If you’re pursuing a career in journalism, then you’re probably aware that it’s not an incredibly lucrative field. Though journalists on average don’t have particularly bad salaries ($49,300 according to the U.S. Bureau of Labor Statistics), issues like high costs of living and declining newsroom employment should be considered when planning to enter the workforce.
These facts may seem scary. Nearly everyone (especially college students battling student loan debt) wants to be financially stable and make good money, regardless of their career field.
Thankfully, there are a few resources and websites specific to the news industry that may provide helpful financial guidance.
The Lead is a weekly e-newsletter that provides student journalists with a plethora of resources, career opportunities, and news media content about other student journalists and newsrooms across the country.
The Lead published an article in September 2021 titled “Personal finance tips for student journalists: Navigating your first job offer, budgeting and more,” which includes insight from Julia Carpenter, a journalist covering personal finance for The Wall Street Journal. Some of her tips include knowing how to negotiate your salary, examining your employment contract, and budgeting in a way that best fits your lifestyle.
You can read the full article below:
If you’re more interested in the freelance journalism route, Freelance Writing is your one-stop-shop to find high-paying job opportunities and establish a network of clients. They provide resources specific to freelance writers, regularly post jobs or other freelancing “gigs”, and publish content related to freelance writing.
One of their website posts details 10 tips for freelance writers managing their own finances, like opening a separate checking account for your business endeavors, keeping orderly records, and investing in a time-and-billing software program.
You can read all 10 tips below:
Look for scholarships specific to journalism/the news industry
In addition to pursuing needs or merit-based scholarships, college students studying journalism should research scholarships specific to journalism–and there are plenty of organizations bustling with scholarship opportunities for young, aspiring journalists.
Here are a few to get started: