The surprising cost of working freelance

Doing what you love seems to come with a hefty health insurance price tag. As a freelancer, you have to pay your entire health insurance premium. So when you shop for health insurance, you may need to look for a plan with a high deductible to save money, Goodman says.

She recommends hooking up with an insurance broker who works with multiple insurance carriers to find the best plan. "They can help you pick out something that's more catered to your needs," she says.

You also should look into creating a health savings account, or a savings account not taxed at the time of deposit. An HSA rolls over at the end of the year, so you won't run the risk of losing your money, Goodman says.

Tax deductions help mitigate the cost of health insurance. In September, President Barack Obama signed the Small Business Jobs Act, which allows freelancers and small business owners to deduct the cost of their health insurance before computing their self-employment taxes.