I've been doing graphic design work for US clients for two years, and the problem is that even though they pay me the same amount in dollars, when I exchange it here the value keeps getting lower. How do other freelancers keep their income stable? Should I ask my clients for more money or is there another way to protect myself?
The devaluation thing is rough when you're dependent on dollars. What a lot of freelancers do is actually raise their dollar prices every so often, rather than wait for the currency to collapse before reacting. If you're charging the same as you were two years ago, you're losing purchasing power straight up. Check how much your costs have gone up (internet, software, taxes) and adjust accordingly. US clients don't care much if you charge them $500 or $550 for a project if the work is worth that; what really stings is lowering your price.
Some people also diversify: work with clients from other countries or more stable currencies, or start charging in stablecoins/crypto to avoid banks eating up the exchange rate. Another trick is having a "base" rate in dollars that you bump up gradually (every 6 or 12 months) and give recurring clients a heads-up. And check what platform you're using to exchange: sometimes traditional banks screw you with the tourist rate while digital wallets or exchange houses give you better rates.
What I don't recommend is sitting around waiting. The dollar's not going to turn around anytime soon, so you've got to take the initiative yourself. Raise your prices in a reasonable and realistic way, because if you don't, you're just giving your work away.
Currency devaluation is going to keep eating away at your income as long as you rely on exchanging dollars here, so raising your rates in dollars is just a temporary patch. What a lot of freelancers don't see is that if you jack up your rates too much, US clients start looking for cheaper alternatives in other countries, and then you're stuck with no work.
A more sustainable option is to diversify: keep some clients paying in dollars but find ways to hold onto that money in that currency (dollar accounts, crypto, whatever works for you) instead of exchanging everything right away, and also think about picking up local clients in pesos so you're not completely dependent on the exchange rate. Some freelancers also move toward retainer rates or annual contracts where they renegotiate every so often - that gives you way more control than going client by client.
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