Issue #4: Budgeting

If you are like many beginning writers, you do not have unlimited funds. This makes it necessary to create a budget. In doing so, you will likely find that you will need to cut back in some areas of spending. Look at your income and expenses, and be sure that your expenses are not more than your income. Figure out where you can cut corners. Many beginning writers realize that things they have always considered needs, aren’t. I know I have.

If you are not making as much as you need from your writing, and you still have your ‘day job,’ keep it. Continue with the job until you are making what you need to live on with only your writing business. Cut down to part-time as soon as you can and devote that time to building your business as well.

When you are able to quit your ‘day job’ completely, you will not have to work as much on your writing career as you are working with both jobs right now.

Here are some tips to help you to get to this point more quickly:

  • Get on payment plans with all utilities, if allowed.
  • Save your income taxes, or pay bills ahead and bank that money each week from your pay check. Six months to a year of money saved for bills and other necessities will be necessary before quitting your day job. This money is to be kept on hand just in case.
  • Use coupons, preferably with sales. Buy things on clearance. Learn what is of good value at your local dollar store. Learn to shop yard sales and thrift shops. Stock up when you can to have 3 months to a year of food supplies, personal hygiene items and household products on hand. Do this not to be a hoarder, but to be ready if anything goes wrong financially.
  • Learn to cook from scratch. It does not take long, for instance, to fill a slow cooker with food for dinner, cover it and turn it on.

Find other ways to cut corners and prepare for financial fall-backs.

Quick Writing Tip

Keep a notebook and pen with you to record your writing ideas.

5 Writing Prompts

  1. Article Idea: Cooking tips to help you stay within your food budget.
  2. Article Idea: When to quit your day job.
  3. Blog Idea: From scratch cooking.
  4. Blog Idea: Living through a recession.
  5. Newsletter Idea: Working less, earning more.

Quote

Formal education will make you a living; self-education will make you a fortune.

~Jim Rohn~

Challenge

Create a reasonable budget.

eBook

product_thumbnail.phpGreen Your Freelance Business is a helpful book for the freelancer or anyone with an office. Discover many ways to green your business activities as well as your office. If you haven’t jumped on the bandwagon yet, or if you’re looking for more greening tips, this is the eBook for you.
Green Your Freelance Business has been edited, updated with new information, and provides action steps to help you along the greening journey.
A bonus section at the back of the book offers three creative projects for freelancers. Have fun!
eBook (ePub), 44 Pages. Price: $7.99 lulu.com and the iBookstore

Copyright 2011 Shannon L. Buck: How to Live the Freelance Life

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