The less money you spend, the less you’ll need to earn or raise. Before you think about raising your income, work out if you can reduce your expenditure.
- Are you paying too much for your studio (if you have one)? Could you reduce your costs by sharing or subletting?
- Are you paying too much tax?
- Are you claiming any benefits to which you are entitled?
- Housing is often a major cost – find out about more affordable housing options.
- Work out if and how to save money on domestic bills with Uswitch and Money Saving Expert.
- Are you properly insured? Not having insurance can be a false economy and there are some special deals for artists.
- See if there are ways you can avoid spending money at all by bartering or exchanging your skills with friends or peers, and using theirs for free in return.
Working out how to save money might not sound like much fun, and does take time away from making art and looking for jobs – but if you end up saving hundreds a year to put towards making new work and sustaining your practice, it’ll be time well spent.
You can also listen to live-art duo Hunt & Darton explain how they carefully looked at their finances and what they did before being able to become full time artists