Working as a Freelance Dev and Saving for Retirement 
Tags: retirement, retirementguide, freelanceretirement
Published: 2019-03-27 10:12:46

---
title: Working as a Freelance Dev and Saving for Retirement 
published: true
description: A guide to saving for retirement when working for yourself
tags: retirement, retirement guide, freelance retirement
---

There’s a lot which goes into making it as a successful freelance dev, so much so that it’s likely you’ve barely had a chance to think about retirement. Retirement can seem such a long way away that it sometimes doesn’t even seem worth thinking about until much later in life; however, the earlier you start to save towards your pension, the easier it will be. Here we have put together a guide on how to work as freelance dev as well as work towards your retirement. 

Getting into the Habit of Saving 

If you aren’t already in the [habit of saving](https://www.thebalance.com/getting-into-money-saving-habit-4125552), it can be difficult to shift your mindset into putting money away for retirement. To get into the habit of putting money away for a rainy day, have a look through your outgoings and see what you can cut back on. Try to commit to certain amount – such as £100 a month – and see if you can stick to putting that away on a regular basis. Once you have become accustomed to putting away a certain amount a month, you will find it easier to transition to putting away a certain amount towards your retirement. 

Be Strategic About Retirement Savings

When you work freelance, spreading [your savings](https://www.forbes.com/sites/abdullahimuhammed/2017/10/18/how-to-budget-wisely-and-save-money-as-a-freelancer/#7c3d43fe23f3) evenly throughout the year isn’t always possible. It’s likely you will experience periods of boom and bust and as a result will need to contribute to your retirement strategically. Why not consider contributing a little more during times you know will be more prosperous and a little less when your work starts to dry up?


Set Up Your Finances According to Goals

When your salary is unpredictable it can be helpful to split your monthly income up into various accounts according to [different goals](https://www.incharge.org/financial-literacy/budgeting-saving/how-to-set-financial-goals/). These accounts should cover your monthly bills, an account for taxes and an account for savings which can also be used to contribute to your retirement fund. 


Decide How You Wish to Retire

The truth is that retirement might look very different for you as freelancer compared to if you were employed. Many freelancers enjoy what they do and so may not wish to retire quite as early as others wish to, meaning you don’t need to save as much. Consider the kind of lifestyle you would like when you finally do retire and at what age you would like that to be; knowing this will allow you to better [prepare and forecast](https://www.investopedia.com/articles/personal-finance/091114/build-your-own-retirement-plan.asp) how much you will need to put away. 

Arrange to Meet a Financial Adviser

If you are unsure about what the best route for you is when it comes to pensions, it can be helpful to speak with a financial adviser. An adviser will ask you a series of questions such as your current financial position, your goals and how risk averse you are and then use this to steer you in the right direction 
financially. 

Although it can be daunting at first, the process of [preparing for retirement](https://www.youandb.co.uk/blog/life-events/retirement-savings-and-planning) doesn’t need to be taxing. If you make a plan and set out goals for the time when it does come around, you will find saving for your pension as a freelance dev much easier than you anticipated.