If you are going to be a successful writer you must treat writing as a business. Maintain records in a ledger book or something similar or on a card system or on your desktop and on a USB. You should keep a postage book in which all post out is recorded: to whom material is sent, if an s.a.e. (self addressed envelope) is included, whether rejected or accepted and the cost of postage. This is usually done by successful writers if their submissions are intended on print media. Maintain a record book to whom, a record book for income and a record book for expenditures. Now writers can submit their write-ups through emails or directly to publishing sites.
In this way you can keep a check on sales and chase up editors who are slow in publishing. You will also have an approximate figure of monthly income through acceptances and work published.
A record books for expenditure is important. You should note down items bought and how much you paid. These books have to be totalled at the end of your financial year when you submit income and expenditure to BIR (Bureau of Internal Revenue) as part of your tax return. All money spent on your writing such as postage, pens, paper, typewriter, ribbons, word processor and etc. is legitimate expenditure which for tax purposes, can be set off against your income. However, the Tax Inspector may require to see receipts, so always obtain and keep them. These records are part of your writing business.
If, when you find yourself becoming successful and you are not confident about keeping your finances in good order you can choose one of two paths – either take a short course in managing the money side of your business or employ an accountant to do it for you. What is important at this stage is that you keep the basic record.
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My favorite Saying: “Dream big and don’t stop without giving it a chance to come true.” I am a father of 3 for 25 years +, OFW for 17 years , a Blogger, sometimes a Poet, Self-motivated and Professional by experience. You can call me Paul or Pruel. I am friendly animal but can kick you off when it is needed. LOL. I have no specific areas where my writing will focus on. I write any subject that interests me under the merciless sun.