No one ever said being a journalist was easy, especially regarding money. Between the low pay and uncertain job security, it can be tough to meet ends. But that doesn’t mean you have to give up on your dream career. Here are a few financial tips to help you stay afloat while you chase your journalistic dreams.
How to survive as a freelance journalist: financial tips
The journalism industry is in a state of flux, and that can be especially tough on journalists who are just starting or trying to keep their careers afloat. Here are a few financial tips to help you make ends meet:
- Get creative with your income streams.
In addition to traditional journalism gigs, there are many other ways to make money as a writer or journalist. Consider freelance writing, content marketing, copywriting, or even teaching online courses. There are also opportunities to work as a virtual assistant or social media manager for businesses and entrepreneurs.
- Build up your savings.
Having a cushion of savings can help you weather the ups and downs of freelancing or working in the volatile journalism industry. Aim to have at least three to six months of living expenses saved to cover your bills if you experience a dry spell in your income.
- Create a budget and stick to it.
When you know where your money is going, it’s easier to make adjustments and stay on track with your financial goals. Use a budgeting app or spreadsheet to track your income and expenses and allocate money for savings and investments each month.
- Invest in yourself.
Continuing education and professional development can help you stay ahead of the curve in your career. Whether taking an online course, attending a conference or investing in new equipment, putting money back into your career will pay off in the long run.
- Live below your means.
If you want to get ahead financially, living below your means is important. That means spending less than you earn and investing the difference. When you’re able to do this, you’ll be on your way to building wealth over time.
Side hustles for journalists to make more money
If you’re a journalist, you know that income can be unpredictable. One month you might be flush with assignments, and the next, you might be struggling to make ends meet. That’s why it’s important to have a side hustle that can help supplement your income. Here are some side hustles for journalists to make more money.
- Offer consulting services to help businesses with their public relations and marketing efforts.
- Use your journalism skills to create compelling content for brands as a freelance writer.
- Help companies tell their story through powerful video and audio production.
- Stay up-to-date on the latest industry trends and offer business advice as a social media consultant.
- Use your eye for detail to become a proofreader or editor for businesses and publications.
- Leverage your network of contacts to provide valuable leads and business intelligence as a researcher.
- Help businesses develop targeted marketing campaigns as a copywriter or creative director.
- Put your journalistic skills to investigate and write about companies as a business journalist.
- Serve as a spokesperson or media trainer for businesses who need help dealing with the press.
- Use your knowledge of the journalism industry to start a blog or podcast about news, media, and technology.