Saturday, March 20, 2010
Frugal Freelancing for Tough Times
Let’s face it. No matter where you are on the economic ladder of life today, or where you live, your dollar buys less than it did a few years ago. True? With the increased cost of living, everybody’s feeling the pinch. So what does this mean for today’s freelancer?
It makes it even more important to be good stewards of our sporadic income, and to save for that “rainy day” now. It means being more strategic and governing our time more wisely.
To this end, here are five fool-proof ways to hold on to your writing dollars and your freelancing freedom.
1. Take care of your health. This may sound simplistic, but it’s crucial in its implications. Poor health can often lead to the need for frequent, costly doctor’s visits, prescribed medications, less productivity and/or a modified lifestyle. Ralph Waldo Emerson stated it best “Health is the greatest wealth.”
2. Reinvest in your career. Take a few bucks from paid articles or writing assignments to put money back in your business. For less than a week’s worth of Starbucks, you can: purchase E-books with markets for your work, pay membership dues to a writers’ organization, buy supplies, or get a subscription to a literary magazine. You reap what you sow.
3. Create multiple streams of income. If you write articles, try doing greeting cards. Edit others’ works. Sell products in addition to providing services.
4. Work smarter, not harder. Retain as many of your writer’s rights as possible for resale purposes. Slant. Study online guidelines. Send simultaneous submissions. Opt to send your work via Email rather than snail mail. Keep in mind that time is money.
5. Keep a financial journal. Record expenses, sale dates, spending habits, expected income, and other information to help you to make prudent decisions regarding your money. And most importantly, stop trying to keep up with the Joneses.
These are the five laws of cutting corners without compromising your quality of life.
Just make sure to take a little of the money you’re likely to have by following these tips, and put it away in a bank account. That way, you’ll be one step ahead of any tough times ahead of us… Just in case.
What are your ways of dealing with the current economy and writing more frugally or efficiently?
How has it affected the way you work or do business?