I posted an article about the finances of a freelance writer yesterday and wanted to say a little bit more about it today because it is an important part of the profession. Many writers struggle to make a living out of freelance writing for years but with a litle planning there is no need to go back to a 9-5 job at all.
Business banking is an important part of having your own business so you should take the time to look around for a good deal. Many will now give fee free banking for a period of anywhere between six months and eighteen months. You should choose a good plan with as many months fee free as you can because this will give you opportunity to plan and this is the most important thing.
Planning will give your writing creer longevity because you can get and keep your finances in order right from the start. Plan out expenses in advance and always over-project them so you are not left short of cash. That includes everything from overheads like rent and utilities to expenses for software, travel and other facilities you may need.
I do advise any writer to have a least two savings accounts in addition to the main business account because you will need one for tax payments and one for emergencies. It is essential that you make tax payments into your savings account every time you get paid so that you are not left short when you do get your bill through. You should put as much as you can in the other savings account every month too. The beauty of writing today is that there is a massive demand for it as a result of the Internet but you may find that you do not have work from time to time if a contract comes to an end and you have to find work, for example. It is always better to be safe than sorry!
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