Are you one of the leading freelance content writers? This means that you do not have a boss to answer. Also, you can ditch the conventional 9 to 5 work routine and enjoy a great deal of flexibility in terms of working hours. But, at the same time, every freelance writer needs to be vigilant about their finances. Since you are investing your precious time, energy, skillsets and efforts to create content, you deserve to be paid exceptionally well. Not just that, you must also be able to tackle all money issues conveniently. If you have ever stumbled upon any financial issues as a professional content writer, then this blog is a must-read for you. Read on to be able to manage your finances like a pro!
Financial tips and hacks, which every content writer must know!
- Have two accounts – one for business and one for personal use
The majority of freelancers miss out on this important point. You need to have two separate bank accounts for personal and business purposes. Otherwise, it will be an utter mess when you think of tax filing. Also, when you keep paying for a Pizza treat or cab ride as well as buy a laptop from the same account, you will easily lose track of money. It will be difficult for you to track your expenses, savings, profits and revenues.
- Get yourself a time and billing software
There are several software and virtual tools available for easy billing and time management purposes. When you use such software instead of doing the stuff manually, you will get many accurate results. Also, you will be able to save so much of your time. It is therefore advisable to buy reliable software for keeping your bills and tasks organised.
- Hire a chartered accountant
The taxation system for a freelance content writer is quite different from those who are employed in an office or run their own firms and companies. There are quite a few technicalities and intricacies regarding tax and money matters. It is easy to get stressed while managing your work and finances side by side. It is, therefore, better to hire a professional to share the workload.
- Send your invoices on time
Do not forget to share your invoices on time. Use a scheduler or any online software to remind yourself about sending out emails. If you show leniency in sharing your invoice bills, then even your clients will be lenient in paying you for your services on time.
- Mention a clear payment deadline in your contract
Do not proceed to work before finalising a contract. Also, make sure you mention the payment date in your contract. Mail your deliverables right on time and show a professional approach regarding your payment deadline as well.
- Learn about the tax system
Even if you are in a position to hire a CA, make sure you have basic knowledge about taxation, insurance policies and investment avenues. Having knowledge in these areas can help you go a long way. You need not rely on someone blindly. No one can fool you because of your lack of awareness. Also, financial blogs are quite in trend. So, if you take some time out and learn about financial technicalities, then it will be a win-win situation for you.
- Keep the payment process hassle-free for your clients
Whether you are working with national or international clients, you need to make sure that the payment procedure is absolutely seamless and easy for them. The strenuous payment process will soon irk them and will affect your relationship with the client.
Wrapping Up
Feeling overwhelmed already? Fret not and start incorporating these habits into your professional life. Slowly, you will get a grasp of what’s going on around you. Once you are able to manage your finances effortlessly, freelance content writing will seem a lucrative and profitable career option.
