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Question for Artists!

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! :)

Comments

steelhelix
Feb. 24th, 2010 06:29 pm (UTC)
One easy way, if you use online banking, is to set up a second checking account and transfer proceeds from art into that one directly. Even if you get paid via paypal, just shuffle it over there once you receive payment. You can get a separate debit card connected to it for when you need to take money out, and unlike savings accounts, the low level checking accounts usually don't have a minimum balance or maximum number of transactions in a cycle.

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.
steelhelix
Feb. 24th, 2010 06:30 pm (UTC)
Most banks will allow multiple accounts access all under the same user-name, too, which makes managing them really easy...

Bank of America will even let you set up the account online. Or they used to, haven't done it in awhile.
enveri
Feb. 24th, 2010 06:36 pm (UTC)
Yeah, I really like our bank, but it is out of my way to get to (it's perfect for roho), and while it would be nice to be able to seamlessly transfer funds from ArtAccount to Personal/HouseholdAccounts, I'm not sure that's going to be the best solution.

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.

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