Money Saving Tips for Freelance Writers
It can be difficult to survive as a freelance writer. First you have to be good at what you do. You also have to keep deadlines, have regular clientele and have access to content mills. Essentially, you want to have several eggs in your basket and always keep your options open. Work comes and goes in this industry and dry periods several times throughout the year cause a financial damper on your parade.
Use Removable Memory to Back up Completed Work
Technology is not perfect and computers can crash without notice. Not all writing programs, including Word, save all of your content as you go. This hinders your progress when you don’t have time to rewrite the entire piece. Sometimes the computer crashes while you’re saving material or after it’s been saved, or so you thought anyways. Use removable memory to back up your work, and also back up the work on the computer so you don’t have to write it over.
Purchase Software at Discounted Prices Only
Writing programs and editing software can get very expensive. There are a few options when you can’t afford a full-price program. First, contact the software creator and ask about receiving the program free of charge in return for a positive review. This does work in some cases. If they do not agree to provide the item to you, they may offer a discount.
Search with several software purchasing websites to see what their prices are. You are likely to find programs much cheaper, and within budget.
Keep Immaculate Records
It is best if you keep exact records of all of the money you take in and pay out. You should also keep a record of the fees associated with taking payments, as these are tax deductible. One missed entry can cause your finances to be in shambles. As a freelancer, this is not something you can afford.
Pay Quarterly Self-Employment Taxes
Self-employment taxes are a must as a freelance writer. If you work for overseas clients, they don’t send 1099 forms, you are responsible for reporting that income and paying taxes on it. Work with a financial advisor to learn how to save to pay these taxes and how to properly calculate them for your income level.
Live Inside your Means
Only live where you can afford to live. Just because you have a great month or two with more than normal income, this does not mean it is going to continue. Consider only renting locations that work within your lowest months’ income levels. Instead of renting an office space, create a work area at home to save that expense too.
Keep Overhead Low
Do most of the work yourself, outsource very little. When you pay people, you lose money. Also make sure that your appliances and equipment are all energy efficient. The cost of doing your work should me far more than what you are paying out to keep it going.
Maintain a Savings
Always keep at least two months of your total household expenses in savings. This helps to maintain your bills and keep food on the table during dry or slow times. Saving three months of your necessary bills is even better, just as an extra cushion.
The life of a freelance writer can be stressful. This is because there are no typical work hours, you may end up working 7-days a week to make ends meet. It becomes exhausting and there comes a time when you just need a break. Make sure you have the necessary means in place to take that break. Save as much money as you can for household things, including groceries, while still maintaining a happy lifestyle.
