Financial stress can be a motivator; or detrimental to a freelance writer…

Recently, my husband and I refinanced our family car.  We were quite shocked at the difference in interest percents and the payments when all was said and done.  I realized that the stress of a three-hundred dollar payment was huge in how I approached my writing.

In the back of my mind, I thought about all of our bills every time I applied for a gig or wrote an article.  I quickly realized as I looked at our new loan terms that, finally, I had more freedom to truly follow my writing dreams and desires.  I no longer had to be held hostage by the end figure of a project.

If financial stress is bogging you down, consider these options:

• Refinance.

  Know the financial market and look at options that will reduce your overall cost without increasing the length of your term.  Consider non-profit banking options such as Federal Credit Unions.  Credit Unions are tax exempt and can offer you a much lower interest rate than the standard bank.

• Know your debt.

  Create a detailed list of your debts.  By knowing exactly where you stand financially, you will put yourself into a better position to make wise financial choices and eliminate stress.

• Budgeting.

  Look at your complete budget.  Find where you have steady income, moderately stable income and sporadic income.  Focus on replacing the sporadic income with writing jobs that provide much more reliable income opportunities.  (Hot Tip: Don’t forget to ask your editor if they have any additional work you could do!)

• Start small.

  As you examine your debts, find the smallest amounts and pay them off first.  Paying a $25 medical bill and wiping it off your list will reduce your stress.  The smallest bills are the easiest to eliminate and generally won’t put you into a financial bind.

• Build savings.

  If you have $500 – $1000 in savings, the stress of a family emergency, vehicle trouble or unexpected bill won’t increase your stress levels.  There’s a great sense of security when you have a bit of financial padding.

• Bartering.

  Should you find yourself in need of new brakes or an emergency dental procedure, consider bartering or exchanging your services.  Many companies will accept the offer for free advertising in lieu of the work they perform.

Take measures to reduce your debt and financial responsibility.  As you begin seeing debts fall off your list, you will feel a greater creative flow.  Following your writing dreams becomes a bit simpler and the writing process becomes much easier.  You will have freedom to weed through writing opportunities more thoroughly, selecting those that best fit your writing goals and personal desires.  Most of all, you can enjoy new-found reasons to express yourself through words!

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