Tips on Financial Management for Writers – Be a Financially Stable Writer

Writers are good at mixing words and creating stories, sometimes long ones, sometimes shorter ones. They sometimes lack the necessary skills to manage their financials, however, making those stories that much more rushed. If you need to rush a story to meet your deadline because you really need the money, you are doing something wrong with your finances.

Here are some tips on how to be better at managing finances so that you have more time to focus on the most important thing for you, writing.

Look at Your Monthly Costs

Every person has some monthly costs they need to pay, from water bills to electricity, heating and sometimes even rent. Those should always be a priority, as you need to get through the month with a roof over your head, preferably with electricity and running water. Heating, you could do without, especially in a mild climate zone, but if it’s severely cold or hot, air conditioning should also be a priority.

These costs will be there every month, so make sure to know how much money will you have to spend, regardless.

Another thing that fits your monthly costs is food. You will definitely be eating every month, so look at your previous month or start taking notes on how much you spend on food every month. Those costs will be there, so they should be a priority.

Save Money – You Might Need it Later

Freelance writers do not have jobs or the same job loads as writers for large companies or even smaller ones. Having an ever-changing salary means that you will not always have the same income you can depend on. Likewise, being a freelancer does not entitle you to a loan, in most countries, at least.

If you save money, you can use it later when things get a bit lackluster, or if you have some unplanned costs, such as an emergency visit to the dentist, or if your tool of the trade gets broken, meaning a laptop or desktop computer. Saving is a good tip regardless of whether you’re a freelance writer or not, so make sure to leave a bit of money from every paycheck.

Evaluate Your Hobby Spendings

You might not see it, but a lot of money probably goes into things like eating out or going to parties, or playing games like pool or even purchasing video games. See what you are spending money on and think whether it is really necessary. If you can cut down on your costs and spendings, you can save more money. This way, you can go through a month without wasting all of your money on shopping or other unnecessary activities which will leave you penniless until the next paycheck. There are plenty of activities you can do for free, so think about those before you go spending extra money just to have fun, or for the sake of convenience (being lazy). Be responsible, instead.

These tips should help you manage your financials better, a skill essential for anybody, including writers.

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