MANILA, Philippines – Every year, as the country celebrates Labor Day, there’s a renewed appreciation for the hard work of Filipinos across different sectors. But it also brings up an increasingly familiar reality: many of the challenges Filipinos face today revolve around delayed payments, platforms charging high fees, and fluctuating forex rates, which even seasoned freelancers experience daily as they stress over making sure they have enough for their needs.
For seasoned freelancers and finance coaches, Chelsea Dy and JZ Cerezo, being smarter with managing money starts with knowing what to do in any given situation. Here are three lessons they’ve learned over the years, along with practical, real-world tips for those just starting as freelancers.
- Build your budget based on your lowest income month
A practical approach to budgeting starts with accounting for all your fixed expenses, such as rent, utilities, and food, and making sure that’s all covered. Then set funds aside for your emergency fund. The general rule of thumb is to set aside enough to cover three to six months of expenses.
“In my first few years, I would earn money and then lose it just as fast because of lifestyle inflation. That cycle repeated multiple times until I realized I needed to track everything about my expenses, savings, and priorities”, says JZ. “It [budgeting] made me more aware and more intentional with my money. Now, every time I get paid, I already know where my money should go, and that alone made a huge difference in my income and savings.”
On her TikTok and Instagram channels, Chelsea also shares practical tips for freelancers who are starting out
Chelsea adds that juggling multiple clients makes tracking even more crucial. “It has made me much more intentional with cash flow. I’m now more aware of which platforms give me better flexibility, which ones eat too much into my income, and how I can separate money that’s for spending, saving, or investing,” she explains.
- Pay attention to where your money is quietly being lost
JZ recalls a time in his career when this became a significant problem. “Before, I had 3 to 4 clients, and each one used a different platform. That meant more time, more attention, and more variables to manage, especially with different fees, processing times, and even occasional platform issues.” This made it challenging for him to track his money and records, and he had to account for multiple fees, which, when he reviewed them at the end of the month, really added up and made him realize how much he was quickly losing.
“I think many freelancers overlook these charges because, at the start, they’re just focused on earning. And sometimes, they feel like they don’t have better options, so they just live with it,” he explains. JZ warns that this may be a normal experience, especially for those just starting, but it doesn’t mean you should settle. It’s important to do your research and keep track of when you’re being paid and when you encounter losses.
- Switch to a platform that has your best interests in mind
Sticking to one convenient platform that works in your favor becomes less of a preference and more of a necessity for freelancers looking to manage their income more effectively. This is why Chelsea and JZ decided to create a GCash Virtual US Account.
The GCash Virtual US Account makes it easier to receive and manage your USD funds. Once you create your account on the GCash app, you will have your own ACH and Wire Routing Number that you can send to your US clients. You can also choose to convert your US Dollars to Philippine Peso, depending on when it’s most favorable for you, as you track live forex rates on the platform.
Once your payment is in your GCash account, you can use your funds to pay your bills, use them for your other expenses, or to grow your savings. With the GCash Virtual US account, you can take better control of your cash flow and make sure that you always have funds ready for your everyday needs.
Creating a GCash Virtual US Account is easy in just a few steps.
- Open the GCash app. Tap US Accounts in the Explore the App section
- Tap Continue and verify your information
- Complete your account creation
