Blogging, freelance graphic designing, photography, procreate wizards, and more earn a living or supplement their income. And that is great!
But are they protecting it too? Probably not.
If you have just associated with that sentence, it’s probably time you look at how you can protect your income.
Becoming more financially secure has something to do with budgets, a little to do with savings, and a lot to do with protecting what you already have.
Expenses
Are you writing with any old pen and paper? Is the desk you work on required for your work? Have you recently purchased any technology or apps?
Have you carefully noted it all down and included them in your expenses?
You can choose whatever method works best for you to keep it in good order.
Spreadsheets are a great option, although you might choose to use software designed to keep track of your expenses and income.
If you couldn’t tell someone your business’s expenses, you need to take better care no matter how small.
Insurances
You most likely have your car, home, and some electrical items insured. But are you and your work insured? No? Well, then that is a huge liability, and it can cause mayhem.
If you were to have a crash, you’d contact a successful personal injury law firm and let your insurance cover the car damages.
But what if your work causes an issue? What if your client loses hundreds or thousands due to your work or something work-related? What would you do then?
Insurance can ensure you are covered for almost anything.
Bank Account
You should be diligent in keeping your money separate. It might be four different accounts, or you may just need 2.
Consider having:
- Business
- Personal
- Savings
- Taxes
Each month slide some money into your savings account; even $1 is better than nothing; it is about keeping the habit.
Move money each month into your tax account so that you build up enough to pay your tax bill when the time comes.
Income Streams
Stop relying on a single income stream. Try to think about other ways that you can earn money with the skills that you currently have.
For example, content writing:
- Blogs posts
- Content
- Copy
- Social Media
- Ghostwriter
- Editing
- Proofreading
- Screenwriting
- CV writing
- Niche research
If you have a website, look for advertising opportunities, guest blog posting, and other collaborative opportunities.
Aim to have 5+ income streams. This will prevent the chance of having your income streams drying up.
Skill up
Always look for ways to increase your skill base. As a freelancer, your income relies on the skills you have.
If you are out-skilled by others, you might find you weren’t getting the glowing response you had when you pitched for work.
Pay attention to the trends, read research papers, and learn about the newest social media channels too. You never know when there will be an opportunity for you to leverage and create more strings to your freelancing bow.
Collaborative post
