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Need More in Savings? This App for Freelance Banking Can Help.
Freelancing is an art. Balancing the sometimes irregular income and shouldering all the expenses of a business takes a lot of extra work. Unfortunately, the pandemic has thrown an already varying income stream into chaos for the approximately 57 million Americans that freelance. That’s 35% percent of the workforce.
Before the pandemic, 56% of full-time freelancers had $5,000 or less in their savings accounts and only 23% were planning for retirement. Things have only gotten harder. Lili, an all-in-one banking app, wants to help freelancers take control of their finances and save money with its latest features.
What can Lili do for me?
We know what you’re thinking. There are plenty of freelancing apps out there, how is this one any different? “We’re the only company that combines banking services with real-time expense tracking, tax tools, and financial insights so freelancers can stay in control of their finances,” says Lilac Bar David, co-founder of Lili.
“I co-founded Lili with the mission to democratize financial security for freelancers, and the new tools that we recently launched make it easier for independent workers to obtain financial security,” Bar David adds.
Since the pandemic, Lili has experienced 700% in transactional growth and has nearly 100,000 users. Lili is designed to support freelancers’ long-term financial health with its attention to detail and exclusive features, making it a stand out example for freelance banking apps.
Emergency savings bucket
Freelancers have to pay for every aspect of their business — from travel to the supplies they need. Lili is the first and only banking app that offers an emergency savings bucket that enables you to save for unexpected situations.
[ Read: How to Create and Build Passive Income ]
“One of the key behavioral insights behind the emergency bucket feature is that people are four times more likely to save when the amounts are framed in terms of small, daily amounts — such as $5 a day — rather than large, monthly amounts, such as $150 a month,” says Shlomo Benartzi, Behavioral Economic Advisor at Lili.
“The daily frame makes savings feel achievable, which is our goal with the emergency savings bucket. We believe every freelancer deserves a rainy day fund,” Benartzi adds.
In partnership with Green Dot, Lili allows people paid or tipped in cash to deposit their money in participating Green Dot locations. The money goes straight into your account; no standing in line at the bank needed!
Including helpful information around taxes, money and lifestyle, the freelancer handbook from Lili is a well-rounded resource every freelancer needs. The best part is, you can get it for free. All you have to do is download it.
One of the biggest pain points for freelancers is taxes. Without an employer to automatically take out money for taxes, the filing process becomes a crucial responsibility. But it doesn’t have to be that way. One of Lili’s most popular features is its tax bucket. This allows you to set up an automatic withdrawal from each paycheck that is deposited into your tax bucket. That way, you never have to worry about scrambling for the money you need to pay your taxes again.
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Image credit: Lili Bank