Let'south Talk About Money

Money tin can exist a pretty taboo subject—but keeping serenity about it won't get in go away.

As artists, we need to develop a healthier relationship with money, or else nosotros'll never be able to make a living from our piece of work. Specially for artists who didn't grow upwards in upper-course families or families where the arts weren't valued, putting a high price on their artwork tin can make their skin crawl.

On the other hand, having an unpredictable income month-to-month is as well extremely stressful and leads to money insecurities that damage our ability to objectively handle our finances.

We demand to go over these mental blocks by cultivating a healthier human relationship with money and that starts with how you lot manage your own money from your art business concern.

Take a look at these five money management tips for artists.

Arm Yourself With Knowledge

"One of the reasons people have a poor relationship with money is misinformation or lack of data," remarks clinical psychologist Joe Lowrance. That's when anxiety about money starts to creep up on you and accept over your day. Because, how can you set a situation y'all don't understand?

If you want a meliorate relationship with money,  you lot need to learn every bit much as possible virtually running your art business organisation and handling finances the correct way.

Luckily, at that place are so many resources bachelor for artists these days.

First by reading books and blogs specifically for artists... Listen to art podcasts. Inquire other successful artists for their advice. That pesky deject hanging over your head won't ever go away unless you actively practice something about it.

Tackle the Problem Head-On By Developing a Strategy

"By brushing off the financial side of a career in the arts, artists are practically ensuring that they will exist unfulfilled personally, professionally, and financially," explains artist and fiscal advisor Elaine Grogan Luttrull.

Luttrull suggests first irresolute your perception nigh saving: "Yous take to realize that having cash reserves isn't but a good matter financially; information technology besides ways yous don't have to accept some job that you don't want to do." Information technology gives you more liberty to focus on your passion—and saving is easier when you continue this goal in mind.

Brand a monthly budget by noting all of your expenses (art business, housing, utilities, gas, groceries, loans, amusement, etc.), plus how much you desire to add to your savings fund, and comparing it to your average income.

Note: An art inventory system like Artwork Annal helps you track your expenses, so you'll know where all of your sources of income are generated, where your coin is going, and what you lot can write off. More than than that, you can tie your expense records to a client within the database, proceeds insight into how much you are spending in certain categories (advertising, supplies, rent, etc.), and go one-click expense reports. Learn more here.

Actually examine your purchases and enquire yourself where you tin salve. Exercise you need that five-dollar cup of coffee each morn or can yous mash some in the studio? Can yous buy art supplies cheaper in bulk? Can you eat out once a week instead of twice? Always be sure to have care of your needs before your wants!

Sticking to a budget and using a weekly saving schedule like this one from Four Hats and Frugal will aid ease the stress of living with a variable income.

Open up Yourself Up To Abundant Possibilities

Gaining gallery representation and selling at art fairs are standard when it comes to making money as an artist. But, there are many more than opportunities to bring in income that many artists unknowingly exit on the tabular array.

Artist grants, social media, teaching workshops, licensing—all of these opportunities to make money can exist more constant than art sales solitary or tin at least supplement your income when sales are slow.

That mode you lot aren't putting all your eggs in ane basket with fingers crossed that information technology all works out. Talk almost stressful! Instead, requite yourself options when it comes to making money. Learn more virtually how to build multiple acquirement streams to lighten the financial load here.

Know What Your Work Is Worth and Stick To It

Ever undermining your fine art prices during a auction or losing out on business organization because you're disorganized won't get you lot where you demand to exist financially! Here are a few things y'all can focus on when it comes to really making a living from your art.

First, examine your pricing strategy. Take costs similar materials, shipping, and specially your time into consideration when determining your price so that you stand to make a profit from each fine art sale.

Using a consistent pricing formula will assist you skip the frantic "I don't know what to charge!" phase and go along you from undercutting yourself while talking to an interested buyer. Offering multiple cost points can allow you lot to bring in sales from a wider range of fine art customers.

Next, find an easy way to keep runway of your art sales so you always know how much money is coming in and when. A tool like Artwork Archive helps you manage which pieces have been sold and for how much. Yous tin even generate an invoice that figures in sales taxation and shipping costs with the click of a button.

Your Net Worth Does Not Equal Your Cocky-Worth

If y'all accept one thing from this commodity, remember this: your net worth does not equal your self-worth.

We repeat—no matter what profession yous are in, how much or footling coin yous have, or what your relationship with money is—your internet worth does not equal your cocky-worth.

Because artists have a variable income instead of a monthly paycheck, money problems tin can counterbalance heavily on the mind and quietly trickle over into your cocky-esteem. But, even if you are the wealthiest businesswoman or the highest paid creative person in the earth, you will not exist happy if you are not chasing your passion.

That being said, y'all can use your passion to make a living!

Toss the starving artist narrative out the window. Artists tin cultivate a healthier relationship with money, and it starts with finding ways to proceed your art business organized and profitable. Developing strategies to both salve and earn more from your artwork, learning every bit much as possible, and using tools similar Artwork Archive that tin carry some of the weight will start you downwards the right path.

Set up to get organized? Offset your 30-day free trial of Artwork Archive.