5 Tips for Organizing Your Art Finances
We are here to tackle the realm of finances when it comes to your art career! It can feel very stressful and overwhelming to think about money, but when we start taking control of our finances amazing things can happen. Look, we know you did not get into art because of your love of accounting, but as artists we do need to be on top of our money when making work at any scale. These tips are about getting organized so you can know where you are with your money and make a solid plan for your future.
So, let’s talk through our 5 Tips on how to wrap your head around your expenses and income and make use of that information to benefit yourself and your work.
#1- Do a Wealth Check
Spend a couple minutes defining your wealth as an artist. This is more than just the money you might earn, but also other valuable aspects of being an artist such as the freedom to think creatively and put it into action.
#2- Assess Your Mindset
We often create stories about our money which makes it an emotional topic. Think of money as numbers that tell the story of how we spend our resources and time. Ask yourself some questions about your attitude toward money.
#3- Track It
Find a system that works for you to track where your money is going that you can stick to month after month. Use a spreadsheet or a program like Quickbooks Self-Employed to keep detailed records of your income and expenses.
#4- Review It
Implement some sort of regular process to take a look at what is happening with your money. This could be monthly or quarterly, but whatever you do, carve out regular time to take a look at where money is coming in and where it is going out.
#5- Use It
Once you have gone over your numbers, take action based on what you have learned! Spending all this time tracking and reviewing only makes an impact when you take the story your numbers are telling you and adjust the parts that don't serve you anymore.
We hope this has helped set you on a path to more clarity and ownership over your art practice! Join the Thrive Together Network to build your network of support and participate in our Art Business Workshops! Join the Thrive Together Network to build your network of support! You can learn more about joining our community here.
