5 Common Financial Mistakes Freelancers Make (and How to Fix Them)
Running your own business gives you freedom, but it also means you’re responsible for everything, including finances. And for many freelancers and ZZP’ers in the Netherlands, the financial side of self-employment can feel like the most confusing part.
At GG Financial Consulting, we work with creatives, consultants, and small business owners every day. Over time, we’ve noticed a few financial patterns that come up again and again, and the good news is: they’re all fixable.
Here are five of the most common money mistakes we see, and what we recommend instead.
1. Not setting aside enough for taxes and VAT
One of the biggest surprises for new freelancers is how much tax they owe at the end of the year. This isn’t about poor planning, it’s often a simple lack of information.
What we recommend:
A good rule of thumb is to set aside 30–35% of your income to cover income tax and VAT. The easiest way to stay on top of this is to open a separate account just for tax savings - out of sight, out of mind (until it matters).
2. Mixing personal and business finances
It’s easy to start your business using your personal account, but over time, it becomes difficult to track what belongs where, especially when you’re preparing VAT returns or annual income tax.
What we recommend:
Open a dedicated business bank account. Not only will it make your bookkeeping cleaner and more accurate, but it also shows the Belastingdienst that you're treating your business professionally.
3. Waiting too long to get support
We often hear from clients who’ve waited until the last minute, just before the tax deadline or when things feel completely disorganised. At that point, it’s usually more stressful and harder to fix.
What we recommend:
Getting help early can save a lot of stress (and money). Even a short check-in can help you catch issues before they become problems and give you a clear plan to move forward.
4. Not keeping track of deductible expenses
Too many freelancers overpay on taxes simply because they didn’t log their expenses. A lost receipt or an unclaimed deduction is money left on the table.
What we recommend:
Keep your receipts, log expenses regularly, and use a bookkeeping system that makes it easy to stay organised. Tools like QuickBooks, Moneybird, or even a well-structured spreadsheet can help.
Want help figuring out what counts as deductible?
Read our full post: How Freelancers Can Save on Taxes: Download Our Free Guide
You’ll get a clear overview of common deductible costs, and a free checklist with 50+ business expenses every ZZP’er should know about.
5. Avoiding regular check-ins with your finances
If you only look at your numbers once a year, you’re missing opportunities to plan, save, and grow your business. Financial decisions shouldn’t be based on guesswork.
What we recommend:
Set a recurring reminder to check in with your finances once a month. Review what’s come in, what’s gone out, how much you’ve saved for tax, and where you might need to cut back or adjust.
You don’t need to be an accountant to run your business well, but building a few good habits and having the right support make all the difference.