May 23, 2002
I’ve been spending the last couple of weeks trying to learn about money – how to get it and once I have it, what to do with it.
There are several books I’m currently reading that have helped a lot with regards on how to make money through freelancing. The suggestions make sense to me and are things I can do and am excited about. The books also gave me information on taxes, which I’ve been really unclear of thus far, since I haven’t had an income. But now that I am going to start getting money for my writing, I’ve had to learn about it and figure out a few tricks.
I bought a notebook, which I tape every business receipt in and write a description, purpose, date & total. I’ve learned that a lot of things can be written against your income. And if it takes you a couple of years to make some income, you can write up to 3 years worth against it.
So the desk I bought last year, the shelves, the paper, the postage, the PO Box, all those receipts are now organised and ready to be used.
Microsoft money has also been keeping track of my spending, bills and whatnot. I’ve set up a special “Girl at Play” category so I can see where my spending is going with regards to supplies. Completely handy.
Being financially responsible is something I’ve had to really learn this past year since we’ve been living off of one modest income. I don’t want to jeopardise the security we’ve built on that by going crazy when money for writing starts to come in. Most of the incoming funds will go into savings, paying back my start-up debt and also some tucked away for taxes.
By understanding money, looking after it, working for it, and being careful with it, I feel a lot freer to just write. I don’t feel like there is this big black scary money hole anymore, because I’m taking charge.