Getting your financial infrastructure right from day one as a new freelancer prevents problems that are much harder to fix later. Learn the week-by-week setup guide.
When you start freelancing, getting your financial infrastructure right from day one prevents problems that are much harder to fix later.
Business checking account: Open a free business bank account (Mercury, Relay, or Novo in the US). All business income goes here, all business expenses come from here.
Business savings account: High-yield savings for your tax fund. Label it Tax Reserve.
Personal emergency fund: Separate high-yield savings for 6 months of personal expenses. Your safety net.
Connect FlowFund to your accounts. Set up categories matching your expected expense types (software, equipment, professional development, home office, health insurance).
Set a rule: 25% of every payment goes to Tax Reserve the same day it arrives.
Apply for an EIN (US): Free, takes 5 minutes at IRS.gov. Use it instead of your Social Security number on client contracts and W-9 forms.
Choose a business entity: Most new freelancers start as sole proprietors (no registration required). As income grows above $50,000-60,000, consult a CPA about LLC or S-Corp.
Set quarterly tax payment reminders: Calendar reminders for April 15, June 15, September 15, January 15.
Health insurance: Enrolled and paying.
Professional liability: If your work creates liability risk.
Disability insurance: Research and quote.
Free to start. No bank connection. No KYC. Works in 20+ countries.
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