Every artist, particularly those intending to sell their work, handle commissions, or offer prints, should consider establishing a budget. In this post, we'll delve into tracking expenses, budgeting tactics, and the potential benefits of these strategies for artists with ADHD, and, naturally, I'll share my own budgeting journey and strategy.
Disclaimer: I am not a financial advisor and possess only limited knowledge about artist finances. In this post, I'm simply offering ideas, advice, and insights based on my personal experiences as an artist with ADHD.
As an artist involved in the sale of your creations, there are specific elements you should closely monitor, and some you might want to start tracking if you haven't already. It's essential to keep a close watch on expenses such as website fees, shop platform charges, commission costs, art supply expenditures, and any other business-related fees.
Beginner List of Expenses to Budget as an Artist with ADHD
Art supplies - Keeping receipts for your art supplies is a great way to keep track of the materials you need to complete commissions or original artwork.
Keep track of your art market sales - if you don't sell your pieces online but instead participate in markets. This will help you determine your profit. You can also use it to find top sellers.
Platform fees for your website and shop - If you host your shop on a different platform or have a website, you should keep track of these costs. To name a few categories, domain costs, yearly website costs, processing fees for Etsy, Shopify, or other e-commerce platforms, and shipping supplies
Commission payments - If you are taking commissions, you should keep track of client payments, processing costs (if any), art supplies, shipping costs, and your hourly rate.
Other business expenses - You might also need to factor in expenses for marketing, registering your business, or any additional income.
This is a straightforward list of potential expenses worth monitoring. There are many variables at play, including your location, tax considerations, and the nature of your art, so the expenses you choose to track should align with your unique circumstances. I welcome your input in the comments if you have additional suggestions regarding expenses that should be included.
When it comes to tracking your expenses, the most effective techniques can vary widely. It largely depends on your personal preferences and whether you favour traditional or digital budgeting methods, perhaps using apps, among other options. Here are some approaches to consider for keeping tabs on your art business expenditures. If you have ADHD, certain methods might be particularly advantageous for you.
#1 All Digital Tracking
The effectiveness of this approach can vary depending on your task management style. I recognize that digital tools are highly effective for some individuals with ADHD, although they may not suit everyone, including myself. Nonetheless, when it comes to automating your bills and embracing online banking, digital tracking can be incredibly advantageous. If you opt for budget tracking using Excel, a tool that performs all the calculations and even generates helpful visual graphs, then a fully digital approach can prove to be exceptionally useful.
#2 Traditional and Digital Tracking
For my personal approach, I combine method #3 with traditional and digital tracking, which has proven to be the most effective strategy given my ADHD. Managing my spending is best achieved when I have both physical and digital copies of my budget at my disposal. Additionally, I find it beneficial to set online card limits and make online payments, as I've learned that this approach works perfectly with method #3 in curbing impulsive spending.
While these techniques align well with my needs, they can also be explored independently, allowing you to find the combination that works best for you.
#3 Cash Envelopes
I recently stumbled upon this budgeting technique, and I can't help but express my regret for not discovering it sooner. It's the only approach that has genuinely clicked with me. After hearing fellow YouTubers with ADHD share how this method has significantly improved their financial management, I decided to give it a try. What I found was that having a clear picture of where your money is truly going is a powerful tool for curbing impulsive spending and making informed decisions about which spending categories to expand or reduce. With this system, you can create envelopes for any spending category you desire and establish savings goals.
If you're intrigued by this approach, I've included some helpful links for you. Feel free to explore the YouTube videos I've created, which showcase my initial experience with cash stuffing and the setup of my cash envelope system.
Which method resonates with you the most? Share your thoughts in the comments below. I trust that this blog has provided valuable insights, offering a clearer perspective on the expenses artists should consider tracking and the tools available for the task. Should you have any queries, please don't hesitate to reach out, and be sure to stay connected on social media for updates on new blogs, artwork, and other exciting updates.
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