Some freelance writers work full time at their freelance writing whereas others do it as a hobby for some dollars at the end of the month. I fall into the second category, but what things can freelance writing income pay for? Well basically this depends on the markets you choose to write to, and how much you choose to write.
Freelance writers income can be used to cover daily living expenses including electricity, gas bills, television licences, food, petrol, phone bills and other small bills. For those that write full time to high paying markets then your freelance writing earnings can stretch a bit further and may be able to pay your mortgage payment and car payment each month. Then there are the professional freelance writers, those that are at the top of the tree, in demand, they can make more than enough to cover living expenses plus a little extra, perhaps buy a holiday villa, an extra car, some beauty treats, designer clothing, the sky is the limit for those freelamce writers.
My freelance writing earnings are not used for my daily bills, instead they are used to invest. Recently I have invested in £100 worth of premium bonds with my freelance writing earnings. These bonds are a safe investment only available to the UK and Channel Islands. They give me 100 chances a month to win cash prizes up to the value of 1 million pounds, pretty good. My freelance writing jobs provide me with residual and active income, which is enough each month to increase my investment in these bonds. I can invest as much as £30 000, which would give me 30 000 chances a month to win, but for now I am considering setting up a standing order to increase my number of premium bonds by £50 each month. Then when my freelance writing earnings increase I can increase my monthly investment.
Freelance writing earnings can also be used to pay off your mortgage quicker and to invest in the stock markets. I use extra money in my salary to pay extra off my mortgage and to invest in the stock exchange. Who knows I may strike it lucky with my premium bonds or else land a high paying client to help me pay off my mortgage quicker.
For freelance writers, whether they use their freelance writing income to pay their bills or invest it really is a worthwhile job.