Being an artist involves having the peace and calm to develop creative ideas. Yet, a majority of artists live far from that reality. The myth of the starving artist persists in our society, although this is not only due to governmental budgets or the existing competition in the arts market.

A generalised lack of interest in many artists, lack of confidence in finance skills, emotional blocks and conflict of principles are often reasons to avoid the efficient and analitycal tasks associated to the financial activities. But the ability to function in this world depends in large part on one's ability to handle money. The dream of achieving a sustainable financial status that allows arts practice without debts and stress needs some practical work.

Accessing funding and finance to develop a business or reach a sustainable freelance activity is one of the key challenges facing artists. Artquest, has recently publish the results of an interesting survey from its newsletter subscribers, mainly artists based in London. It shows startling results:

• -45% of respondent artist feel strongly they don't have the funding they need to
• make and develop their practice.
• - Only 16% sell work.
• -68% spend less than £5,000 on their work per annum.
• -48% of artists make their primary income from non-arts related work.
• -93% of artists are not aware of their loan finance options.
• - 66% of artists make less than £15,000 per annum.
• -60% of artists plan their finances less than 12 months ahead.

Artists often fail to reach information about the available finance options - or simply dont know where to go for help. On top of that, they waste time and resources by chasing funding and finance they are unlikely to receive. No doubt they need to be more efficient in how they seek funds. But this also indicates a strong need for support and advice on funding options - including information about financial planning, the relative benefits of various funding and finance tools, sources of funding and finance, and the means of securing and managing funds and finance.

Taking a more holistic approach to addressing funding and finance capacity can be essential to achieve a sustainable life practising our art.

Here's a summary list with 11 reccomendations:

• make a financial plan and commit to it; develop your planning and management skills but get professional help if needed.

• your day to day financial spending should be approx. 75% of your earned income; the other 25% should be set aside for longer term savings.

• watch your cash flow: write down everything u spend, this will help you keep a track of your year expenditure.

• separate your expenses: some are weekly, monthly, by year and some are specific to projects; plan with a 12 month perspective.

• aim for multiple income streams; this allow more flexibility than dependency on one source of money.

• maximize your art making money - but dont sacrifice your style! get someone that knows how to make money from it.

• apply just to grants when you fit the criteria; minimize time waste on unsuccessful applications.

• your artist lifestyle will depend on how well you can manage a practical economy; live without waste but be able to take risks.

• maximize the use of your resources.

• try to be more practical: money is emotional because, if you let it, it signifies your place in society or your sense of self worth.

• being financially successful does not equal being greedy; just, mind your means!

For more information read the following references: 

-Finances For Artists: Cash Flow and Career Planning; An article by financial planning professional David John Marotta

-The Artist Guide: How to Make a Living Doing What You Love: Interview with artist finance expert Susan Lee

-Funding and finance needs of artists: Artquest survey report  2009