The Importance of having a Freelance Writing Budget
Before I get started with this post, let me define what I consider to be a freelance writing budget. This is the amount of money that you can comfortably spend on items that you need to sustain and/or advance your freelance writing career. Now that this is cleared up, we can move onto why it is so important to have a budget.
First things first, a budget helps to ensure that you do not spend on things you donâ€™t need. Everybody loves new office equipment. There is nothing better than buying the latest and greatest computer, printer, fax, etc. But guess what? You probably donâ€™t have money in your freelance writing budget to do this every few months. Donâ€™t buy a computer (or anything else) just to do it. Instead, save your money now so you have it when the time finally comes to make a purchase.
Moving on, you donâ€™t want to put all your profits back into the business. There is nothing wrong with spending money to make money â€“ I strongly believe in doing this. That being said, you need to save some of your income as well. After all, you have bills to pay, expenses to save for, etc.
Finally, a freelance writing budget will make you feel as if you are in more control of your business. This is definitely a great feeling. When you know of every dollar that is coming in and out of your business you will be confident in all financial related decisions.
Do you have a freelance writing budget? If so, how has it worked out for you in the past? This is one area of being a freelancer that many people forget about. Any feedback would be greatly appreciated!