How to calculate your freelance hourly rate 💰
1. Set your preferred currency
2. Enter your estimated costs
3. Add all other details related to your freelance work plan
Send tax-deductible invoices to clients located anywhere and collect payments. Administer without delay and red tape.
Determining the basic rate for your billable hours can be complicated. Many parameters go into deciding how much you should charge for freelance work. Even experienced solo talents can get lost in the calculation and feel the need to refer to a reliable and globally applicable rate chart.
To make things easier for Ruulers, we created this hourly rate calculator tool. Simply enter the details of your priorities and find out what your ideal hourly rate should be for your billable freelance services. If your expenses change through time, you can revisit this tool to quickly update your hourly rate and raise your freelance rates.
Setting a reasonable flat rate that millions of freelancers commonly sounds reasonable in the first glimpse. But every solo professional has unique needs and expenses. Popular USD or EUR based flat hourly rates may not be feasible for you, as living expenses and industry-specific market averages may vary.
Read on to discover how to use Ruul's customized hourly rate calculator tool effectively to find out a rate that covers your expenses, ensures profit, and supports the quality of life you deserve.
Think of this as the constant of all your calculations. You should choose a currency that you can comfortably use to enter your costs. We recommend choosing your local currency from our list. Later on, you can convert the final result to any common currency such as USD or EUR to inform your clients.
In the third section, add the details such as your billable hours and the non-billable time that you will be off from work.
To find out your off-days, ask yourself the following questions:
- How many hours am I willing to work each week? (Not every hour you are available will be a billable hour)
- How many days do I need for vacation and holidays?
- How many days would I be sick and not able to work?
- Will I be making any business travels?
In this section, you will see a field for your expected profit margin. This is a very essential decision that will affect the rate you will get from this tool. As you fill this field out, focus on a percentage that would give you comfort when all of your costs are deducted. Think thoroughly about your lifestyle, your future plans, and the desired value of your savings in general.
Using our tool is as simple as 3 steps. If you are looking for other tools that can bring you more profit by saving you time, visit our blog to find out about free and popular freelancing tools.