We’ve been talking about making a living at writing, and I’ve talked about the importance of having a place, a time, a project, a writing goal, and a calendar (among other things). Let me suggest there’s one other thing you’re going to have to learn to do if you are to take the next step in your writing career: think quarterly.
It can be daunting to think you need to earn $1000 this month. It’s much less daunting to think you need to earn $3000 in a quarter. The fact that you have the extra time allows you to shift your priorities around, and give yourself enough breathing room that you can earn the money. So don’t think the pressure is on you to make all the money NOW — assume you’ve got a three-month goal.
The federal government already thinks that way — it’s why they ask self-employed writers and editors to pay quarterly taxes instead of monthly. Writing income never arrives on a monthly basis anyway, though it’s fair for a writer to plan for a decent paycheck four times per year. So you move your income into quarterly groupings, lowering the pressure and giving yourself a better big-picture view of your budget.
In essence, I’m suggesting the conversation with yourself becomes something like this: “I’m going to make $3000 this quarter. It’s going to come from three sources — my completion money, my royalty check, and those magazine articles I’m completing. And the money is going to go toward these things…” (because part of having a budget is determining where the money goes, not just where it will come from).
When I was given this idea from an experienced freelance writer, I found it took a bunch of pressure of my shoulders. LOTS of writers and other self-employed people have based their budgets on this model over the years. Thinking quarterly will help you survive as a writer.
What are the other tips for making a living at writing you’ve learned along the way?