If you are blogging for a living, you might have become a viral blogger right away because of a few posts you created and now have a massive following. Now that you have changed careers, you need to find a new way of managing your money. There are a few tips below that you can use that will help you manage your money, save money, invest, and deal with emergencies.
How Much Should You Have In Savings?
You should have about six months of salary in your savings account. This is a simple formula that has been used the world over for some time. However, you might have a hard time saving that much money. You must make sure that you have created a budget that will help you save money, and you might think about building an emergency fund.
Should You Create A Separate Emergency Fund?
You can create an emergency fund using your savings. You might split up your savings between your emergency fund a regular savings account. This is important because bloggers tend to have an irregular income. If you trusted an online agency to pay you, you need some money to use if they do not pay. Someone might have offered you credit and ad earnings, but they might pay pennies on the dollar.
The emergency fund is set aside specifically for emergency medical bills, home repairs, or major car repairs. People who live in suburban areas need a car to get around. This is especially important if your kids have activities that they need to get to.
Can You Invest?
You can invest your money in an app that will help you save money for the future, and you could invest money in a brokerage that will give you good advice. People who are investing can watch their savings grow, and you will have more money at the end of the year than you would if you just put your money in a bank account.
Plus, you could use a penny-saving app that will round up all your purchases. The app will deposit that money in a special account, and you could transfer that money to an investment app. You can grow your investments throughout the year, or you might work with a broker who will give you advice on making wise investments.
Investing and saving work hand-in-hand. You should save as much money as you can, and you could invest your emergency fund so that you are not in a bind when an agency does not pay you.
Can You Protect Your Credit Score?
You can protect your credit score by using a monthly budget that clearly lays out all your payments. You should work with credit card companies or lenders to defer payments if an agency has not paid you properly, and you must ask these companies to help you remove late charges while you are waiting to get paid. Your credit score can be protected when you communicate with your creditors.
Can You Manage Emergencies?
You may be stuck in the middle of an unexpected emergency that you have not saved for. Some people do not have their savings built up, and others just don’t have enough saved for an emergency like an unexpected car repair or emergency surgery. Taking out Missouri installment loans could be a day-saving solution for Missourian bloggers in need of funds to cover unexpected emergencies while you are waiting for your next paycheck. Note you will likely need to provide a source of income for the loan, and lending options vary by state. Whatever state or country you call “home” as a blogger, you’ll want to see what is available to you there.
Can You Make Traditional Purchases Like Cars and Houses?
You can buy a house or a car, but you should use the rules mentioned above to work with a lender. You might use your savings to make the down payment on a house or a car, and you do not need to forgo these luxuries just because you are a blogger working off a freelance income.
Planning to manage your money as a blogger or online writer requires a savings account, investment account, and some proactive thinking. You can contact creditors if you have issues making payments, and there are options if you need to pay for a major emergency quickly and are still waiting on payment from a company you worked with.
