How to Efficiently Manage Your Freelance Earnings

Efficiently Manage Freelance Earnings

Efficiently Manage Freelance Earnings: Whether you are fairly new to the world of freelance writing, or it feels like you’ve been doing it for a lifetime. There are some things that you could be (or should be) doing to help manage the money you earn. Hopefully, if you’ve been doing this type of work for awhile you already use some of these techniques. But if not, you should be.

Efficiently Manage Freelance Earnings

Keep A List Of Bills Due And When

If your freelance earnings are what you use to pay your bills. It can be extremely useful to keep a list of the bills you have due each month, and when they are due. If you only get paid once or twice a month, you’ll need to work out how to pay those bills in that time frame. If you get paid weekly, this portion of money management may be a little easier.

Use Mobile And Online Banking

No matter how you get paid, having mobile and online banking can be important. If you get paid via Paypal, but you have to get money transferred to the bank for bills. Going mobile can make all of this quicker to do. It also helps to know where the nearest branch of your bank or credit union is. So you aren’t spending extra money to get cash from ATMs that aren’t your banks.

Track Your Earnings In A Spreadsheet

This will not only help you with knowing what you’re making on a regular basis. But it could also be useful at tax time. Start a spreadsheet and keep track of every freelance payment that comes in. Include who the payment is from, the date it was paid. How it was paid (check, direct deposit, Paypal), and any other details you may want to remember at a later time.

If you change gigs or lose one of them, you can also track this information on your sheet. With something as simple as “last paycheck” or “first paycheck.” This will help you keep track and start and stop times for any of your writing gigs.

Track Money Spent For Freelance Purposes

On this same spreadsheet or a different one, if you prefer, you can also track what you are spending money on. Which is a must for tax time. You can include office supplies, clothing, gas mileage, and anything else that you use for work. If you got a new printer, keep the receipt and track it on your sheet.

Like most freelance writers, you likely don’t have money taken out of your pay for taxes. So you should be keeping a savings account to cover you when that time comes. Not only does saving receipts help, but if you donate anything throughout the year. Make sure to get signed slips and it will help you cut back on what you need to pay in.

Remember Weekly And Money Income Can Vary

Since as a freelance writer the amount you get paid at any given time can change, you should always be prepared. Having some money put away, just in case it’s a slow month for writing. Can keep you from having overdue bills or shut off notices.

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