Do you need to manage your finances as a freelance blogger better than you are doing?
Nowadays, increasing numbers of people are growing to see that blogging is a genuine career option. Something that many of us associated with individual pursuits is now serving as a source of income for many. This is great.
Blogging can be an enjoyable and fulfilling job. But you are going to have to treat it like a job and this means managing your finances while you work in this way.
Here are some steps to take that will help you keep everything above board!
But you are going to have to treat it like a job and this means managing your finances while you work in this way. #bloggingtips Click To Tweet
Manage Your Taxes
When you freelance, you find yourself responsible for paying your taxes and other necessary contributions, such as national insurance. When you’re employed, your employer will figure out how much tax you owe and deduct this from your wages before paying you.
But when you work for yourself, you’ll have to do this work yourself. Now, one way to achieve this is to determine which tax bracket you’re in, figure out how much tax you should be paying, deducting this from each invoice you’re paid, and saving it aside in a separate savings pot that you can use to pay your tax at the end of the fiscal year.
Alternatively, if you want to lift a weight from your shoulders, you can use the services of an accountant. An accountant can take control of your tax affairs and ensure that you pay the right amount on time.
In the majority of countries, accountants have to be professionally qualified to legally and officially deal with their accounts. Make sure that your accountant has the necessary qualifications to be recognized by the law before using their services.When you freelance, you find yourself responsible for paying your taxes and other necessary contributions, such as national insurance. #bloggingfinances Click To Tweet
Reduce Operating Costs to Manage Your Finances as a Freelance Blogger
When you work for yourself, you’re going to have operating costs. When you blog as a freelancer, chances are, you’ll be working from home. So, reduce overheads where possible.
Switch energy providers to find the best deal for your money. Alternatively, generate your own energy with choosesolar.com. Conserve energy where you can, turning off devices you’re not using and lights you aren’t using.
When buying blogging tools to work with, search for the best deals, discount codes, and promotional rates.
Furthermore, look for deals on plugins for your websites and social media schedulers and hosting. Anytime you can save money freelancing it will help you keep more of what you earn blogging.Furthermore, look for deals on plugins for your websites and social media schedulers and hosting. #InspireToThrive Click To Tweet
Reassess Your Rates Regularly
When you first start out blogging, chances are you charge less, as you’re less experienced or may have a smaller readership on your blog.
As time goes on, and you improve your craft, you may want to start charging more for advertising on your blog, advertised blog posts, or other exposure you provide. Reassess your rates regularly to ensure that you’re charging the right amount for your work.
Of course, one of the big factors is time. Always remember time = money. If you are spending more time doing things for clients, you need to raise the rates or speak with them about what you are doing. Is your freelance work necessary to get the job done? If so, you need to raise those rates to stay in business.Is it necessary to get the job done? If so, you need to raise those rates to stay in business. #bloggingtips Click To Tweet
Collect Your Invoices to Manage Your Finances as a Freelance Blogger
Be sure you are getting paid as a freelancer. That is a huge step to managing your finances as a blogger or any freelancer today.
If you can’t collect the money, you may stop providing services to that client. I give my special longtime clients up to 90 days as long as they are in communication with me. It’s best to get 50% upfront if you can.
My blogging friend Donna recently stated:
Bloggers, online marketers and others who have businesses online often do a lot of freelance work.
So this is all good advice to keep them on the straight and narrow.
I find it’s especially important to get the deposit AND set a very realistic time schedule.
It’s far better to get the work done AHEAD of schedule than to be late.
Being ahead of schedule is sure to get you repeat assignments, referrals, and great testimonials.
Manage Your Finances as a Freelance Blogger
As you can see, there are countless areas that you can focus on when it comes to managing your finances as a freelance blogger. Those outlined above are just a few examples to get you started out in the right direction.
Hopefully, some of the information will come in useful for you! What tips can you add to this blog post in the comments below? I’d love to hear more from you on this topic.