Tool for freelancers to calculate how much money to set aside
After having been a regular employee for years, I worked as a freelancer for a while. Going into my freelancing life I had no real mental model for how much of the money I earned was truly mine to spend, and how much of it I needed to set aside for taxes, vacations, retirement, and in case I got sick. I modelled this in Excel as best I could and was quite surprised both by how complicated it was to get right, and how much money I actually needed to set aside! As my girlfriend also started freelancing last year, I decided to turn my Excel sheet into a little program she could use too, and in…
In plain words
This tool helps freelancers determine how much income to set aside for taxes, vacations, sick leave, and retirement. Built by a former employee turned freelancer who discovered through personal experience how complex financial planning becomes without a regular paycheck, it simplifies calculations that were initially done in Excel. The tool addresses a common problem among independent workers: underestimating how much money must be reserved rather than spent, particularly for unexpected illness and long-term retirement savings.
written from the facts on this page · September 2026
From the sources
In the maker’s words, at launch
After having been a regular employee for years, I worked as a freelancer for a while. Going into my freelancing life I had no real mental model for how much of the money I earned was truly mine to spend, and how much of it I needed to set aside for taxes, vacations, retirement, and in case I got sick. I modelled this in Excel as best I could and was quite surprised both by how complicated it was to get right, and how much money I actually needed to set aside! As my girlfriend also started freelancing last year, I decided to turn my Excel sheet into a little program she could use too, and in the spirit of sharing and helping others I would hereby like to make it available to you all too :) My biggest take-away so far has been that most people dramatically underestimate how much they need to set aside, and forget to plan adequately for getting sick and for retirement. You can find the tool here: https://howmuch.probsteide.com/ Comments, questions, and suggestions are more than welcome! I wish you all a happy Easter Weekend! In case you skipped to the bottom: you can find the tool at https://howmuch.probsteide.com/
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