Tips for Managing your Freelance Budget
One thing I learned early on as a freelance writer was that having a budget for my career related money was very important. Although I don’t spend a lot on expenses related to my career, they do come up from time to time.
Here are three money management tips to rely on:
1. Never break your budget. It is very tempting to spend a lot of money on the latest gadgets, or the best of the best in terms of office supplies. If you have the money, and you are willing to spend it, there is nothing wrong with splurging. But remember, you don’t want to go overboard to the point of spending more than you have in your budget.
2. Save what you don’t spend. Every month I put aside a certain amount of money for freelance writing expenses. But guess what? I never spend all of it. Instead of looking at this as a bad thing, I just roll it over into the next month. There is no need to waste money on things I don’t really need.
3. Write it down. No matter if I am spending or saving, I write this down on paper while also tracking it with an Excel spreadsheet. This may be overkill, but it makes me feel in total control of my budget. At the very least, make sure you know where your money is going at all times. This way you can look back to see what you have been doing, whether or not it is working, and if you need to make any changes.
With these three tips you should be able to better manage your freelance budget.
