The U.S. economy has seen better days. Folks all over the United States are feeling the pinch, given the ever escalating price of oil, which seems to affect everything from the price of gas to the cost of plastic containers; the rising cost of food; the outrageous number of houses in foreclosure or preforeclosure; the cost of a college education; the growing national debt; our shrinking personal savings, as a nation; and an ongoing war that is costing us as a nation a lot more than the trillions of dollars we’ll have invested in the Middle East before it’s all over.
This is not an anti-war column, a political column, or anything else intended to create and fuel controversy. There’s more than enough of that going on in the romance reader blogosphere. Too much if you ask me.
Rather, as I count my pennies and try to toss them in as many directions as possible without losing sight of them altogether, I wonder what does the current state of the economy mean for writers, particularly those of us who are trying to break into publication?
As you can guess, I’m an aspiring writer, pre-published writer, semi-published writer (if you count my published short stories)…however you prefer to categorize me. In my head, I’m simply a writer, albeit not of the Nora Roberts or JK Rowling royalty-level. So that tells you something about my financial perspective.
I have to budget. Perhaps an ugly word but, a necessary one.
For me, possible writing expenses include things like contest entry fees, postage, supplies (paper, post-its, inkjet cartridges, etc.), craft books, genre books, computer equipment, Internet access, media storage devices, online workshops, organizational membership fees, and magazine subscriptions. I’m working my way up to include conference registration and travel expenses. I might need to budget for professional editorial services, and once I’m contracted in novel-length, I know I’ll need to anticipate marketing and promotional expenses.
Just thinking about all of those potential expenditures makes my head swim but, writers need to think about what they’re willing to invest in their writing, that is beyond opening up their hearts and souls on paper.
As an example, for years I have bemoaned the fact that I couldn’t “afford” to go to a writer’s conference. If only I could get to one!
I’m not sure what I thought would happen upon my arrival. It’s not as though editors were going to throw contracts at my feet! And in fact, I really couldn’t afford it. It’s still hard for me to think about allocating that huge chunk of money. But it’s getting easier because I’m budgeting.
Every writer should have a writing budget. After all, we’ve heard time and again, that writing is a business. Prior to advances or royalties, more than likely, it is all personal investment. for some, this may be discouraging but, it doesn’t have to be. Here’s what I’ve picked up in the short time since I began writing in earnest:
- Use your writing to finance your writing.
- Investment in small increments.
- Prioritize.
Sounds like circular logic but it isn’t. It costs very little to do research via the Internet (you can probably find free Internet access at your local library). Identify publishers to target, study their publications, and submit freelance stories. Some pay upon acceptance; others upon publication. Use your critique group or find one specific to non-fiction writing to get feedback, just as you would on your romances.
Another way to finance your novel writing using your writing skills is to find short story markets. Granted, these are not as easy to find or crack as they used to be but they’re still out there. Many romance writers have cut their writing teeth on the confession magazines. The pay is low and it’s only upon publication, not acceptance, but with one story, you can earn enough to pay for a couple of online courses, buy a few paperbacks for research, and put aside the rest for future postage.
A third option is writing and selling shorter romantic stories in ebook format. Some ebook publishers take novellas or even short stories. You’ll have to market them to make money—don’t expect a windfall—but it can be done. In addition to the money, you may get the opportunity to experience working with an editor, and you’ll build up your writing credits.
Maybe you won’t be one of the first to register for that conference you’d like to attend later in the year. You can’t buy those hot books you’ heard about right away. You can’t upgrade to the latest version of Microsoft Windows, purchase the latest, thinnest wireless laptop, or get any of that cool writing software as soon as it hits stores.
So?
You have to exercise a bit of patient and be smart about how you spend your money. There’s no “keeping up with the Jones” in writing because everyone’s writing journey is unique. Which brings me to my last point.
You have to make choices. You can’t do everything. I’d argue that multi-published authors who release several titles per year every year still have to budget, although those of us aspiring to that level of success like to think that it’s all fame, fortune, and freedom from such mundane worries.
A multi-published author’s budget considerations include all the same things and more. Whether to pay for a professional website or a promotional book trail. Whether to finance a tour to complement her publisher’s marketing strategy. Whether to squeeze one more writing conference—the one she always said she’d attend when she had more money—into her budget and schedule. Doesn’t matter which end of the writing spectrum you find yourself on. It’s all about setting priorities.
Do your homework, decide, and put together a plan. Just $20 out of every biweekly paycheck adds up to $520 by the end of the year. May not sound like much but you can do a lot with it.
You could enroll in 20 online courses at an average of $25 per course.
You could buy 81 paperbacks at an average price of $5.99 per book including 7% tax.
You could download over 100 ebooks.
You could save it and be one of the first to register for next year’s RWA convention.
The day will come when I’ll be able to drop chunks of money into the kitty. I wholeheartedly believe that. But today is not that day. Not with private school tuition looming, summer camps, three boys that eat like men and grow like weeds, and all of the “unexpected” emergencies that we know we should expect, like emergency room visits, flat tires and broken washer machines, but somehow we rarely do.
Bottomline? Where there’s a will, there’s a way.
I committed this year to invest in my writing out of every paycheck. (If you are not working outside of your home, go back to #1.) Sometimes that investment has looked like a single Harlequin Romance or Steeple Hill Love Inspired purchased in Wal-mart, $3.14 or $4.54 respectively, including tax. All total, using this incremental approach, I’ve already purchased more genre and craft books than I did last year, joined a writing organization, and begun planning to attend my first conference. And I’m not only writing but I’m beginning to view my writing as the business I want it to be.
You can too!
Note: My original intent was to wax eloquent about how our weak economy might affect the decision making of writers, agents, and editors—and how those decisions are intertwined—but my post took this direction and wouldn’t turn back. Maybe I’ll talk about that on my next go-round.
The trouble with short stories is that they pay appallingly. That doesn’t stop me writing them, because they are damned good “free” advertising that I get paid for - but I only get paid between $25 - $100 on average for 2000-3000 words.
I’ve been offered some reviewing, which comparatively is hugely paid at ÂŁ55 for 200 words! However, that’s not as creative - and not really the advertising for the Erastes name that I want to build on.
Of course what I really need is a husband before I can afford to give up the day job! /joke
by Erastes April 24th, 2008 at 7:21 amGreat post Patricia. There’s good advice in there and you make a ton of sense, especially the prioritize point!!
Though we should all do it, many times we fall short, or at least, I do. Thanks
by Annie Doyle April 24th, 2008 at 7:26 amGreat post, Patricia!
Quote: “(If you are not working outside of your home, go back to #1.)”
This is exactly where I’m at. For the past six years I’ve spent all my time working on manuscripts for novels. The little bit of money I make comes from proofreading and editing jobs. I’ve never written short stories, but I’ve recently reconsidered and will start submitting stories to the confession market.
by Chicki Brown April 24th, 2008 at 7:31 amExcellent post Patricia. And so true. I was so ready to go to RT this year. Only my second one ever (went three years ago) . And because I knew what to expect was more excited than my first time, but then my daughter rolled the car (she was unhurt but the budget’s going to take a lot longer to recover) and I simply couldn’t swing it.
There’s always can be something, but like you said with incremental budgeting, we can make it happen.
And FWIW- the majority of beneficial things for an aspiring writer and a newly published author to do for their career is free via the internet. A huge help.
by Sarah McCarty April 24th, 2008 at 8:01 amGreat post, Patricia!
Having grown up dirt-poor, I’m proficient at finding the cheapest or free way of doing things. In fact, you can trim your budget even more, Patricia. Take writer’s organizations, for example. Getting to one in Real Life is extremely difficult for me, because I live in Alaska and have small children. There are many on-line. Some of them cost money and some are free. I recently compared two. One had articles, a blog, discussion boards, and a critique group and cost over a hundred dollars. The second one was similar, but had a greater variety of writers and critters. And it’s free.
It pays to do one’s research.
enduringromance.blogspot.com
by Kimber An April 24th, 2008 at 8:13 amSO agree about the budget, especially once you start with book promo. There is an unlimited amount an author can spend there.
by Kimber Chin April 24th, 2008 at 8:20 amI’m a huge believer in budgeting. The money I just spent on ink refills glossy and matte postcards, postage, and the music license for my book trailer all came out of the small amount I put away from each weekly paycheck.
You’re absolutely right; it is possible. Great post!
by Bettye Griffin April 24th, 2008 at 8:32 amGwyneth
by Gwyneth Bolton April 24th, 2008 at 10:06 amErastes, you’re right. The short story market doesn’t pay a whole lot. But if you’re goal is to earn enough to enter your manuscript in 3 or 4 contests, you might be able to do that with a couple of short stories.
Annie, it’s been a painfully hard lesson but if we don’t prioritize the use of our finances, it’s too easy to look up 10 years later and still be in the same point, scratching one’s head. I guess that’s true for life in general, not just finances.
Chicki, you raise a good point. Another thing that aspiring writers, those that are really knowledgeable/trained can offer are writing services, i.e. copywriting or editorial services. Small amounts add up to a lot!
KimberAn and Sarah, I love FREE! I do book reviews but also because I enjoy reading but I get the books for free to keep. Works for me and I get to read over a wider range of genres than I might simply picking the books I think I’m gonna enjoy.
Kimber Chin and Bettye, see there are hidden costs out there that I still need to learn about, like music licensing. All the more reason to budget and get promotion savvy.
Gwyneth, budgeting is HARD work. I struggle with it all the time. Who really wants to count and manage every penny? But I once heard it said, that the wealthy are so not solely because they earned or inherited a lot but because they manage what they have well.
by PatriciaW April 24th, 2008 at 10:42 amWonderful, helpful article. Unfortunately, the day job plays a big part in funding some of the writing expenses.
But the Internet has now become an avenue to get a lot of information for free and still provide opportunities to network. Even if you can’t afford to attend a conference or be a member of an organization, you aren’t completely cut off from what you need to do.
Great article.
Michelle
by Michelle Monkou April 24th, 2008 at 11:23 amI made enough last year from writing confessions to pay for my trip to the RWA conference, my national and local chapter fees, my chapter retreat and a few other goodies. And the way this year has played out so far, I’ll be able to pay for this year’s conference too.
I love all your tips and use them all, especially prioritize. When it gets down to doling out the dollars, sometimes things are quite as enticing as I first thought. Right now I have a book store gift card from my birthday and I’m having a heck of a time letting go of the money even though it was free. LOL!
by Marilyn April 24th, 2008 at 11:32 amPatricia,
Great post. The advice holds even once you’e published. There’s always something new and exciting going on that could really “get your name out there.” I have to set guidelines and stick to them.
by Marilynn Griffith April 24th, 2008 at 11:45 amGreat post, Patricia! (And very timely…) I finance my writing by teaching college courses online–my overhead stays low because I don’t have a daily commute (and gas prices) to stress over, and it allows me the time and the money to re-invest in my writing career.
Kimber An: I had NO IDEA you were in Alaska, too! I live in Eagle River…
by Kacie J April 24th, 2008 at 11:54 amTotally agree, Michelle! What I hear writers struggling with is how to fund their writing-related needs or interests beyond what the Internet provides.
But I’m all for FREE. SORMAG hosts a great online writers conference every other year. Haven’t missed one since 2001.
by PatriciaW April 24th, 2008 at 11:57 amI’m sure published writers need budgets too, Marilyn, especially when considering promotional opportunities. Seems like I hear about some new thing every other day!
Kacie, you bring up yet another good point. Use your skills in a part-time capacity to earn money. Something Internet based (but legitimate) sounds like a great idea!
by PatriciaW April 24th, 2008 at 12:53 pmI started my writing career with short stories, and there is actually a great and well paying market for them… just not in America! England and Australia both have several magazines that pay anywhere from $300-$1000 for a 2000 word short story, and you can submit by e-mail. In my most productive years, I published 30-40 stories a year, as did many others writers. Womagwriter.blogspot.com has some good information on the markets, and I have posted previously published stories on my website for examples of what they’re looking for. I’m not sure I’d be published in novel length fiction without my years of experience writing short fiction.
Kate
by KateHewitt April 24th, 2008 at 4:44 pmVery good post. Im find myself making those tough decisions about every area of my finances.
by Rhonda McKnight April 24th, 2008 at 10:00 pmKate, good information. Writers definitely may need to think beyond geographic boundaries.
There is one nice paying short story market in America too. Woman’s World pays $1000 per story. But it’s a hard market to crack and their required word count is getting shorter and shorter, making it even harder to write an acceptable story. Yet there are some romance writers doing it, including Kate Willoughby.
Rhonda, I think an average gas price of nearly $4/gal and food rationing (rice at BJ’s and Costco) gives just about everyone pause with regard to finances.
by PatriciaW April 24th, 2008 at 10:46 pmHey Patricia
Very good post, loved how you offered simple solutions which can be followed easily. And yes, budgeting is the essence. Any wife will know all the ins and outs of budgeting, why not use it for writing too?
I agree with your first suggestion, and freelancing can also mean writing non-fiction articles. I have been funding a lot of my personal pursuits this way in the past few years.
Keep it up, girl!
by Aasiyah Qamar April 25th, 2008 at 3:45 amYes, Woman’s World is very tough to crack, but extremely well paying. I’ve had a few stories accepted by them back when their word count was 1,200 but I think it’s gone down to 700 or 800 now…?
by KateHewitt April 25th, 2008 at 8:12 amWhat a wise, wonderful post! Budgeting seems to have become a dirty word, but without it, making a writing income work at all is impossible. The more frugal you can teach yourself to be, the more freedom you will give yourself.
I say this as one who has been writing for a living for almost twenty years. Some years are so rich and some years are very lean (contracts pay in big chunks, so the first advance might have to last a year or more–you think getting paid once a month is a budgeting challenge?).
I am not a particularly thrifty personality (it seems, as the Scots say, mean) but I have learned that making a budget and sticking to it offers more joy than spending unwisely. The Millionaire Next Door is a book I’d recommend to everyone–no matter how much money you have, you’ll have to make choices. Promo or a conference is a good one, but also being shrewd enough to pay attention to what you really need, what you simply want, and deciding on the middle ground you can live with.
I choose travel instead of a fancy car (I drive a very cheap car), and try to eat out only once a week or so. I love going to starbucks to write, just because I am a fulltime writer and the illusion of company is pleasing–but add up a $4 coffee every day for a year, and that’s enough to pay for a week and airfare to an inexpensive locale. So I choose to go a couple of days a week and I’m happy with that.
I am still aspiring to be as smartly frugal as some of my (very successful) friends, but it’s a learning process. Saving and a money cushion gives a writer freedom, and there is nothing more powerful than that.
Thank you so much for writing such a sensible, wise post!
Barbara
by Barbara Samuel April 25th, 2008 at 10:55 amBarb,
Thanks for further illuminating the budgeting challenges of a writer. The unpublished don’t think much about stretching an advance for more than 12 months!
by PatriciaW April 25th, 2008 at 12:45 pm[...] Patricia Woodside gives you three ways to begin investing in your writing with Funding Your Writing Career. [...]
by Learn to Write Fiction » Friday Five: Money Matters April 25th, 2008 at 7:58 pm