What I Didn’t Know About Money—and How It Changed My Business
The simple financial habit that gave me the confidence to say no
I used to think confidence came from experience. That once I had enough projects under my belt, I’d stop feeling like every new client held all the cards. But the biggest shift didn’t happen because I landed a dream client or got good at negotiating.
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I realized its impact the first time I thought, “Something feels off, I don’t think I should take this project,” and confidently turned it down.
Why? Because I had money in the bank.
Not millions. Not even six figures.
Just enough to know that if I walked away, I’d be okay.
An emergency fund changes everything
If you’re new to freelancing, building a savings account might feel like a “someday” thing—something to do once you’ve raised your rates or landed more clients. And if you’ve been freelancing for years, it might be something you’ve pushed down the list while paying off debt, covering bills, or reinvesting in your business.
I get it. I’ve been there.
I focused on paying off debt, thinking that was the most responsible move. I told myself savings could wait.
But when work slowed down or clients delayed payments, I was always in scramble mode. I had no buffer—nothing to soften the blow or give me breathing room. That meant saying yes to work I didn’t want, taking on clients who were walking red flags, and pricing my services with my stress level, not my value, in mind.
Eventually, I got tired of that feeling.
So I started small. I opened a savings account I couldn’t easily access, and I set up automatic deposits. Some months it was just $25. Other months, I added more. Over time, that account became the thing that gave me space to breathe—and the power to choose how I ran my business.
When I tap into that fund during slow times I make it a priority to build it back up again as quickly as I can.
It’s not just for worst-case scenarios
A lot of freelancers think of an emergency fund as a last-resort safety net. Something to tap into if you lose all your clients, get sick, or—let’s be honest—face something like a global pandemic (been there).
And yes, that’s part of it. But it’s more than that.
Your emergency fund is also there for moments when you need to say no. When a client offers you a rate that’s insulting. When a project will burn you out. When your gut is screaming that this person will be a nightmare.
And it’s there when the work dries up not because of a crisis, but because your pipeline is quiet and you need time to rebuild.
Having that cushion means you don’t have to chase every dollar. You can pause, think, and choose—rather than react. You don’t need to panic, because you know you’re okay for at least a while.
But don’t forget: it’s okay to use it
This part’s important. You’re not hoarding gold in a dragon cave.
Your emergency fund isn’t there to be admired. It’s there to be used when you need it.
You don’t need to wait until you’re completely out of money to tap into it. If you’ve lost a major client, or you’re in a slow quarter and need to take a week to regroup, the fund is doing its job.
And when you do use it, don’t feel guilty. This is why you have it. Use what you need—then start building it back up again, one deposit at a time.
Want to build your own emergency fund? Here’s how to start:
Note: This isn’t financial advice—just what’s worked for me. Your situation may be different, and it’s a good idea to talk to an advisor or accountant if you’re unsure what’s right for you.
1. Figure out your monthly baseline.
Add up your essential bills: housing, utilities, groceries, debt payments, and anything you need to keep working (like software or internet).
2. Open a separate high-interest savings account.
I use EQ Bank and don’t have a debit card for it, which makes it harder to dip into on impulse.
3. Automate your deposits.
Even if it’s just $10 a month, make it automatic. You can always adjust the amount, but the key is consistency.
4. Add extra when you can.
In strong months, toss a bit more into your fund. Small windfalls can make a big impact here.
5. Choose your comfort number.
Some freelancers feel secure with one month of expenses saved. Others want three, six, or more. Pick a number that gives you peace of mind, and build toward it.
6. Use it when you need it.
That’s the whole point. Just make it a habit to refill it once you’re back on steadier ground.
7. Let it shift how you show up.
Walk into client conversations knowing your livelihood doesn’t hinge on this one gig. That’s real leverage.
Building my emergency fund didn’t happen overnight. And it didn’t solve every problem. But it gave me breathing room, confidence, and the ability to make better decisions—not just the ones that paid the fastest.
And honestly? That’s one of the most powerful business tools I’ve ever built.
Here’s to having more power and confidence in your business,
Heidi
P.S. If you haven’t downloaded it yet, my Freelancing Values Workbook is free. It’ll help you get clear on what matters most to you—so you can make decisions about your clients, your pricing, and your business that are aligned with your values.