{"id":39937,"date":"2023-08-23T08:00:00","date_gmt":"2023-08-23T06:00:00","guid":{"rendered":"https:\/\/www.freelancermap.com\/blog\/?p=39937"},"modified":"2026-03-11T13:49:54","modified_gmt":"2026-03-11T12:49:54","slug":"freelance-finances-plan","status":"publish","type":"post","link":"https:\/\/www.freelancermap.com\/blog\/freelance-finances-plan\/","title":{"rendered":"How To Create A Financial Plan For Freelancers: Tips &#038; Tricks"},"content":{"rendered":"\n<p>Every company invests time and resources in <strong>understanding their finances<\/strong>. They know exactly where their money is, how they should invest, what costs they should cut on, etc. A good <strong>financial plan for freelancers<\/strong> should be part of your strategy too, but it can be an overwhelming task. Because let\u2019s face it, <strong>money management<\/strong> and <strong>financial planning <\/strong>is not the reason why freelancers decided to start their businesses in the first place!<\/p>\n\n\n\n<p><em>How much money should I put aside for taxes?<\/em><\/p>\n\n\n\n<p><em>I have these expenses, but the client hasn\u2019t paid me yet\u2026<\/em><\/p>\n\n\n\n<p><em>How much money do I need to start freelancing without worrying?<\/em><\/p>\n\n\n\n<p>This piece will help you make better <strong>financial decisions as a freelancer<\/strong>.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_69_1 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.freelancermap.com\/blog\/freelance-finances-plan\/#What_is_financial_planning_and_why_is_it_key_for_freelancers\" title=\"What is financial planning and why is it key for freelancers?\">What is financial planning and why is it key for freelancers?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.freelancermap.com\/blog\/freelance-finances-plan\/#Types_of_financial_reports_every_freelancer_needs\" title=\"Types of financial reports every freelancer needs\">Types of financial reports every freelancer needs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.freelancermap.com\/blog\/freelance-finances-plan\/#Personal_finance_management_as_a_freelancer\" title=\"Personal finance management as a freelancer\">Personal finance management as a freelancer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.freelancermap.com\/blog\/freelance-finances-plan\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-financial-planning\"><span class=\"ez-toc-section\" id=\"What_is_financial_planning_and_why_is_it_key_for_freelancers\"><\/span>What is financial planning and why is it key for freelancers?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Financial planning for freelancers<\/strong> is, as the name suggests, the <strong>process of planning out how your money, investments and other assets can help you reach your personal and professional goals.<\/strong><\/p>\n\n\n\n<p>The goal of a financial plan for freelancers is to help you <strong>cover costs<\/strong> and <strong>mitigate the impacts of unforeseen changes and circumstances<\/strong>.<\/p>\n\n\n\n<p>According to <a href=\"https:\/\/www.freelancermap.com\/market-study\">freelancermap 2025 study<\/a>, <strong>38% of freelancers mention fluctuating income as one of the major challenges they face.<\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"814\" data-src=\"https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/04\/biggest-challenges-freelancers-face-1024x814.png\" alt=\"survey about the biggest challenges freelancers face - freelancer study 2024\" class=\"wp-image-45693 lazyload\" data-srcset=\"https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/04\/biggest-challenges-freelancers-face-1024x814.png 1024w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/04\/biggest-challenges-freelancers-face-300x238.png 300w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/04\/biggest-challenges-freelancers-face-768x610.png 768w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/04\/biggest-challenges-freelancers-face-720x572.png 720w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/04\/biggest-challenges-freelancers-face-580x461.png 580w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/04\/biggest-challenges-freelancers-face-320x254.png 320w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/04\/biggest-challenges-freelancers-face.png 1520w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/814;\" \/><\/figure><\/div>\n\n\n<p>While full-time employees have the luxury of receiving benefits from the company they work for, <strong>freelancers have to rely on their own financial management<\/strong> to cover costs and make a profit. This is especially overwhelming if you consider how common <strong><a href=\"https:\/\/www.freelancermap.com\/blog\/how-to-deal-with-late-payments-as-a-freelancer\/\">late payments<\/a><\/strong> are in the freelancing world.<\/p>\n\n\n\n<p>This is why a <strong>financial plan for freelancers is crucial.<\/strong> Not only does it help you spread your income to cover any unforeseen expenses, it can also improve your financial understanding and help you create an investment portfolio.<\/p>\n\n\n\n<div class=\"wp-block-group has-background\" style=\"background-color:#b1c3b7\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"has-text-align-center has-background\" style=\"background-color:#b1c3b7;font-size:18px\">Join our freelancer community today! <br>Create your profile in just 2 minutes and start attracting new clients.<\/p>\n\n\n<div class=\"su-button-center\"><a href=\"https:\/\/www.freelancermap.com\/registration?ref=blog-com-financial-plan\" class=\"su-button su-button-style-default\" style=\"color:#222222;background-color:#FCF2DB;border-color:#cac2b0;border-radius:20px\" target=\"_self\"><span style=\"color:#222222;padding:0px 20px;font-size:16px;line-height:32px;border-color:#fdf6e6;border-radius:20px;text-shadow:none\"> <strong>Sign up for free<\/strong><\/span><\/a><\/div><\/br><\/p>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Types_of_financial_reports_every_freelancer_needs\"><\/span>Types of financial reports every freelancer needs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are a few<strong> necessary reports that freelancers need<\/strong> in order to have an efficient financial plan. These can include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Profit and loss statements<\/li>\n\n\n\n<li>Cash flow statements<\/li>\n\n\n\n<li>Monthly financial reports<\/li>\n\n\n\n<li>Balance sheets<\/li>\n\n\n\n<li>Accounts receivable, etc.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Personal_finance_management_as_a_freelancer\"><\/span>Personal finance management as a freelancer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Freelancers may start their journey 100% motivated, but sometimes, <strong>clients don\u2019t pay on time<\/strong> and <strong>work is not ensured every month<\/strong>. This can lead to a <strong>fluctuation in income<\/strong> and so, as mentioned above, it&#8217;s crucial that you understand how to create a good <strong>financial plan for freelancers<\/strong>.<\/p>\n\n\n\n<p>Here are a few tips that you can follow to <strong>manage your finances as a freelancer<\/strong>:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">#1 Track your expenses<\/h3>\n\n\n\n<p>It\u2019s important to <strong>understand where your money is going<\/strong> &#8211; both personally and professionally. Your freelance business needs to cover your personal and professional costs, so keep a tab on what those are.<\/p>\n\n\n\n<p><strong>Review your expenses from the last 3 &#8211; 6 months <\/strong>and note all the fixed costs that you have: rent, utility bills, debt payments, hairdressers, annual renewals, etc. Also <strong>make a note of all other expenses (like annual renewals) <\/strong>&#8211; this will help you eliminate any wasteful spending habits and maintain control of your finances.<\/p>\n\n\n\n<p>If you <strong>keep track of your freelance expenses<\/strong>, you won&#8217;t miss out on <strong>maximising your tax-deductible business expenses<\/strong>. This will help you reduce your tax bill.<\/p>\n\n\n\n<p><strong>What self-employed expenses can I claim?<\/strong> Tax deductions list:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Transportation<\/li>\n\n\n\n<li><a href=\"https:\/\/www.freelancermap.com\/blog\/travel-expenses-for-freelancers\/\">Travel expenses<\/a><\/li>\n\n\n\n<li>Health checks and eye tests<\/li>\n\n\n\n<li>Business insurance<\/li>\n\n\n\n<li>Accommodation<\/li>\n\n\n\n<li>Bank charges<\/li>\n\n\n\n<li>Childcare<\/li>\n\n\n\n<li>Using your home as an office<\/li>\n\n\n\n<li>Phone bills<\/li>\n\n\n\n<li>Annual staff party expenses<\/li>\n\n\n\n<li>Equipment expenses<\/li>\n\n\n\n<li>Professional development expenses<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">#2 Track your income (+ predict it)<\/h3>\n\n\n\n<p><strong>Keeping track of every dollar that comes in <\/strong>through your income will help you understand where it&#8217;s going and how. Remember, your income is one of the main reasons why you\u2019re a freelancer in the first place.&nbsp;<\/p>\n\n\n\n<p>You need to <strong>understand exactly how much money you\u2019re bringing in and how much your time is worth.<\/strong> You could also go one step further and <strong>\u2018predict\u2019 your income<\/strong>. This way, you\u2019ll have a general idea of how much you need to be making in the next month.<\/p>\n\n\n\n<p>For example, you could use a simple <strong>spreadsheet to track your freelance income<\/strong>. Record how much work you have already booked each month, what the project is about, the client and payment details (invoiced vs. paid).&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">#3 Separate business and personal accounts<\/h3>\n\n\n\n<p>To maintain a clearer picture of your business\u2019s cash flow,<strong> it is crucial for you to have a <\/strong><a href=\"https:\/\/www.freelancermap.com\/blog\/business-bank-accounts-for-small-businesses-and-freelancers\/#Separate\"><strong>separate business and personal account<\/strong><\/a><strong>.&nbsp;<\/strong><\/p>\n\n\n\n<p>Keeping separate accounts will make accounting a lot easier and can also <strong>reduce your tax burden. <\/strong>It can also help you during<strong> audits from the tax office<\/strong> and prove to them that everything is well recorded.<\/p>\n\n\n\n<p>Remember, your business income is not your personal income which is why it\u2019s important for you to <strong>pay yourself a salary too.&nbsp;<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">#4 Consider your taxes<\/h3>\n\n\n\n<p>Running a <strong>business on your own<\/strong> means that you need to<strong> pay your own taxes<\/strong>.&nbsp;<\/p>\n\n\n\n<p>In the case of freelance business owners, <strong>you are responsible for paying your taxes at the end of the year.<\/strong> Which means, you\u2019ll have to <strong>put aside money for it on a regular basis<\/strong>.&nbsp;<\/p>\n\n\n\n<p><strong>How much tax should a self-employed person put aside?<\/strong><\/p>\n\n\n\n<p>It depends primarily on <strong>where you reside<\/strong> and the <strong>taxation scheme<\/strong>.&nbsp;<\/p>\n\n\n\n<p>For example, <strong>in the US alone, income tax rates apply differently at different federal, state and regional levels. <\/strong>Once tallied with the self-employment tax, different freelancers get different percentages that they need to set aside.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.freelancermap.com\/freelancer\/Spain-7.html\">Freelancers in Spain<\/a> <\/strong>who work with n<strong>ational clients<\/strong> must include the<strong> IRPF (personal income tax) directly on their invoices.<\/strong> But when working with international clients, they will instead need to pay <strong>20%<\/strong> of their pay to the Hacienda (tax agency) directly as well as fill out <strong>form 130<\/strong> &#8211; an income tax form that should be submitted quarterly.&nbsp;<\/p>\n\n\n\n<p class=\"has-background\" style=\"background-color:#f2f2f2\">\ud83d\udca1 Saving <strong>10% &#8211; 30% of your monthly income for taxes<\/strong> could be a good starting point. However, the best way to know exactly how much you should put aside each month is to consult with an accountant in your jurisdiction.<\/p>\n\n\n\n<p>Remember, everyone\u2019s situation is different so the best thing to do is to plan for the worst-case scenario.&nbsp;<\/p>\n\n\n\n<p>If you\u2019re a digital nomad, <strong>you may even have to file tax returns in more than one country<\/strong>, depending on where you\u2019re based and who you work with. It\u2019s therefore important to <strong>understand your tax residency status<\/strong> in order to avoid any problems.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">#5 Stay in control of your rates, terms and customer invoicing<\/h3>\n\n\n\n<p>Pricing, invoicing, agreements and contract terms are some of the not-so-fun tasks for freelancers. However, these things can affect both your freelance profits and financial plan and so you need to stay on top of them.<\/p>\n\n\n\n<p>Freelancers face many challenges in the financial area:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Late payments<\/li>\n\n\n\n<li>Low payments \/ underpayment<\/li>\n\n\n\n<li>Long payment terms (NET 30 \/ NET 90)<\/li>\n\n\n\n<li>Client negotiations (rates, contracts, etc.)<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"524\" data-src=\"https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/maintain-control-over-your-freelance-rates-1024x524.png\" alt=\"Checklist How to Maintain Control Over Your Freelance Rates\" class=\"wp-image-45916 lazyload\" data-srcset=\"https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/maintain-control-over-your-freelance-rates-1024x524.png 1024w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/maintain-control-over-your-freelance-rates-300x154.png 300w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/maintain-control-over-your-freelance-rates-768x393.png 768w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/maintain-control-over-your-freelance-rates-1536x786.png 1536w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/maintain-control-over-your-freelance-rates-720x369.png 720w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/maintain-control-over-your-freelance-rates-580x297.png 580w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/maintain-control-over-your-freelance-rates-320x164.png 320w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/maintain-control-over-your-freelance-rates.png 1600w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/524;\" \/><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">Follow up on late payments<\/h4>\n\n\n\n<p>In addition to inconsistent income and projects, freelancers have to often deal with getting paid late. In fact, according to <a href=\"https:\/\/www.freelancermap.com\/market-study\">freelancermap 2025 study<\/a>, <strong>25% of freelancers state that <\/strong><a href=\"https:\/\/www.freelancermap.com\/blog\/how-to-deal-with-late-payments-as-a-freelancer\/\"><strong>late payments<\/strong><\/a><strong> are one of the biggest challenges they face.<\/strong><\/p>\n\n\n\n<p>Oftentimes, freelancers send out payment reminders that are due in weeks or months, and then as time passes, they forget about them, only to remember too late. But you\u2019re providing a business for your clients and you deserve to get paid for it, on time.&nbsp;<\/p>\n\n\n\n<p><strong>Take some time every week to check-in with any outstanding payments or upcoming ones. <\/strong>Keep a note of all clients that have paid or have to pay you that week. You may also consider adding in a<strong> late fee<\/strong> to encourage your clients to pay on time.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Make sure you\u2019re charging enough<\/h4>\n\n\n\n<p>Freelancers often <strong>undervalue their work<\/strong> and end up with low rates &#8211; especially at the beginning of their career. Make sure you <a href=\"https:\/\/www.freelancermap.com\/blog\/freelancer-tips-how-to-set-your-rates-as-a-freelancer\/\"><strong>charge your clients enough<\/strong><\/a> to reach your monthly income goal.<\/p>\n\n\n\n<p>Remember, <strong>you are responsible for paying your own taxes and insurance<\/strong> and so your rates need to take that into consideration. Plus the hours you\u2019re not working usually goes into the development of your business which also needs to be considered.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Cut down on your payment terms<\/h4>\n\n\n\n<p>Surprisingly, many clients and industries still think NET 60 or <a href=\"https:\/\/www.freelancermap.com\/blog\/why-freelancers-should-avoid-net-30-agreements\/\">NET 30<\/a> is a fair payment term for freelancers. This means getting paid within 60 or 30 days of invoicing (plus the potential delays that might occur). Well, this won\u2019t work for most freelancers.<\/p>\n\n\n\n<p>Make it clear from the outset that you expect payment within 7 or 14 maximum days. You could consider 30 days for established clients or larger projects but it shouldn\u2019t be the norm.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Client negotiations<\/h4>\n\n\n\n<p>It\u2019s not only the length of your payment terms what you will have to negotiate with your client. It\u2019s also potential late fees, rush fees, payment methods, the <strong>option to work with a <\/strong><a href=\"https:\/\/www.freelancermap.com\/blog\/freelance-retainer-agreement\/\"><strong>freelance retainer agreement<\/strong><\/a><strong>, etc.<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.freelancermap.com\/blog\/5-tips-for-better-communication-with-your-clients-as-a-freelancer\/\">Client communication<\/a> skills are key to feeling confident when <strong>negotiating all the terms<\/strong> with the client. Do not forget your value and all that you will do for the client. It should be worthwhile for them as well as for you!<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Use money management apps to automate your processes<\/h4>\n\n\n\n<p>There are lots of useful <strong>money management and accounting apps <\/strong>that can help you automate your <strong>financial reporting, invoicing and accounting<\/strong>. As a freelancer, you have limited time and resources, so try to leverage the power of these tools so that you may have more flexibility.&nbsp;<\/p>\n\n\n\n<p>Of course, you can create invoices on <strong>Google Docs<\/strong>, but there are programs like <a href=\"https:\/\/www.hellobonsai.com\/?fp_ref=freelancermap\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Bonsai<\/strong><\/a><strong> or <\/strong><a href=\"https:\/\/www.awin1.com\/cread.php?awinmid=56787&amp;awinaffid=2418225&amp;ued=https%3A%2F%2Fwww.freshbooks.com%2Fen-eu%2Ffor-freelancers\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Freshbooks<\/strong><\/a><strong>, <\/strong>that allow you to send out invoices and make it easy for your clients to pay you.<\/p>\n\n\n\n<p>For example, <a href=\"https:\/\/www.hellobonsai.com\/?fp_ref=freelancermap\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Bonsai<\/strong><\/a><strong> <\/strong>is an <strong>all-in-one tool built for freelancers <\/strong>and not only does it allow you to track time and send invoices, but you can also use it to send out proposals and contracts, track your expenses, or send automated payment reminders. We highly recommend it and they offer a <strong>7-day free trial.<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.awin1.com\/cread.php?awinmid=56787&amp;awinaffid=2418225&amp;ued=https%3A%2F%2Fwww.freshbooks.com%2Fen-eu%2Ffor-freelancers\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Freshbooks<\/strong><\/a><strong> <\/strong>is another app that you can use to track your expenses and automate your invoicing. It allows you to <strong>track your payments and makes it simple to create financial reports.<\/strong> You can try it for <strong>free for 30 days <\/strong>and then pricing plans start at <strong>$15.<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Have a budget<\/h4>\n\n\n\n<p>This may seem like an obvious tip but it\u2019s also an important one. <strong>A good financial plan for freelancers takes into account budgeting<\/strong>. Budgeting <strong>allows you to plan accordingly and not overspend during higher income phases. <\/strong>Some freelancers just go with the flow when things are looking good and don\u2019t think about how much they have and how that relates to their spending.&nbsp;<\/p>\n\n\n\n<p>Burying your head in the sand is an extremely bad idea when your finances are concerned. A creative job and free spirit aside, as a freelancer and your own CEO you have to take full responsibility when it comes down to <strong>managing the budget<\/strong>.<\/p>\n\n\n\n<p>Know how much you <strong>spend and earn on a monthly and yearly average<\/strong>. If these averages don\u2019t pan out, you know you have to start cutting your expenses.<\/p>\n\n\n\n<p>You could consider using the <strong>50\/30\/20 budget rule<\/strong>. This is where you first begin by figuring out all your necessary fixed costs. You then account it for <strong>50% of your income<\/strong> while allotting <strong>20% of it towards saving<\/strong> (retirement, investments, etc.) and<strong> 30% for spending<\/strong> on things you want (entertainment, vacations, etc.).<\/p>\n\n\n\n<p>Also, it\u2019s good practice to <strong>regularly review and modify your budget<\/strong> on an ongoing basis to ensure it works best for you and your business.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>What are some tips you can follow for better budgeting as a freelancer?<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Monitor your finances regularly<\/strong><br><br>Checking in with your finances is crucial. It will help you create a clearer picture of how effective your financial plan for freelancers really is. You could make this process as simple as<strong> signing in to your bank account every once in a while<\/strong> or checking to see if your revenue and income projections are on track.<br><br><strong>Consider putting aside 15-20 minutes everyday to accounting. <\/strong>It will help you get ahead of any impending tasks and make financing a lot easier.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-align-center has-background\" style=\"background-color:#f2f2f2\">\ud83d\udca1 Check out this <a href=\"https:\/\/www.youtube.com\/watch?v=Bl6maJoNixw&amp;ab_channel=FreelanceBusinessCommunity\">video<\/a> from Robert Vlach &#8211; a senior business consultant &#8211; which can give you <strong>in-depth understanding of financial self-management.<\/strong><br>He also provides a <a href=\"https:\/\/docs.google.com\/spreadsheets\/d\/1ylxgj6A8qYIftzHtrBSoXs8YklaanADOpDT9s9oT8OQ\/edit#gid=664303791\">free template<\/a> that you can use to create a Personal Financial Plan For Freelancers<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Diversify your income sources&nbsp;<\/strong><br><br>According to our survey for this year, <strong>58% of freelancers work with multiple clients at any given time.<\/strong><br><br>Aiming for several clients is a general thumb rule that any freelancer should follow. It might be a bad idea to get most of your income from just one main source. Why? Because it binds you to that particular client, making it harder to refuse requests, negotiate or just back out if you\u2019re no longer happy with the business relationship.&nbsp;<br><br>Furthermore, if that one client suddenly runs into financial problems of their own or just decides to stop working with you, you might be in big trouble. That\u2019s why <strong>you should always try to have at least a couple of different fairly equal income sources <\/strong>which balance themselves out.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Plan for dry spells<\/strong><br><br>Freelancing is, by nature, unpredictable. Some months, you may have more work than you can manage and other times, you may struggle to find clients. Your<strong> income is therefore bound to be inconsistent and can fluctuate month-to-month<\/strong>. Your financial plan for freelancers needs to take this into account.<br><br>It is crucial for you to <strong>save enough money to support yourself through any dry spells without work.<\/strong> Consider having a savings account that is specifically for emergencies only or an investing account. Ideally, you\u2019ll want to save at least <strong>six months\u2019 worth of expenses<\/strong>.&nbsp;<br><br>While not all freelancers start with a financial buffer (aka runway or financial cushion), every freelancer should strive to build one as the time goes.<br><br>Our freelancers recommend having at least \u20ac24,900 before taking the leap (Source: <a href=\"https:\/\/www.freelancermap.com\/market-study\">Freelancer Study 2025<\/a> &#8211; freelancermap).<br><br>You can choose to <strong>automate your savings <\/strong>so that you can send a percentage of your income into a designated savings account each month. The exact percentage depends on a number of factors like location and income but anywhere between <strong>10-15%<\/strong> is a good idea.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>How do you pay yourself a salary with an irregular income?<\/strong><\/p>\n\n\n\n<p>To <strong>understand how much you can pay yourself<\/strong>, you will need to calculate your <strong>net income.<\/strong> This is the money you <strong>actually own after expenses and operating costs<\/strong>.&nbsp;<\/p>\n\n\n\n<p>The best way to stick to a consistent salary is to <strong>budget according to your lowest-paying month.<\/strong> That way, if you have more money during your busiest months, you can even it out over the year or even put it into investments and savings<strong>.<\/strong><\/p>\n\n\n\n<p>Remember, the key here is to<strong> be flexible and to stay on top of your expenses and your income.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">#6 Plan for the future: Retirement &amp; eventualities<\/h3>\n\n\n\n<p>This is another important tip when creating a financial plan for freelancers. Saving for retirement is crucial when working as a freelancer. Remember, <strong>the sooner you begin saving, the more time your money has to grow.&nbsp;<\/strong><\/p>\n\n\n\n<p><strong>Setting goals, having an emergency fund, creating a good investment plan<\/strong> &#8211; these are all things you can do to plan for your future self.&nbsp;<\/p>\n\n\n\n<p>According to our <a href=\"https:\/\/www.freelancermap.com\/market-study\">survey 2025<\/a>, <strong>the majority of freelancers (61%) save money for their retirement through securities such as shares, ETFs, funds, etc.<\/strong> What\u2019s more, the average amount of money that they put aside each month is roughly around <strong>\u20ac1,098.<\/strong><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"860\" data-src=\"https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/Retirement-planning-components-freelancer-study-freelancermap-1024x860.png\" alt=\"Retirement planning components according to the results of the Freelancer Study 2025 by freelancermap\" class=\"wp-image-46436 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/860;width:840px;height:472px\" data-srcset=\"https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/Retirement-planning-components-freelancer-study-freelancermap-1024x860.png 1024w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/Retirement-planning-components-freelancer-study-freelancermap-300x252.png 300w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/Retirement-planning-components-freelancer-study-freelancermap-768x645.png 768w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/Retirement-planning-components-freelancer-study-freelancermap-1536x1290.png 1536w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/Retirement-planning-components-freelancer-study-freelancermap-2048x1719.png 2048w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/Retirement-planning-components-freelancer-study-freelancermap-1920x1612.png 1920w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/Retirement-planning-components-freelancer-study-freelancermap-720x605.png 720w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/Retirement-planning-components-freelancer-study-freelancermap-580x487.png 580w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/Retirement-planning-components-freelancer-study-freelancermap-320x269.png 320w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/figure><\/div>\n\n\n<p>You could also consider signing up for any <a href=\"https:\/\/www.freelancermap.com\/blog\/freelancer-pension-guide\/\"><strong>pension plans<\/strong><\/a> that may be available in your country. These could be either private- or government-sponsored schemes which will help you maximise your savings for the future.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Start investing<\/h3>\n\n\n\n<p>Having excess money as a freelancer gives you the opportunity to invest it. <strong>Smart investments mean more money, <\/strong>and more money means room for growth.&nbsp;<\/p>\n\n\n\n<p>After running a short poll on LinkedIn, we found that only<strong> 44% of freelancers have a plan when it comes to investing their savings whereas 32% don\u2019t invest at all. <\/strong>One of the reasons for this could be a lack of time and knowledge.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"https:\/\/lh3.googleusercontent.com\/MKL4tQ-iWEyBlREhV4bSDqCMzDUjs6Q-6oESfbDQ78TwDVd9AxtZfC15H7a2wvRNx0eihnmuVQLLW-_BfnG6TIFiUCD1gyPgu6xwZ_qFIWhHhKmXToujGI9S7PxWrgTU37-Krs2BkhkS7OrKroGkS-Y\" alt=\"LinkedIn Poll- Freelancer Savings \" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" \/><figcaption class=\"wp-element-caption\">LinkedIn Poll &#8211; Freelancer Savings <\/figcaption><\/figure><\/div>\n\n\n<p class=\"has-medium-font-size\"><strong>So where do you begin investing your savings? Smart investments!<\/strong><\/p>\n\n\n\n<p>The most important thing that you can do for your business is to <strong>invest in things that allow it to grow over time<\/strong>. Instead of just keeping all your excess cash in the bank, you can put some of it into investments in order to generate<strong> additional revenue<\/strong>. This is known as <strong>corporate investing.&nbsp;<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"595\" data-src=\"https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/tips-how-to-invest-as-a-freelancer-1024x595.png\" alt=\"How To Invest Smartly As A Freelancer\" class=\"wp-image-45921 lazyload\" data-srcset=\"https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/tips-how-to-invest-as-a-freelancer-1024x595.png 1024w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/tips-how-to-invest-as-a-freelancer-300x174.png 300w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/tips-how-to-invest-as-a-freelancer-768x446.png 768w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/tips-how-to-invest-as-a-freelancer-1536x893.png 1536w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/tips-how-to-invest-as-a-freelancer-720x419.png 720w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/tips-how-to-invest-as-a-freelancer-580x337.png 580w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/tips-how-to-invest-as-a-freelancer-320x186.png 320w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2023\/08\/tips-how-to-invest-as-a-freelancer.png 1600w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/595;\" \/><\/figure>\n\n\n\n<p>Remember, money loses its value over time so <strong>any delay in investment is a lost opportunity.<\/strong> All businesses make investments to grow and so freelancers must too.&nbsp;<\/p>\n\n\n\n<p>Here\u2019s how you can<strong> get started with corporate investing<\/strong>:<\/p>\n\n\n\n<p><strong>Learn the basics<\/strong><\/p>\n\n\n\n<p>You\u2019ll want to begin by first learning the ins and outs of investments. Make sure you spend enough time <strong>understanding the basics of investing and the principles behind what you want to invest in. <\/strong>Luckily, there are tons of websites and blogs dedicated to investment for you to learn just about anything, including <strong>different types of investments<\/strong> and common terminologies.&nbsp;<\/p>\n\n\n\n<p><strong>Understand your risk profile<\/strong><\/p>\n\n\n\n<p>Also, keep in mind that one of the most important things to consider when investing is the <strong>level of risk that you are willing to take.<\/strong> Every freelancer is different and is therefore willing to take different levels of risk when it comes to investing their money.&nbsp;<\/p>\n\n\n\n<p><strong>Understanding your risk profile<\/strong> can help you make informed decisions and invest in the right stocks that align with your goals.<\/p>\n\n\n\n<p>There are usually 3 main risk profiles that you can have:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Conservative<\/strong>: If you\u2019re a beginner, it\u2019s usually a good idea to have a conservative risk profile. The options we mentioned above (stocks, crypto, bonds) are low-risk investments that prioritise stable returns over higher ones.<\/li>\n\n\n\n<li><strong>Moderate<\/strong>: Investors with moderate risk profiles tend to take some risks while balancing low- and high-risk securities such as equity mutual funds and real estate.<\/li>\n\n\n\n<li><strong>Aggressive<\/strong>: These investors prioritise growth and follow an investment plan that involves aiming to maximise financial gains by taking high risks..<\/li>\n<\/ul>\n\n\n\n<p>It\u2019s crucial for you to<strong> identify your risk profile <\/strong>in order to make sound investment decisions that align with your financial goals and risk tolerance. Ultimately, your investment strategy should balance what you\u2019re comfortable with contributing as well as what you\u2019re willing to accept in return.<\/p>\n\n\n\n<p><strong>Invest in what you can afford<\/strong><\/p>\n\n\n\n<p>Next, you\u2019ll want to<strong> invest what you can afford. <\/strong>That means staying away from complex high-fee investments like mutual funds and toxic investment schemes that promise \u2018high-yields\u2019.<\/p>\n\n\n\n<p>Consider <strong>low-risk investments, <\/strong>especially if you have a <strong>conservative or moderate risk profile<\/strong>.&nbsp;<\/p>\n\n\n\n<p><strong>44% of freelancers <\/strong>from a short survey conducted on LinkedIn <strong>state that they invest their savings in<\/strong> federal bonds, stocks, or ETFs. Also, real estate is a beloved investment for freelancers (32%).&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"https:\/\/lh5.googleusercontent.com\/LoySNAwGczAGM9_I8L6YV1BK95Jl_bVggEXQkVkArW3P0_1pTwpK-aK_wN-QufnpNoVAGT8p-4G_zl5vdCGAjB3e4TVxMGXU5Ql58_zte788JMQA3fUREi24X9hh8BcREDsnIUNd5zxZMs5C_0a64-s\" alt=\"Where do you invest as a freelancer - Linkedin poll results 2023\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" \/><figcaption class=\"wp-element-caption\">Investments freelancers have &#8211; LinkedIn Poll results<\/figcaption><\/figure><\/div>\n\n\n<p><strong>Keep your debts in check<\/strong><\/p>\n\n\n\n<p>If you have any lingering debt, it\u2019s <strong>very important that you pay it off first before making any investments<\/strong>. When possible, consider paying off more than your minimum payments &#8211; tackling it first will help you save hundreds or thousands in interest.<\/p>\n\n\n\n<p>Also <strong>consider limiting your use of credit cards and other credit products.<\/strong> These high-interest credit card debt costs more over time making it much more difficult to pay off.&nbsp;<\/p>\n\n\n\n<p class=\"has-background\" style=\"background-color:#f2f2f2\">\ud83d\udca1 Sometimes corporate investments can help you reduce your tax obligations. However, these will look very different depending on the size of your business and where you\u2019re located.<\/p>\n\n\n\n<p><strong>Get yourself covered with good insurance<\/strong><\/p>\n\n\n\n<p>Investing in the<strong> right insurance as a freelancer<\/strong> is crucial for <strong>protecting yourself and your business<\/strong> from <strong>unforeseen expenses<\/strong> and<strong> potential lawsuits<\/strong>. Having <strong>good insurance coverage<\/strong> can help you avoid financial strain in situations like a <strong>broken laptop<\/strong> during a business trip or accidentally <strong>damaging someone&#8217;s property while working<\/strong>.<\/p>\n\n\n\n<p>We recommend checking SafetyWing\u2019s Remote Health Insurance (<a href=\"https:\/\/www.freelancermap.com\/dashboard\/insurance?utm_source=blog&amp;utm_campaign=safetywing&amp;utm_medium=button&amp;utm_content=tips-en\">click to get access to unique plans exclusive to the Freelancermap community<\/a>).<\/p>\n\n\n\n<p>By investing in the right insurance coverage, you can have peace of mind knowing that you are financially protected in case of any unexpected events or accidents that may occur during the course of your freelancing career.<\/p>\n\n\n\n<p><strong>Other investments in your freelance business<\/strong><\/p>\n\n\n\n<p>A good financial plan is not only about making your money grow. As a freelancer, you will also need to invest in yourself and your business. How?<\/p>\n\n\n\n<p>Improve your skills with <strong>courses and workshops<\/strong>. You can increase your niche knowledge and get really good at one specific thing. Or you can diversify your skillset and aim for things that synergize well with your business.<\/p>\n\n\n\n<p>Also<strong> attending conferences<\/strong> is a great idea as this willl give you a chance to expand your network, learn from fellow freelancers and get inspiration for your own business.<\/p>\n\n\n\n<p><strong>Another great way to invest your money is to expand your business.<\/strong> Freelancing doesn\u2019t have to be a one-person show. Getting a lot of clients and often having to decline good project offers is a sign that you want to <strong>hire additional people<\/strong>.&nbsp;<\/p>\n\n\n\n<p>Collaborating with other freelancers is a great option to take on big challenging projects, which were probably out of your scope before.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">#7 Get professional help with a financial advisor<\/h3>\n\n\n\n<p>The <strong>best investor and finance tip<\/strong> that you can get is to <strong>speak to a financial advisor.<\/strong>&nbsp; Not only will they help you create a personalised <strong>investment plan<\/strong>, they can give you the freedom to not worry about your finances and instead focus on growing your business.<\/p>\n\n\n\n<p>They can also really help you understand your<strong> retirement plan <\/strong>and coach you through any volatile situations. Plus, if you\u2019re corporate investing, they can walk you through any general or complicated tax procedures.<\/p>\n\n\n\n<p><strong>Accountants<\/strong> can also be very helpful in your business. They can help you understand how the tax system works so that you can do everything by the book and take advantage of tax breaks.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"conclusion\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Mastering a <strong>financial plan for freelancers<\/strong> is key to building a successful business. Tracking your income, making note of your expenses, planning for retirement, investing &#8211; these are all things that you can start today to improve your finances.<\/p>\n\n\n\n<p>It may take some time and focus but it can help you achieve both your financial and personal goals.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Please note that we\u2019re not registered accountants or tax professionals, so please take these tips for what they are. If you need further help, please get in touch with a professional so that you can go through your particular case with them.<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.freelancermap.com\/registration?ref=blog-com-financial-plan\"><img decoding=\"async\" width=\"1024\" height=\"297\" data-src=\"https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/07\/cta-blog-freelancermap-sign-up.png\" alt=\"Looking for freelance projects? Register for free on freelancermap and land new clients a 0% commission fees\" class=\"wp-image-42927 lazyload\" data-srcset=\"https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/07\/cta-blog-freelancermap-sign-up.png 1024w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/07\/cta-blog-freelancermap-sign-up-300x87.png 300w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/07\/cta-blog-freelancermap-sign-up-768x223.png 768w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/07\/cta-blog-freelancermap-sign-up-720x209.png 720w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/07\/cta-blog-freelancermap-sign-up-580x168.png 580w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/07\/cta-blog-freelancermap-sign-up-320x93.png 320w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/297;\" \/><\/a><\/figure>\n<\/p>","protected":false},"excerpt":{"rendered":"<p>Every company invests time and resources in understanding their finances. They know exactly where their money is, how they should invest, what costs they should cut on, etc. A good financial plan for freelancers should be part of your strategy too, but it can be an overwhelming task. Because let\u2019s face it, money management and financial planning is not the reason why freelancers decided to start their businesses in the first place!<\/p>\n","protected":false},"author":1,"featured_media":39942,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","footnotes":""},"categories":[3000],"tags":[3708],"class_list":["post-39937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-finances-taxes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How To Create A Financial Plan For Freelancers: Tips &amp; Tricks<\/title>\n<meta name=\"description\" content=\"Learn how to create the perfect financial plan for freelancers and grow your business effectively! \u2714 Investment tips \u2714 Retirement planning \u2714 Tax considerations\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.freelancermap.com\/blog\/freelance-finances-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How To Create A Financial Plan For Freelancers: Tips &amp; Tricks\" \/>\n<meta property=\"og:description\" content=\"Learn how to create the perfect financial plan for freelancers and grow your business effectively! 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