The freelance life comes with a lot of freedom – working your own hours, choosing your clients, setting your own pace. But behind that freedom are the financial responsibilities that many people don’t talk about. Suddenly, you’re not just a virtual assistant or social media manager. You’re also your own accountant, tax filer, insurance planner, and many more all at once.
Many freelancers quickly discover that financial literacy is a non-negotiable part of the freelancing life. As long-timers in the game, April Villacin, Lyle Tanciano, Lyn Cepillo, and Coach Abby Maravilla know that managing their finances is important to stay stable through the unpredictable world of freelance work. Here are their three tips for mastering the balancing act of growing their careers as professional freelancers and managing their finances.
Track your cash flow and set up a system
Knowing how much you will be earning and spending each month is especially important for freelancers who are typically paid per project or contract. Because freelance income is irregular, cash flow monitoring is a lifeline.
One of the simplest ways to add structure to your finances is by separating your money into different accounts: for taxes, savings, personal spending, and business-related expenses like software, monthly subscriptions, and new equipment. It’s also important to list down your expected expenses each month, such as for utilities, phone bills, water, and housing.
According to April Villacin, who has been a professional virtual assistant for 8 years, many freelancers overlook the importance of a good cash flow strategy. “In freelancing, you need good skills and good clients, but you also need a good cash flow system to make sure that you’re running your business sustainably,” she says.
Staying on top of your cash flow prepares you for slow months or the moments when a client unexpectedly pauses a project. It’s a safety net that helps you make decisions confidently. So, try out this simple habit: set aside at least one day a week to update your financial records to prevent surprises and reduce money-related stress.
Get your payments in order—fast, secure, and on time
A strong client base means very little if payments arrive late. This is something freelancing coach Abby Maravilla sees all too often among the freelancers she mentors each day. For those working with international clients, there are several unavoidable delays with payments, but one area where it often occurs is when withdrawing to your local e-wallets or bank accounts.
“Bills don’t wait for days, so it’s important to have a platform that gives us access to our money as soon as possible,” adds Lyn Cepillo, who has been a social media manager since January 2021.
This is where GCash is most reliable. GCash now offers improved cash-in support for USD payments through its partnerships with Payoneer and PayPal, giving freelancers faster and easier ways to get paid. Freelancers paid via Payoneer can withdraw directly to GCash for free, with no minimum or maximum amount. Meanwhile, PayPal users now enjoy significantly lower fees, capped at only PHP 200 for 1% charges, with funds arriving in real time. This means more earnings stay with freelancers.
“There are many platforms out there, but for me, GCash is the clear choice, because it’s an all-in-one app,” says Lyle Tanciano. Beyond payments, GCash helps freelancers with their financial routines, with instant cash- ins and seamless bill payments to savings features and many more. The less time you spend worrying about money, the more time you can spend doing well at work.
Whether you’re freelancing full-time or running a passion project on the side, managing your finances is about progress not perfection. It’s the small habits like tracking your cash flow, staying on top of payments, and using smart tools – like GCash – that help you build a system that works for you, even on the most unpredictable days. Download GCash today and get more out of every payday.
