As a freelance writer, you likely have a monthly target to aim for. In fact, you should have a monthly income target to help you work out your hourly rate and your writer rate per project.
So, how much should your monthly target be?
I really wish I could just give you a set amount to work towards. But the honest answer is that your monthly target as a freelance writer will largely depend on a number of factors: one of those being your current location.
In one group, someone stated that $3,000 USD per month was a great income. Well, maybe it is in some locations, but it’s not in others. In the United States, it’s possibly a good amount depending on your state and your family size. I know some American writers who aim for $2,000 per month as a minimum, while others need $4,000.
But when I was living in the United Kingdom, $3,000 USD was only around £2,040. That’s not enough to live at all. With the current change to the British pound’s value, it is now £2,250; still not enough!
Now I’m in Canada, that $3,000 is worth around $3,750. These are rough calculations by the way, based on the current exchange rates. They constantly change and I’m possibly going with the lowest rate they’ve been set at in recent months as that’s what I work off to make sure I make my minimum each month.
So, the $3,750 CAD would be almost perfect for our monthly target. In somewhere like the Philippines that $3,000 could be just right. It would work out as 145,260 peso.
There really isn’t a set monthly target for freelance writing. It really does depend on your country and your state of living. So, how do we work out what our monthly targets should be? How do we decide on the income targets and writer rates?
You need to think about all of your outgoings—both business and personal. You’re not just trying to break even, but make a profit and have a liveable income. We’ve worked out that right now our outgoings are at around the $3,000 CAD point. That figure includes special occasions, savings, and clearing some of the UK debt that we have.
- Any debts
- Bank account fees
- Car payments
- School payments
- Website running costs
- Food costs
- Gas prices
When it comes to working out the monthly target, I also factor in the number of weeks holiday that I want to take each year. I want to take four weeks off, so that means I’m only working 48 weeks of the year. I need to make enough each month to allow me to do that, so the target tends to be a little higher to make sure I can put money into the savings to factor each month’s spending.
You’ll also need to factor in any other income that your household has and the size of your family. We have a four-person household currently on the one income. In the UK we had a three-person family on two incomes, so my target could be lower than it is now.
What should your monthly target be for freelance writing? I wish I could tell you it should be X amount, but it depends on all your outgoings.