Practical money tips for people in the arts.

1. Sock it Away

If you are in the arts there is no such thing as a steadypaycheck. Money usually comes in spurts with no money,often for months, many months, in between. Don't make themistake of thinking that spurts of income will happen on amonthly basis.

When you get money from selling paintings at a show, arole in a play, an advance for a book, any art project--sock itaway in a very safe place, CD's or bonds or a savingsaccount. Rainy days always come in the arts and hurricaneshappen.

2. Live Under Your Means.

Don't even think about "keeping up with the Jones's." Liveunder your means. Forget the fancy car, the country club,designer clothes the expensive house, fancy vacations andprivate school for your kids.

That doesn't mean you can't do nice things for yourself andyour loved ones in a reasonable way now and then, we allneed to do that. And if you happen to make millions andbecome independently wealthy as an artist, then fine-go forall that later on. But, if you have to have that expensivevacation home in the most desirable location, then maybebeing in the arts is not for you.

3. Your Rainy Day Fund

It is recommended that people with a steady paycheck putaway eight months of income in case they loose their job. Inthe arts, it's a good idea to try and put away three yearsworth if you possibly can. Not an easy task, but if you canachieve it, you'll sleep a lot better at night.

4. Saving For That Rainy Day Fund

How to save for that desired artistic rainy day fund? If youcan put a little bit away each month and leave it in a safeplace, a place that adds interest-bonds or CD's for example,you will be amazed at how much you can accumulate.Forget any quick short cuts, they almost always backfire,and it will sabotage your art career.

5. Forget That Credit Card

Nothing can kill a career in the arts faster than credit carddebt. If you know you can't pay for it when the monthly billcomes, then don't buy it.

6. Keep Receipts

On your taxes declare your art income and your artexpenses. Keep receipts because if you are ever audited,you will need proof of your expenses.

If you have an accountant that does your taxes, that expensecan be written off next year, and he or she will probably knowhow to do your taxes a lot better than you do.

7. Pay Quarterlies

When you do receive income as an artist, put a third of itaway for taxes. You not only pay the IRS, but state taxes andSocial Security. Social Security tax is 15%, as an artist youpay it all, you don't have an employer to pay half.

Pay Quarterlies, which means as an artist you pay a partialamount towards your taxes four times a year -- ask youraccountant about this. If you make a lot of money that year,you won't get a huge tax payment that you hadn't planned on.If you don't make a lot of money that year you'll get a verynice tax refund. Both you and the IRS will be happy. (You canput the tax refund in the rainy day artist fund, instead ofputting it towards that red Ferrari).

8. Health Insurance

Try and get health insurance. It's a luxury many artist's feelthey can't afford, but it's important. In many cities there areart organizations that you can join for a nominal fee, whichhave group health insurance. If you live in a smaller areayou can often get reasonably priced group health insuranceby joining your local chamber of commerce.

9. Vocation

All of these tips assume that being an artist is your vocation.A vocation has been described as "something you can't notdo."

© Mary Baker 2005

Mary Baker is a contemporary realist painter, whose studiois in Newburyport, Massachusetts. This New England city,north of Boston, has been the inspiration for the artist'srealistic oil paintings. Mary Baker is a professional artist andhas shown in New York art galleries. Mary's art work haspassion, depth and beauty, capturing moments in time thatmany people pass by.

You can visit Mary's website, Mary Baker Art, at http://www.marybakerart.com , see her beautiful paintings and read her comments oncreativity, the creative journey, the creative process, Art,Artists and Vocation, Tips on Breaking the Creative blockand creative space-the illuminating silence.