It meant that I didn’t have to get a job after my son was born, or while I went to uni as a mature student, and it saved me from going back to work full time after I’d graduated.
Thanks to blogging, I don’t have to fork out loads in childcare. I can do the school run most days, meaning I have more time to spend with my children. It also takes some of the financial pressure off my husband, and gives us opportunity to treat the kids, or get them something extra special for Christmas and birthdays.
Blogging has provided so much freedom for this family, that I want to protect my income at all costs. There are a few steps you can take to ensure your blogging income is protected, here are some things to consider:
Tips to ensure your blogging income is protected
This list is designed to provide tips on how to protect your blogging income. I think blogging is such fantastic profession which comes with amazing opportunities, that it would be such a shame for anyone to lose out.
Keep accurate records
Once you’ve earned your money, the last thing you want to do is lose a big chunk of it on because you’ve been pined on a technicality. The best thing you can do is keep meticulous finance records and double check you’re paying enough tax and national insurance. If you’re unsure about what you should be paying, it might be worth getting some professional advice from an accountant.
File tax returns on time
As with the point made above, losing money to avoidable fines isn’t ideal for any business. One area where fines are quick to be issued (but can so easily be avoided), are tax returns. If your tax return is filed late, you will be fined. If you ignore the warning letters and let more time elapse, further penalties will be added. I usually file my tax return a few weeks after the end of the tax year. That way, I can relax in the knowledge I’ve done everything I need to, and it was all well before the deadline!
Shop for life insurance
I’ve already mentioned that my blogging income eases some of the financial burden for my husband. To be honest, if I stopped blogging tomorrow, it would be a huge blow to our finances.
As horrible as it is to think about, if something happened to me, and my husband was on his own with the kids, the family would struggle financially. It might mean that not only would they lose me, but they may lose their beloved home in order to move into more affordable housing.
This is why life insurance is so important when you have kids. My husband’s previous jobs have all come with life insurance as standard, but when you’re self employed you have to arrange this sort of thing yourself. You can compare life insurance policies at Money Expert Insurance to choose something that’s right for your needs.
If you’re earning a good wage from your blog, it might also be worth looking into income protection insurance. This can ensure you receive some financial help if you suffer from a period of ill-health and can’t work for a while.
Back-up your blog regularly
If your blog is you’re income, you’re stuck if something happens to it. Although technology is reasonably reliable these days, I’ve known bloggers whose sites have been completely wiped in error. Once your site is gone, so is your power to earn.
If you back up your website yourself (or pay your web host to do it for you) and your site gets hacked or accidentally deleted, you can simply restore it to how it was the last time you backed it up and carry on from there.
Ultimately, your blog is your business, and you must do what you think is best for your own situation. The list is by no means extensive, so if you have any ideas I might have missed, please let me know in the comments. I’d love to hear from you!
You might also enjoy this post on how to create a professional-looking blog.