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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.

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Comments OffGeneralMarch 20th, 2013

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