Budgeting tips for freelance writers

Maria Papadopoulou By Maria Papadopoulou, 8th Nov 2010 | Follow this author | RSS Feed
Posted in Wikinut>Money>Money Saving Tips

Freelance writers need to find ways to budget their money properly. Some useful tips can serve as a helpful guide.

Freelance writers and financial risks

Freelance writers do not earn steady income. That means that is absolutely necessary for them to learn to budget their money properly. If that does not happen, they run the risk of not being able to pay their bills on time and generally, manage their finances effectively.

Spend less than you earn

As a freelance writer, you have no way of knowing exactly how much money you are going to earn on a monthly basis. There are never guarantees for a steady work flow. You may not receive many job offers for some months, even if you have several steady clients. They may find another freelancer that satisfies them more and end their cooperation with you, or they may not be able to pay you anymore. If you don't even have steady clients, things will get even more difficult. In order to be able to make ends meet no matter what, it is crucial to learn to spend less than you earn. That way, when things don't go as expected, you won't have to endure financial hardships.

Set up an emergency fund

Setting up an emergency fund can help you get through some especially difficult times. Even if you are not earning much, you can still decide on a small amount to set aside each month to help you deal with emergencies. Try to stick to that decision every month. Even if that is not possible, try not to be discouraged. You can make up for it by setting aside more money the following month.

Focus on needs and not desires

When working as a freelance writer, you cannot afford spending too much money on things you simply desire and do not really need. Most of your money need to be spent on things you really need. If you get tempted to buy something you do not really need, give yourself 24 hours to think about it. In all probability, you will realise that you do not really need it and will not buy it after all. If you still insist on buying it, then what you can do is to at least carry only cash with you, that will help you spend only what you can really afford.

Practice makes perfect

The above tips can help all freelance writers to budget their money more effectively, and get properly organised to avoid mistakes.

Tags

Budget, Budgeting Tips For Freelance Writers, Emergency Fund, Freelance Writers, Money, Spend Less

Meet the author

author avatar Maria Papadopoulou
I am a certified health visitor and i also hold two bachelor degrees in translation as well as a bachelor degree in subtitling.

I have been working successfully as a professional freelance translator and proofreader with several prestigious transl...(more)

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Comments

author avatar Jerry Walch
8th Nov 2010 (#)

Excellent advice for the new freelancer.

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author avatar pjh76
8th Nov 2010 (#)

Great article and advice. I think it is possible to make a living but those that want to need to follow your advice until they become successful. Thanks for sharing.

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author avatar Maria Papadopoulou
11th Nov 2010 (#)

Thank you guys. It does take time, persistence and patience indeed.

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author avatar hieroglyph
12th Dec 2010 (#)

"Spend less than you earn, Set up an emergency fund, Focus on needs and not desires, Practice makes perfect",... you're article is too powerful, and can stand alone just by these few tags! Brilliantly organized!

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author avatar Emgee
23rd Dec 2010 (#)

much needed advice.

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