Something that most artists shy away from is finance. Perhaps this has something to do with the right brain focused ability an artist requires to be good at their craft, where finance is a much more dry and left brain focused activity. Therefore these two often never go well together and most artists can think of nothing they like less than going through their finances and paperwork. The unfortunately hard truth about this is that every artist needs to know about how to get their finances in order and I dare say they require these financial skills more so than most, for two main reasons – firstly, it is often the case that artists have their current finances in not very good condition , due to neglect from the above. Secondly, the life of the artist is often not a lucrative one – at least not to start with, so it’s very important to get your finances into order if you are struggling on a low income.

Taking this into account here are our top 5 tips that artists should consider to get on top of their finances.

1.)Accept responsibility and take control: The first step is to be aware that your personal finance could be managed better and that it needs to be looked at. This is the most important step to getting your finances in order. Set a date and put away at least a morning or afternoon or if you’re really eager – a full day to organise your finances.

2.)Understand your budget: How much do you earn and how much are you spending? and most importantly, where is that money going to?

3.)Minimize your debt: Your debt is the first key to getting on top of your finances as it is costing you money. If you have a credit card debt, consider looking at balance transfer credit cards to minimize the cost of this debt. You can often find balance transfer credit cards with 0% interest for a set period – giving you time to pay off your card without needing to pay the interest.

4.) This is not an easy one, but a liberating one once in place. Once you have paid off your debt or in a more comfortable position. Set aside 5-10% of your income to a high interest savings account.

5.)Set a day per month, 1 or 2 hours to review your finances at a minimum.

Being on top of your personal finances will help every artist gain peace of mind, we wish you the best on your journey.