Money Management

Structuring the best plan for managing your finances as an artist or creative professional may seem daunting.  With a bit of knowledge and some tools, you can gain a greater understanding of your income and expenses. As an artist, the finances for creating your work may often be the same as your personal funds. This guide will discuss ways in which you can separate those funds. It will also help you gain greater control of your finances and provide specific tools for you to use strategically to invest in your work.

This guide contains a general overview of some accounting principles and financial practices. It is meant for information only, and should not be considered professional financial advice. Consult a financial advisor or certified public accountant (CPA) for detailed professional advice on your current situation. You will find a list of service organizations in the financial resources section ofCreative Compass. Among these, a few may be particularly relevant to you as you learn more about managing your finances:

• 360 Degrees of Financial Literacy is a great free program of the nation’s CPAs to help Americans understand their personal finances through every stage of life. Their site is packed with a mountain of well-organized information.
• Investopedia sources articles from nearly 200 writers located around the world with expertise ranging from active trading to frugal living and everything in between. The site offers a dictionary of financial terms with both a definition and an interpretation of how the term is used in practice.
• U.S. Small Business Administration (SBA) is a federal agency that delivers loans, loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses. The Starting and Managing a Business section has information about a variety of business   practices including preparing your finances.