There are many benefits to working as a freelance writer. You can usually set your own schedule and often have the convenience of working at home or nearly anywhere that you have access to the internet. But freelancing also has some drawbacks, and most of those are associated with being the person making all the decisions. This can be especially true when it comes to your finances. Learning to navigate the world of freelancing, while maintaining financial responsibility, can take some time. This knowledge comes with experience, but being aware of others’ mistakes can help you avoid making those same mistakes yourself.
Know the value of your time
When you first start out as a freelance writer, you may have to take jobs that pay less than you would like just to get some experience. But it’s important to know what you are worth and to always be aware of how much time and effort a job will take. Whether you’re getting paid by the word, by the hour, or by the project, it’s good to estimate the time you think will be required to complete the project to see if it’s worth your time. Also, know your strengths and consider your experience when accepting projects. Just because something pays well, doesn’t mean it’s the right fit for you.
Plan for the future
As a freelancer, you have some flexibility when it comes to taking time off. But many freelance writers struggle with this and can even feel guilty when taking time away from work. Save up an emergency or vacation fund so you’re able to take sick time or vacation time when your schedule allows. Planning for the future also means being aware of your tax responsibilities. Know what you will owe and set aside money regularly so you’re not rushing to find the funds right before the payment is due.
Freelance writers have the option to work on projects of their choosing within reason. This can make working more enjoyable, but also stressful. Because freelancers are often solely responsible for finding work, diversifying is important, so you don’t have to take low-paying jobs or choose work that you’re not experienced in. As a freelancer, it’s important to stay on top of your finances so you’re prepared for the future. While freelance writing does come with some challenges, the convenience and flexibility often makes the lifestyle worth it.
