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Take Ownership of Your Finances

Reading Yo’s last post about accountability really got me to thinking, “Are people having financial trouble because they failed to take ownership of their finances?” Could that one word – ownership – have prevented the entire mortgage meltdown and subsequent recession? Taking ownership of your freelance finances means charging a rate you can live on. It means managing the money you have and storing the … read more

5 Ways to Prevent Cash Flow Clogs

Slow paying clients are a PITA and the wallet. Fortunately, all of my current clients pay promptly, but I have had clients who were slow to follow up on invoices. It’s annoying when your bills are coming due in a few days. It’s infuriating when your bills were due last week. It’s critical to keep the money coming in on a steady basis and to … read more

Dealing With Feast and Famine in Your Finances

If you’ve been freelancing for any length of time, you’ve probably noticed that work seems to come in spurts. There are certain stretches of time when you’re completely booked up and then there are times that it seems like there are no jobs out there. If your work comes in such varying cycles, your money will come in on the same cycle. There will be … read more

Equip Yourself for Financial Emergencies

As freelance writers, our income is very unpredictable. We can set income goals, market ourselves, and create several income streams, but the truth is that it’s hard to say with certainty how much money we’ll make next month or six months from now. Even with contracts, clients come and go. So do the advertisers and sponsors that pay for our own blogs. A fluctuating income … read more

How to Take the Home Office Tax Deduction

One of the reasons you decided to work freelance, whether part-time or full-time, is to have the chance to work from home. You may receive some tax benefits from having a home office. Read on to learn how can you take the home office deduction on your taxes. Home Office Deduction Rules First, the IRS requires you to use your home office “exclusively and regularly” … read more

7 Financial Things to Do to Start the New Year Right

What’s more refreshing than a brand new year. It’s another chance to do things right with your freelance writing business and your finances. Here are seven things you should do during these first few weeks of January to get your finances on the right track. 1. Evaluate your rates. As you think about your writing rates for 2010, consider how you fared last year. You … read more

Credit is More Important for Freelance Writers

Let’s talk about credit for freelance writers. Having good credit is important for freelancers because our income is scrutinized a lot harder when we apply for credit cards and loans. Because a freelancer writer’s income is somewhat less predictable and harder to prove than that of a full-time employed worker, we need to have a solid credit history to help get approved for credit card … read more

How to Calculate and Pay Your Own Income Tax

The two things I loathe about a freelancer’s finances are health insurance and income taxes. I thought I hated paying taxes when I worked full-time for someone else. Seeing the money that was taken out of my paycheck was depressing. I didn’t know how good I had it. Paying tax as a freelancer is even worse. Not only do we pay more taxes, we have … read more

How to Budget a Freelance Writer's Fluctuating Income

I know what you’re thinking, Ugh. Budgeting. The only thing worse than budgeting is licking sandpaper. As boring as it feels, budgeting is especially critical for you as a freelance writer, because your income is less predictable. Creating a budget takes just three steps: totaling your monthly income, subtracting your expenses, and adjusting your budget based on the result. You’ll create your budget using the … read more

10 Costly Money Mistakes Freelancers Should Avoid

As a freelancer, you have to treat money a lot differently than if you were employed by a huge corporation or even a small business. Your paychecks aren’t guaranteed. No one is withholding income taxes on your behalf. You have to be much more conscious of how you’re spending the money you make and avoid costly financial mistakes than can put a halt to your … read more