financial considerations when working online

5 Financial Considerations When Your Income Is Online

As someone who makes her full-time income online, I know how hard it is to navigate so many unique challenges. From making sure you balance your income properly to keeping track of expenses, there are a lot of financial considerations when your income is online that you might not think about.

I’ve been making money online since college, so I know how essential it is to pay attention to these key things. But it’s not just me, more individuals are finding new opportunities to make money online—whether they start a blog, have a strong social media presence, or freelance full-time.

As new types of online careers pop up, there are a few financial considerations you should have when your income is through influencing, freelancing, or blogging. If your source of income comes solely from online, remember to think about these factors to ensure you are financially protected as you navigate this new career path.

1. Stay Up to Date

The internet is constantly changing, and this means that you will similarly need to be up to date on the latest technology and trends that directly affect your business.

Maybe this could be a software update, policy change in a social advertising platform you use, or the current state of the media, you should always be one step ahead of these types of shifts.

In order to accomplish this, there are specific ways that you can keep up with trends to remain competitive—such as following other key influencers in your field, monitoring competitors, taking advantage of analytical tools, and more.

Because any major change could directly affect the amount of money that you bring home, staying well-versed in the changing landscape of your online business is critical.

Google News
Google News is great for staying on top of industry trends.

2. Consider Income Replacement

Online income or an online side hustle does not always provide a consistent source of income compared to a traditional 9-5 job, it is important to take into account those that are financially dependent on you as well as other major expenses in your life.

If you have student loans, a mortgage, or any regular expenses, you’ll need to take this seriously. You’ll likely have fluctuating pay, and you might not receive traditional employee benefits.

You might want to consider taking on additional insurance or taking time to build an emergency fund. Life insurance, business insurance, and disability insurance are all a great idea. Depending on what you are looking to get out of your plan, it can be helpful to chat with an insurance expert to talk you through the various types of life insurance policies to find what’s best for you.

Whether you want your policy to function with a permanent cash-value or if you want your coverage to be set for a certain number of years, it is beneficial to start shopping for a policy sooner rather than later as your health and age play a key role in determining your rates. Starting early is always easier!

3. Stay Safe Online

Since you operate your business online, it is vastly important that you are taking proactive security measures to protect yourself and your financial information. As operating online can expose you to setbacks such as hacking scams or computer crashes, you’ll want to be sure that you have properly equipped yourself with the necessary protections.

One way to go about this is to obtain proper internet security. Whether you work from a Mac, PC, mobile device, or more, there are internet security suites and software options available to help safeguard your information.

From virus protection to password managers, you’ll want to consider the level of security that is necessary to defend against potential threats. Remember that not only will you be responsible for protecting your own personal information, but setting up these security measures also protects your clients’ critical information and identity as well. 

Since it’s likely your social media accounts are also a part of your business, it’s also a great idea to add extra security to these platforms. Using double-authentication login to get a text or email is a great way to make sure nobody gets access to your account without your permission.

Lastpass password manager
LastPass is my favorite online password manager—and it’s free!

4. Review Your WiFi Connection

It may seem like an obvious piece of the puzzle, but as your income relies on your ability to access the internet, it is important to ensure that you have a consistent and dependent wifi connection.

Not only does selecting a trusted provider matter, but there are also proactive steps you can take in order to boost your wifi connection. Understanding the importance of your router location and wifi channel are a few of the actions you can take to help make your daily work life easier.

Although it may cost extra per month, having a reliable provider is better than dealing with connectivity issues on a daily basis.

Having consistent internet issues disrupts your workflow and ability to finish your work on time. This is a no-no in the professional world, and it’s also frustrating.

5. Properly Plan Your Time and Prices

A great advantage of having a career dependent on online revenue is often that you get to work on your own time schedule. And while this is certainly a perk, it is also a financial consideration you should keep in mind when you are determining pricing and time management.

Because you want to avoid working excessive hours without seeing a profit from your extra work, understand that laying out your work will better help you serve who you are working with while also placing a value on your own time.

Whether you are pricing a product, service, promotion, website, or more, it is important to accurately charge for the time and amount of effort that will be needed to adequately complete the job.

If you are unsure if your current prices are appropriate, spend some time learning about how to determine if you are pricing correctly. Because outside factors, such as your competitor or market, play a role in what this price amounts to, it is best to look at your specific situation rather than simply base your pricing off what someone has done in the past.

Google Calendar for freelancers
I use Google Calendar to keep track of my deadlines, payments, etc.

Protect Your Online Income

Although having an income solely based online might not be the traditional approach, it’s such a rewarding experience.

In order to make sure you are taking all the right steps to be successful on this type of career path, be sure to consider a few of these financial considerations to secure your wellness.

If you’re just starting with your virtual side hustle or making money online, it might take a bit of learning to figure out what works for you. It’s worth investing time into making sure you’re working smarter not harder!


Hey, I'm Sam! I'm the blogger and full-time writer behind Samanthability. I blog about starting your own blog and rocking post-grad life. You can find me exploring Seattle, binge-drinking iced coffees, and reading spicy romance books. I'm glad you're here!