502 - Finances and Developing Freelance Rates

Both sessions covering freelance have been extremely useful to me, both about knowing my worth and understanding the process of it. It's helped me a lot with my confidence about it.

Using the spreadsheet provided by Mike, my required income is £8,504. After calculating cost of a new computer, art materials and one-off purchases, my total amount that I could live comfortably off is £12,854. Assuming I work for 30 weeks in a year in 5 day weeks, my minimum daily rate required to achieve this amount would be £86. Assuming I work 7 hours a day, the minimum wage for a day would actually be £87.50, therefore £86 is an absolute minimum. 

I worked out that to earn 20k (pre-taxes), a daily rate of £133.33 would be required, therefore for me I think setting my daily rate anywhere between £120-£150 would be a good range.