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The Freelance Rate Calculator I Wish I Had When I Started

Designed to help freelancers confidently price their work without leaving money on the table.

Hsing Tseng

17 Jan 2025 — 8 min read

When I first started freelancing, I’d spend hours scouring Reddit threads and LinkedIn posts, desperately searching for advice on how to price my work. I'd scroll through job boards, see other writers charging anywhere from $0.05 to $2 per word, and wonder where the heck I fit in that spectrum. Should I charge by the hour? By the word? And how could I make sure I wasn't undervaluing my time while still staying competitive?

I struggled hard and made lots of mistakes undercharging along the way. That's why I decided to create the freelance rate calculator I wish I'd had from day one. I've done a lot of stress testing with this little doodad (I'm not a natural when it comes to spreadsheets, to be completely honest) and I think it's pretty neat.

Here's why this free tool works — and how you can use it to price your services with confidence.

The Multi-Pronged Approach to Pricing

Here's the thing about freelance writing rates: there's no one-size-fits-all solution. That's why this calculator has multiple sheets, each approaching the perplexing pricing puzzle from a different angle:

1. The Reality Check (Work Speed Sheet)

This might be my favorite part of the calculator, suggested to me by my colleague Anna Burgess Yang, because it deals with the real world. It factors in:

Your actual writing speed (how long it takes to write 1,000 words)
Available writing hours per day
Research time as a percentage of your total work
Days you can actually write each week

This way, you can base your project pricing on how many billable hours you have available per week, and how many words you can realistically fit into that time frame.

2. The Hourly Perspective (Hourly Rate Sheet)

This sheet starts with a simple but crucial question: how much do you want to make per hour? It looks at:

Your available working hours per week, whether part-time or full-time
How many pieces you want to write each week
Your ideal hourly rate
Your per diem based on that per hour rate

But it doesn't stop there — this freelance hourly rate calculator translates those numbers into project rates and daily rates, so you don't have to track every minute like a lawyer.

3. The Word Count Method (Word Rate Sheet)

For those who prefer thinking in terms of per word/word count (or work with clients who do), this sheet helps you:

Calculate rates based on your target per-word rate
See how that translates to per-piece pricing
Understand if your word-based rates align with your hourly goals

4. The “It Depends” (Rate Adjustment Sheet)

Because not all projects are created equal, this sheet helps you adjust your base rates for:

SME (Subject Matter Expert) interviews
Additional revision rounds
Rush jobs
Retainers
And other project-specific factors

This will help you charge what a project is truly worth to you, not just what you may think it’s worth at first glance, aligned with your monthly revenue goal.

5. The History Keeper (Project Rate Tracker Sheet)

Think of this as your personal freelance journal — but with numbers. The Project Rate Tracker sheet lets you:

Log every project with key details
Track rates across different clients
Monitor how your rates evolve over time
Spot patterns in which types of projects pay best

I added this sheet because I realized that having historical data is pure gold when it comes to making pricing decisions. When a new client asks for a quote, you can quickly reference similar projects you've done before. Plus, it's incredibly motivating to see your rates trending upward as you gain experience.

Making the Calculator Work for You

Start with the READ ME sheet (yes, actually read it!). Then, follow these steps:

Fill in your numbers in the yellow cells only (the blue ones have formulas)
Start with the Work Speed sheet to understand your actual capacity
Compare the results from both the Hourly Rate and Word Rate sheets
Use the Rate Adjustments sheet to create project-specific quotes
Log every project in the Project Rate Tracker to build your pricing history

Pro tip: Set a reminder to review your Project Rate Tracker quarterly. You might notice that certain clients or types of content consistently bring in higher rates, helping you focus your pitching efforts more strategically.

The Real Value: Confidence in Your Rates

The best part about having a systematic way to calculate your rates? It gives you the confidence to quote prices that reflect your true value. When a potential client asks about your rates, you can explain exactly how you arrived at that number, taking into account:

Your expertise and experience
The time investment required
Project-specific requirements
Your actual writing and research speed

Gone are the days of second-guessing whether you're charging too much or too little. This calculator helps you find that sweet spot where you're earning what you deserve while providing value to your clients.

A Friendly Disclaimer

This calculator is just a guide, not a comprehensive tool. It’s not professional financial advice, and it doesn’t account for overhead expenses (like taxes, health insurance, or business expenses). It also doesn’t calculate your annual salary or annual income, factor in retirement savings, or account for sick days or vacation.

Remember, this template is a starting point, not a rigid rulebook. Use it as a foundation, then adjust based on your market, expertise, and specific client needs. And most importantly, update it regularly as your skills, speed, and experience grow.

For more resources on freelance writing rates, check out my colleague Anna Burgess Yang's Pricing Guide below.

Moving Forward

Whether you're just starting out or you've been doing freelance work for years, take a moment to run your numbers through this calculator. You might find that you've been undercharging for complex projects or that you could offer more competitive rates for simpler ones.

Want to know the real secret to freelance writing success? It's not just about being a great writer — it's about being a smart business owner. And smart business owners know their numbers.

Struggling with setting your rates? Click the link above to get the freelance rate calculator, for free. Give it a whirl, then let me know in the comments or via email how it works for you!