(Newswire.net — September 16, 2020) — Ah, to be an artist.
The sheer freedom to do something about which you’re passionate is exhilarating! Except when it isn’t.
As romantic and whimsical as it sounds, working as a full-time artist is incredibly demanding. And you’re forever on the hustle.
During those rough patches when you’re not able to sell your work, financial woes become the name of the game. So what can you do to play the game differently?
Avoid More Debt
There are a number of things you can do to ensure you don’t go deeper into debt during this time. Of course, if you have a dire need to pay a bill or are faced with an emergency, you can always look into same day loans. But you’ll need to pay those off eventually too. So what’s your best bet?
Pick up a Side Gig
Your work may be suffering because, let’s face it, creating in a studio all day every day can get tiresome. Even for the most established artists. And one of the best ways to free up your mind – while making some money – is to pick up some part-time work.
Sure, you could get a job waiting tables. But you may want to think bigger than that. Consider a job that will lend to your art. A teaching position in your medium of choice can be tremendously rewarding. Or perhaps work as a studio assistant for a more established artist to pick up some pointers and gain the advantages of networking.
You just want to be sure that whatever side job you choose pays enough to support both you and your art. In other words, find something that pays well while still giving you enough time to pursue your practice.
Once you have an additional income stream and you’re able to cover your bills again, the next thing you need to do is this:
Learn to Handle Finances
This is a big one. And it’s tough since many artists are on shaky ground in this area. If you’re an artist for whom handling finances doesn’t come naturally, you’re far from alone.
To get a better grip on handling finances, there are important steps you can start taking:
1. Improve Your Relationship with Money
As an artist, you know the complexities of money in relation to your work. On the one hand, you’re told to value yourself and place a high price on your work. And that’s great when you’re able to sell it. Yet during those times when you can’t find a buyer, the utility companies and the landlord aren’t going to give you a break.
So what’s an artist to do? There’s a surplus of misinformation out there about how to handle money and it can be overwhelming and confusing. Especially if you don’t speak the language of finance. Where is the best place to get the information you need?
From other artists.
Tap into resources such as books and blogs created specifically for and by artists. Listen to art podcasts where successful artists offer their advice about how to handle your finances in order to make it as an artist. Once you get practical financial advice from those who know your struggle, you’ll start to feel the anxiety lift.
2. Be Mindful of Your Needs
If you’re not keeping track of how much income is required each month to live and make your art, it’s time to do that. So figure out how much you need to cover the absolute necessities – rent, utilities, food, student loan payments, credit card payments, art supplies, etc.
Be realistic. For example, going out to eat every other night doesn’t qualify.
This might feel like drudgery, but it’ll go a long way toward giving you a bigger picture of your overall spending so you can see where you need to prioritize and where you might be making unnecessary (albeit enjoyable) purchases.
3. Create a Budget
The B-word. Budget. It’s not as scary as it sounds though. Once you’ve figured out your basic monthly expenses and started to identify unnecessary expenses, you can begin to spend smarter and save that money for “rainy days.”
As tempting as it can be to spend frivolously when you’re flush with capital, this is often what leaves you in the hole when times are tough. So create a budget to help you through those not-so-lucrative months.
During those times that you are more solvent, start setting aside that extra money rather than spending it. Have a goal of saving enough money to allow you to cover living expenses for a few months. That way, when you hit rough times again, you’ll be able to breathe easier.
In addition, if you have a lot of student loans or credit card debt, it’s best to pay those down as much as possible too. Going with just the minimum payment each month is going to cost you more in the long run. So the more you can chip away at those, the less weight you’ll have to carry.
4. Remember That Your Income Does Not Define You
Many of us have a tendency to believe that our net worth and our self-worth are intimately connected. That we only have value as a human when our art is selling, and that we’re worthless when it isn’t.
This is one of the most toxic myths associated with financial stability as an artist. And it’s exactly that – a myth. So when you find yourself feeling that way, just remember that you’re following your passion. The world needs artists. You’re doing work that matters to you and makes you happy.
Many of the richest people in the world will never be able to say that or know that kind of happiness. And you can’t put a price on that.
Steer Clear of Future Financial Woes
Armed with the above information, you can start taking action today to avoid more financial woes in the future.
When you’re freed up from the heaviness of financial instability, you’ll be amazed at the wonders it does for your artwork. So have at it!
And in the meantime, keep checking back with our blog for all sorts of practical advice on a variety of topics.