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Why Track your Freelance Writing Income?

Every aspiring freelance writer wants to discuss income and everything that goes along with it. Does this sound like you? If so, think about this question: why is it important to track your freelance writing income? You may be surprised at all the answers.

1. First and foremost, you need to track your income for tax purposes. There is no longer a company handing you a paycheck with all the proper taxes already being deducted. As a freelance writer you have to track your own income while paying quarterly taxes on a local, state, and federal level.

2. Good for goal setting. Surely you have some freelance writing income goals – all of us do. If you are not tracking your income you will never know for sure if you are closing in on your goals. Remember to set both short and long term income goals.

3. Motivation. At the end of every month I look at my freelance writing income as well as all the details that go along with it. Did I earn as much as I wanted? Where can I improve next month? Is there anything that needs changed? If you earn a lot of money you are going to be motivated to keep this up. If you come up short you will be motivated to change this in the upcoming months.

Now do you see why it is so important to track your freelance writing income? If you are not keeping close tabs on every dollar you earn, you are making a mistake that could haunt you in more ways than one.

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Comments OffFreelance WritingSeptember 29th, 2009

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