A life in the creative industries for many arty folk can bring with it a pocket full of money worries and poverty consciousness and a whole lotta heads in the sand. Taking control of your finances might not sound all that exciting but it brings with it a creative freedom and ease that is so worth the effort. To get you those finances flowing right here are some tips and links to get you on track.
1. Sort out your book keeping.
I know many of you would rather stab yourselves in the eyeballs than track your incomings and outgoings. But book keeping lets you know what’s actually going on in your business, where you’re making money, where you’re hemorrhaging it. Whether its an old fashioned paper ledger or getting your hands on a program like Xero which offers so many intuitive and integrated options, you must track your income and expenditure. Having your eyes wide open will give you the data to make financial decisions that fill your life with abundance.
2. Know your tax savings
One of the great things about working in the arts is that many of the things you love are actually tax deductible and it’s well worth doing the leg work to know what you can (and can’t) claim. Finding an accountant or financial advisor who understands the arts can shave a fair bit off your tax bill and even offset tax paid on your unrelated day jobs. These 2 articles have some great tips for Australian creatives.
3. Spend money to make money
Most of us in the arts are stellar at surviving off the smell of an oily rag, we are next level at frugality. But sometimes your penny pinching is actually costing you money rather than saving it. Whether it’s strategic outsourcing, finding a rocking arts accountant, splashing out on better quality equipment or materials, investing in the right places can save you money in the long run and get you on track to making a truck load more income. Business coaching and mentoring that leverages expert skills and knowledge can have a huge financial impact. Clients of mine have had ridiculous returns on just a few hundred dollars investment. Whether its saving thousands on websites and technology, gaining quantum jumps in sales, saving weeks of time not reinventing the wheel or learning how to strategically catapult your creative business, sometimes you can’t afford to not invest in your creativity.
Read more here about changing your mindset on investing in your art career – http://creativeconsultancies.com/investing-creative-life/
4. Challenge your money stories
The arts is a quagmire for crappy thinking about money. We aren’t allowed to sell out, must quit our day jobs, can’t charge for what we do because we love it, are entitled to government support, have to stick it to the man – the list goes on. And these kinds of money stories don’t serve us as individuals or an industry. Busting through your money blocks can pave the way for a whole heap more financial security and flow. These articles from my blog might help with some reframing.
If you feel a bit down about having a day jobs click here – http://creativeconsultancies.com/dont-give-up-your-day-job/
And for some Money Myth busting this might get you started – http://creativeconsultancies.com/debunking-2-myths-that-keep-artists-in-the-gutter-of-poverty/
So if you’re ready to shift gears from surviving to thriving, it’s time to take charge of your finances!