5 Money Management Tips Every Blogger Should Nurture

Do you make money from your blogs? Find out how to manage your money with these tips.

In today’s digital age, many people are setting up blogs. While some individuals run their blogs solely to share their personal experiences, others set their web presence as a source of additional income. Some people even go to great lengths to plan their blog as a source of their main income.

If you’re one of the bloggers who want their websites to return some income one way or another, you might want to check out these tips on personal financial management as a blogger.

Set income goals that are feasible and measurable.

Don’t underestimate the importance of setting goals for every project and that includes running your blog site. But you shouldn’t just set any goal. You need to make sure that they are achievable to avoid frustration later on. They should also be measurable to track your progress and determine where to improve. To ensure your financial goals are feasible in terms of your blogging activities, you might want to determine what your target income would be and where will your website’s income come from.

Don’t stop searching for potential sources of income.

Some people may think that accepting display ads is the only way to earn from their blogs. While this may have worked half a decade ago, a lot has already changed these days. You might want to look into affiliate marketing, wherein you are paid by referring your readers to an online store or product. You can even accept tasks that let you review products and services for a fee. There are already many ways to earn from your blog and if you’re creative enough, who knows you might be able to create an industry-leading method.

Monitor your progress regularly.

What good is setting measurable goals and providing steps to reaching them when you don’t even see if you’re still on the right track. By monitoring your progress regularly, you can see if you’re behind or ahead of your targeted income for the current period. By checking where you are, you can make adjustments to your strategies and if things aren’t looking good, you can investigate what went wrong and determine how you can improve. Moreover, there won’t be any unpleasant surprises at the end of the period if you’re regularly checking your progress.

Don’t spend more than you earn.

This is definitely one of the most common tips you can receive when it comes to money management, but it still needs to be highlighted. In terms of blogging, it’s just ridiculous to spend for premium templates or hire highly professional web designers when your assessment has revealed that you won’t have enough to pay them even within two periods or more. It’s also quite a waste when you buy expensive products (which you don’t normally use) just to write and post a review of them.

Keep track of your bills’ due dates, if any.

Just as you want to make sure you pay your telephone or energy bills on time to avoid getting cut off, you also need to do the same for any bills related to your blog. Examples of these recurring payables are your domain and hosting fees if you are not running your blog on a free platform. It’s wise to avoid missing your payments because retrieving your web resources like posts and images can be very hard when your service provider shuts your website down for non-payment.

When you practice good money habits in your personal life, you can apply the same concepts to your blog management. Think of your blog as a single project to avoid overlapping your website-related financial account with your personal ones. By doing so, you’ll have a clearer picture of how your finances related to blogging looks like.

Written by Maricor Bunal

Mari writes for Loansolutions to help educate people in making informed-decisions on taking out loans and becoming responsible borrowers. Being the COO, she feels it is her social responsibility to do so. Learn more from her as she shares tips, advises and stories on finance. Also, she's fond of 9GAG, so you might read some random stuff over here.