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Financial Tips for Freelance Writers

This is a guest post

As a freelance writer your income is not consistent and reliable. It fluctuates greatly and there can be months where you earn far more, or far less than others. Most freelance writers are not natural accountants so it’s not always easy to work out a solid financial plan based on an unknown income. Although it won’t help you become a financial expert over night, here are some tips that will make it easier for freelance writers to enjoy financial security and stability.

1. Set up a budget

Although your incoming income may fluctuate the chances are your expenses will stay at a fixed amount. Draw up a budget of exactly how much you need to earn to cover the essentials, or how much you expect to pay out each month. Keep your expenses as low as possible and rather over estimate than underestimate your expenditure.

2. Plan for tax

From the beginning of each new tax year get your paperwork in order and set aside money to pay your taxes. If you work one step at a time and over estimate the amount you owe the government when the time comes to make a payment you will be well prepared. A separate savings account for tax is also advisable, so that when you file your return the funds are readily available.

3. Save extra

Look back at last year and identify what you did when you had extra money. Did you save it or spend it and then regret it? If you have a lucrative month or even if you win money playing big jackpot games on your phone at  you need to ensure you save a portion of funds to cover the leaner months.

4. Track and record invoices

Keep a record of every invoice you send out, every payment received and every amount outstanding. Freelance writers do not have to have strong accounting skills but a reliable tracking system is needed to ensure all amounts are paid and those that aren’t are followed up promptly. An effective system helps minimise the amount of time spent on invoicing and follow ups and also helps give freelance writers a clear indication of their financial situation.

As a freelance writer it is important to have a good grip on your budget and finances and these tips can easily be applied for effective results.

Comments OffGeneralMarch 20th, 2013

The Benefits of Borrowing

We all know the main advantage, or point, of borrowing; to address an issue you otherwise can’t afford right now. Yet this is only the tip of the iceberg when it comes to what borrowing can actually achieve.

As a cash advance

Some credit cards, such as the Classic credit card from aquacard, don’t charge interest if you pay off your balance on time. Not only does this encourage and reward responsible borrowing, it also ensures that you aren’t being charged extra money for your purchases.

A classic credit card can be a vital lifeline for anyone’s financial situation and can prove beneficial at resolving immediate financial issues. Any costs that you know you can accommodate in next month’s budget can be paid for with the credit card which essentially takes care of the immediate cost and allows you to repay the fee at a more convenient time.

Avoiding greater costs

It’s not uncommon for late payment fees to spiral out of control with some credit agreements and that’s why something like a credit card is a great option. Borrowing limits are usually much lower than a personal loan and the repayments are easier to manage as the minimum limit you are required to pay is usually very low. Borrowing will be capped once you reach your limit too, meaning you won’t be tempted to spend more than you can afford to repay.

Breathing space

Finally, don’t forget that the simple option of having a credit card provides a small amount of breathing space should you ever need the money. As already mentioned, credit cards don’t add interest if you pay off the balance, or the minimum repayment, within the specific time frame. This makes them often a better option than other forms of borrowing, making the credit card a handy lifeline for the right situations.

Regardless of your job or level of income, there are always going to be times when you could do with access to a little more money and a credit card could be just what you need in these situations. With different types available for different situations, whether you’ve got a family to support or have a history of bad credit, you’re sure to find a credit card that is perfect for you.

Comments OffGeneralMarch 11th, 2013

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