I realized, as my printer begged for an ink refill, that I really need to sit down and ensure that my artistic endeavors are paying for themselves. I made enough money in 2009 to cover the expenses I incurred in that year (more or less, I need to do better with that in 2010), but I haven't been keeping art money separate from personal and household monies, and I'm wondering if I should change that.
How do all of you that create as a significant part of your income do this? Do you have a separate account for your business, and just guestimate the operating costs each year, or do you mingle your proceeds with your personal monies and just keep track on paper?
I'm asking, because I feel uncomfortable going to
roho (although he is incredibly supportive) with my hand out when I realize I need cash for art-related things, and I'm curious how the rest of you handle it.
Feedback is greatly appreciated! :)
How do all of you that create as a significant part of your income do this? Do you have a separate account for your business, and just guestimate the operating costs each year, or do you mingle your proceeds with your personal monies and just keep track on paper?
I'm asking, because I feel uncomfortable going to
roho (although he is incredibly supportive) with my hand out when I realize I need cash for art-related things, and I'm curious how the rest of you handle it. Feedback is greatly appreciated! :)
Profile
- enveri
- genet
- cheekitty arts
Comments
If you're feeling really ballsy, you could use your paypal account for this... but since they're not FDIC insured and tend to be sorta questionable, I wouldn't recommend it. Still, you can use a paypal account like any other bank and I believe there are even debit cards for paypal accounts now. Paypal also has a pretty high interest rate, too.
When I wasn't sure if I'd have to escrow for my house or not, I was planning on doing the first one to make sure I had the money I need for taxes and insurance... but in the end, I got stuck escrowing anyway.
Bank of America will even let you set up the account online. Or they used to, haven't done it in awhile.
Mostly I'm curious to see if other artists just stash their Art Income into a personal savings account, or if they use separate accounts.
I just keep an Excel spreadsheet of incoming and outgoing funds. Save all receipts and pay stubs for proof of income and expenses. I have two bank accounts, one with BofA for personal funds, and one with Chase for business - they offer free checking accounts for small businesses.
Thank you! I'm always intrigued and interested in the ways other people do business, as there's always something interesting to learn. :D
I used to guesstimate operating costs a while back, but that's just asking for trouble. You almost never get a clear idea of how you're doing if you guess about it. Tracking it receipt-by-receipt is the only way to go.
Bleeergh. ;D