Becoming a full-time author has been your dream, and it’s slowly turning from a side hustle to a big part of your income. But it hasn’t been without its share of difficulties, including balancing your day job with writing and still spending time with family. You continue to notice financial challenges, and some of them surprise you. To help you get ahead, here are solutions to common money-related struggles authors have.
Inconsistent Income
Even if you write regularly, your income may not be as regular. Book royalties aren’t a sure thing from one month to the next, as readership can fluctuate, and your next book deal might not be as much as the last one. That can make budgeting harder.
To help, set a monthly basic budget and each month aim to save a bit. Ideally, have at least 3 months of expenses saved, just in case it’s needed. That’ll provide some cushioning if you have a slow month income-wise as an author.
Tracking Different Income Streams
Most writers have different ways of making money, from a part-time day job to writing novels and blogging. Royalties and direct sales of your books and affiliate sales on your blog may all earn you income throughout any given month. But you may struggle with how to keep track of them.
Accounting software makes it easier by doing a lot of the complex tasks for you. In the UK or Europe, create an open business account to handle writing-related transactions, keeping them separate from other sources of income, like a part-time job outside the home. That makes tax time easier and can increase your business efficiency.
Underpricing Speaking Fees
As you start to become more well-known as an author, you will likely receive invites to speak at conferences and events. Underpricing your time to create a speech, attend a conference (likely involving travel), and give valuable information to the audience can leave you barely making a profit.
Research appropriate fees for a writer with your experience to ensure you earn what is fair. Starting to take yourself more seriously is important; do not undervalue your expertise. A lot of people would love to earn money by writing, and that’s exactly what you are doing.
Marketing Costs
While you know publishing books involves marketing, at least if you want to sell more of them, you may not always know what those fees will be. Ads and book tours can vary in price, and some months may have bigger expenses than others.
It’s often helpful to have a marketing budget that you can dip into when needed, based on what you have going on throughout the year, such as right after a book launch. That reduces the stress that you won’t have the funds available when your last book needs a digital marketing boost.
Conclusion
A career as an author is often tough, involving long hours at the computer and mental fatigue. It can also have money challenges, such as those described above. Finding solutions that work well for you helps with saving money, budgeting properly, and continuing to move forward as a writer.