative payment dates. If a client typically pays 30 days late, set the income date accordingly.

Q: How much should I save for taxes?
A: Start with 30% of gross income. Adjust based on your actual tax rate after the first year.

Q: Should I track gross or net income?
A: Track gross income, then add platform fees and taxes as expenses. This gives you the complete picture.

Your Freelance Financial Dashboard¶

With Doughsense, you'll always know:

• Current runway (months you can survive)
• Tax savings progress
• Income diversity score
• Progress to financial independence
• When you can afford time off

The Freedom to Choose¶

Freelancing offers the freedom to choose your work and schedule. True freedom comes from financial security.

Doughsense helps you build that security while honoring the flexibility that drew you to freelancing in the first place.

Ready to take control of your freelance finances?

Start Your Free Setup →

Remember: Treat your finances with the same professionalism you bring to your client work.