Money is one of the hardest things to talk about. But it's important that you're able to engage with the topic when you're self-employed.
Money worries are the most common cause of anxiety in the UK, and more than one in three adults with anxiety say they feel ashamed to talk about it.
Financial insecurity when you're freelancing is not uncommon. 86% of freelancers said the irregularity of income had a negative impact on their mental health in 2024. It's almost part of this way of working.
So when you're feeling that income is not what you hoped it would be - you need to lean into managing both the feelings and the numbers.
Don't take it all on your own shoulders
Working for yourself doesn't have to mean you have to figure everything out yourself. There are people who can help, and resources which are incredibly useful. Asking for help isn't a failure or sign of weakness, and getting advice can give you some space to breathe.
If you're dealing with debt
Debt tends to feel unmanageable before it actually is. The longer you leave it, the fewer options are available - so taking action sooner is better than waiting.
Business Debtline offers free, confidential advice specifically for self-employed people facing debt. They deal with this every day, and the advice is impartial. You can reach them at businessdebtline.org or on 0800 197 6026. Asking for help is not an admission of failure. It's just the next practical step.
If you're behind and facing a bill you can't pay, HMRC's Time to Pay arrangement lets you spread payments. Most people who contact HMRC find the process more manageable than they expected. You can arrange this via your HMRC online account or by calling them directly here: gov.uk/difficulties-paying-hmrc.
Get clear on the numbers
When things feel financially precarious, anxiety can often be worse if you don't actually know how you're doing in reality. The first step is knowing what you're dealing with.
Map your essential outgoings: rent or mortgage, bills, food, debt repayments, tax. That's your floor. Then look at what you're bringing in over the year, not the month, because income as a freelancer is rarely consistent month to month. The question isn't whether this month is bad - but whether you're on track to reach your end of year goals. Some months you might be ahead, some months you might be behind.
Separating business and personal finances helps here too. A basic business account makes it easier to see what's actually happening without the numbers blurring together.
There are some useful resources to creating a budget at moneyhelper.org.uk.
Late payments
Over 70% of freelancers experienced late payments in 2024.
If money is overdue, chase it. A contract and clear payment terms give you standing to do so. We cover the process in detail in our guide to dealing with late payments here.
If it's a large company, you can get support from the Small Business Commissioner. They can help you resolve disputes and get paid. You can find out more about them here.
Build a buffer, if you're able to
An emergency fund can change the psychological experience of a difficult month. Even a small one.
Not everyone can save, especially if things are already tight. But if you're in a position to put anything aside, even a modest amount, it shifts the feeling of a quiet period from frightening to manageable. Any buffer is better than none.
Returning to employment isn't failure
Sometimes the right response to sustained financial difficulty is to step back from freelancing, if that's an option. Whislt it can feel like giving up, it isn't. Many people move between employment and self-employment more than once over a career, and the experience you've built doesn't disappear because you took a job.
In summary
Financial stress is hard to carry alone, and harder still when you feel you should have it sorted. You don't have to.
There are practical steps you can take, and there are people whose job it is to help.
Make sure you are gettig on top of your numbers, and speak to someone if you need to.