The stereotype of the poor and struggling artist has not emerged from nowhere and a report from late last year commissioned by Artfinder (entitled The Artfinder Independent Art Market Report: 2017) has confirmed this. The report has shown that three-quarters of US-based artists make $10,000 or less a year from their art, with 48.7% making $5,000 or less, so it is clear that artists and other creative people are top of the chain when it comes to needing management for their finances.
The problem with this is that the creativity of these people does not marry well with the boring mundanity of managing your finances, causing further issues with their financial situations.
However, there are always ways around this and, with this in mind, we’re going through some of our favorite creative ways to manage your finances to help those whose actions are governed by the right side of their brains.
How artists can manage their finances
Use a vision board
One of the most powerful tools used by creative people at the start of a journey to plot where they would like to go to is a vision board.
The board is a visualization tool that allows you to build a collage of your goals and dreams through pictures and words and when displayed in a prominent place in your home you’ll find it easy to focus on where you want to get to, making the journey so much easier.
It is commonly used by in workplaces to help guide people from the outlining of their project through to the completion and release of the product and a survey in early 2016 by TD Bank in Canada showed that 67% of people who use vision boards receive a boost in motivation and completion of the displayed goals.
The great thing about vision boards is that they are so simple to create, with anything from cork boards, poster paper or even a blank wall in a spare room or garage being excellent for adding your motivational messages and pictures.
The creation of, and continual addition to, your vision board also allows creative people to exercise their base nature and express themselves freely to assist in getting through the hard slog that can be the logical and mundane processes of managing your finances.
Draw your progress
There are many ways in which you can display your financial progress in a creative way.
From creating artwork of items that you’d be able to or wish to purchase based on the amount of savings each month to incorporating details of your progress within a story that you have written.
However, the most effective way that we have found for helping control your finances is to draw a trendline, similar to what Forex traders have been known to do when tracking and predicting where to make money.
Trendlines are used to track currency prices and fluctuations over time so that traders can predict how well they are likely to do in future trades, but these can also be used in an illustrative sense to show how well you are saving funds.
The visual representation of the money being saved against the timeframe since you started saving is incredibly motivating due to its straightforward display.
With the ability to add creative marker points along the chart, creative people will certainly find themselves more immersed in financial security when using a trendline compared to less visual tracking methods.
Get a virtual assistant
One of the big issues for creative people about saving money and managing their finances is the fact that they always have ideas for new and inventive workpieces flying around their brains.
This busyness of their thoughts coupled with ideas on how to utilize and fine tune all of this raw information into workable artforms and creative outlets can see creative people finding it difficult to concentrate on the mundane tasks in life.
It has never been easier to resolve this problem though as most people know having a powerful computer in their pockets in the form of a smartphone they’re able to simplify their lives and the management of their finances by using a virtual assistant.
These, such as Siri for iPhone and Amazon’s Alexa which have been used by 45% of virtual assistant users, coupled with smart apps for your banking.
These kind of apps for your phone are a definite win/win situation by automatically saving you money and freeing up the time to work on your creative ideas without interruption.
Tools like PersonalCapital offers free of cost financial consulting from a money coach. With the free
sessions you can learn various investment options and their pros and cons.
If you are a more ‘old school’ type of person when it comes to financial planning then the use of excel sheets is a must but, realistically, they are far from exciting and they will rarely appeal to creative people despite their long usage bringing tried and trusted results.
The great thing about how long excel sheets have been used is that there are plenty of easy and quick ways to do almost anything, including adding color to your documents to brighten up your experiences with one of the most aggravating chores in money management.
The conditional formatting tool within excel allows you to create rules depend on amounts, amount ranges or specific keywords so that you can highlight each amount, group of amounts or item of spending in the colors you so wish.
Once this is done you can then filter the information by these colored cells and these functions all combined allow you to analyze all of the information entered quickly and conveniently so you can see where you are spending too much or too little so that you can save more or justify in treating yourself.
The internet has made it easier than ever for creative people to make money from doing what they love.
Online shops, stores, and marketplaces from Etsy which made more than $440 million in revenue through hosting and sales in 2017.
Also, eBay and Amazon will allow you to add your creations online and with these types of sites have become massive in recent years there is a guaranteed customer base waiting to be tapped.
Everyone’s tastes are unique and individual, but with nearly everyone on the planet having access to the internet you’ll have no problem in finding people that will appreciate your creative output.
These people will spend money to purchase your artwork and you’ll be able to boost your income simply to creating and selling your labors of love.