8 Free Tools and Templates for Calculating Your Freelance Income

Readers like you help support MUO. When you make a purchase using links on our site, we may earn an affiliate commission. Read More. How much are you earning as a freelancer? Since your freelance income may vary per month, you’ll want to know if you’re making and charging enough. If this sounds intimidating, browse these free and useful tools and templates to help you calculate your income easily. 1. ValueTime Income Calculator for Freelancers If you’re paid by the hour, try this simple income calculator. To compute your monthly income, choose the correct currency in the dropdown menu in the upper-right-hand corner. Then input your hourly rate, number of holidays per year, workdays per week, hours per day, and billable time per day to get the results. Aside from computing your monthly income, the tool provides insights to help you decide on your ideal hourly rate. It shows you the rate you need to charge if you want to shorten your working hours. You’ll also know how many additional hours you need to work to reach the same monthly income at a lower hourly rate. We recommend using a time-tracking tool so you can input your accurate working hours on ValueTime’s calculator. You can try some free time-tracking apps to maximize your deep work . 2. Clockify Time and Expense Tracking App Clockify is one of the most popular time-tracking apps for freelancers. Use this tool to know your income per hour and learn if your project is profitable. Even if you charge a flat rate, you can track the time to check if you’re losing money or asking for a fair rate. For instance, a client might give you $300 for a one-time project. If it takes 30 hours to complete it, you only earn $10 per hour. If you consistently track time, you can better estimate your income for a project and negotiate better rates. 3. Hubstaff Free Hourly Rate Calculator Hubstaff makes it quick and easy to calculate income with this handy tool. Input your hourly rate and weekly hours; the calculator converts them to your annual, weekly, and daily income. Before you even pay the bills, you’ll know if you’re earning enough. If you don’t know how much you earn per hour, provide your hours per week and weekly or monthly income, then let the tool do the math. Use this data to decide on and negotiate your rates on freelancing platforms. 4. Christy Tucker’s Income Projection Template This Google Sheets template from freelance consultant Christy Tucker helps you project your income for the year, motivating you to achieve your ideal income. You can input the amount you received from current projects, invoice date, payment due, payment month, and income goal. With this data, the template calculates your projected total income, monthly average income, and the difference between your income goals. The template also includes a bar graph of your projected monthly income. As Christy says, a freelancer’s income can fluctuate every month. Using […]

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