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Financial Tips for Freelancers


1. Please don't ever say, "I don't care if I get paid or how much I get paid, I just want to be in print" to yourself, your family, or your editors--be professional and negotiate rates where appropriate and ask for raises at appropriate intervals. Every writer affects the job market and rates for every other writer. Even if you are not making a living as a writer, there are people who are, and what you do and say affects them (and your own self-confidence).

2. Understand contract terms and their implications before signing contracts. Negotiate for better terms wherever possible and reasonable.

3. Have an accountant do your taxes and be available to you for questions.

4. If possible, have someone other than you that you trust pay the bills and maintain your accounts so you are focused on writing.

5. Isolate your workspace from other uses so it can be claimed as a "home office."

6. Maintain your accounts in a software program like Quicken. Suggested categories might be:

Income:
  • Journalism
  • Consulting
  • Web Writing
Expenses:
  • Bank Fees
  • Business Expenses (PO Box, Website Hosting, etc.)
  • Contracted Services (Computer Support, etc.)
  • Copy Services
  • Dues
  • Interest Expense (on Credit Card)
  • Internet Access Fees
  • Marketing
  • Meals
  • Office Equipment
  • Office Supplies
  • Post Office
  • Professional Development
  • Publications
  • Software
  • Subscriptions
  • Telephone
  • Travel
7. Have financial income goals and analyze your income and expenses at least quarterly to see if you are on track with them.

8. Maintain your business in a separate bank account from your personal finances.

9. Ensure every expenditure can be justified as a legitimate contribution to the advancement of your work.

10. Submit invoices for your work to the publication/client. Follow-up promptly if payment is not received on time. Invoices should always include your Social Security Number.

©Susanne M. Alexander, Western Reserve Writer's Mini-Conference, March 23, 2002 [an error occurred while processing this directive]