Art Biz 101: Budget Basics

Let's talk numbers. Did you know the average artist spends between $50 and $150 per month on supplies?

Now, be honest: Do you know how much you spent last month? If the answer is "not really," or "oh, wow, way more," that's a red flag.

The first step: Projection, not reaction

Begin each year by mapping out your anticipated income and expenses. This isn't about rigid control, it's about clarity. If your projected expenses outweigh your income, it's time to readjust. This might mean:

• Reassessing supply needs. Inventory your studio and use what you have first.

• Maximizing income streams: Beyond selling art where else can you generate income? Diverse income streams is a stregnth.

• Creative fund: Allocate a specific amount each month for those impulse purchases that spark inspiration.

Budgeting tips:

• Track all: Use spreadsheets/apps (Excel, QuickBooks) to monitor every expense.

• Categorize & prioritize supplies: Set budgets for paint, canvas, tools, etc.

• Be resourceful: Explore secondhand, DIY, and art swaps.

• Negotiate discounts: Bulk purchases? Ask for artist discounts.

• Plan for slow times: Build an emergency fund.

• Invest in business skills: Take finance/business courses.

• Review regularly: Monthly/quarterly budget checks, then adjust your art business as needed.

When you have a clear understanding of your finances, you can focus on what matters most: Creating.

Beverly Todd

B. Todd. Arts | Santa Fe Artist Getaway