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What to do with your writing payment

It is hard getting a story published. It is even harder getting paid. It is damn near impossible to fight the urge to splurge your first check after waiting and waiting for it to come. Here are some cute, I mean great tips on what to do with that awesome first check you received for your most excellent story. Even if the payment is from a semi-pro magazine and is only ten bucks, you should read this.


1) Save at least 10 percent of the payment and spend the rest on that new McDonald’s burger.


2) Take one dollar from the check and hang it on your wall since that has never been done before.


3) Photo copy your check and carry it around in your wallet. Now you have a paid writer license and can show it to any publisher that claims they shouldn’t pay you.

4) Open a savings account with interest just for your writing payments and… yawn, be responsible.


5) Create a budget. For most writers they need to factor in their other sources of income as well. But it’s all about understanding your spending limits. If you don’t feel like spending the money on accounting software there is always Excel.

If you are receiving royalties, you may want to repeat the first half of number 1 each time you receive a payment and deposit them into your writer's savings account. Since the amount of a writing payment and when you actually receive it can be unpredictable it is best to always make plans on saving. Even if you know what you are going to get for writing that great story because the payment is going to be from a magazine publisher or it is an advance, it is better to get into the habit of being responsible with your writing payments if you are not already.

So tell me what do you do with your writing payments?

3 comments:

  1. I pay bills, and try to put some in the savings account. =)

    ReplyDelete
  2. I'll let you know once I get my first royalty check. My advance I scanned to my computer for posterity, then deposited into the bank where it commingled with funds from various sources so that by now it's lost its identity.

    ReplyDelete

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