Guest blogger Luna Jaffe offers 4 money-savvy tips for artists on Finance Fridays during the month of October.
We’ve formed a bad habit of excusing our spending by saying “it’s a write-off.”
You shouldn’t spend money you don’t have.
And you can only claim a deduction if you have income!
You don’t need Write Offs you need Right Ons!
Did you stay on top of your bank balances this week? Right on!
Did you save a percentage of earnings? Right on!
Did you make notes on your receipts? Right on!
Money-Savvy Benefits
Avoiding the write-off excuse will force you to be more honest about what you can afford to spend on your art business, and lead to increased profits and savings.
©2011 Luna Jaffe. Luna is the CEO of Lunaria Financial, Ltd. Her background as a professional artist and psychotherapist richly inform her work helping clients achieve their financial goals. She offers investment management, financial planning, money coaching, and classes.
Securities and advisory services offered through KMS Financial Services, Inc. Member FINRA/SIPC.
Money-Savvy Artist Tip #4: Beware of the It's-a-Write-Off Excuse
- Guest Blogger
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4 thoughts on “Money-Savvy Artist Tip #4: Beware of the It's-a-Write-Off Excuse”
Actually that’s a habit I’ve never formed. On the other hand, remembering which of one’s business purchases really are tax deductions (or part of Cost of Goods Sold) is very important.
Thanks for the morning uplift. 😉
Gimmicks can be tempting, but “show me the money” is a better plan, in business and in life.
Somewhat related to “writing off while going broke” is something my Dad used to say: “You can go broke saving money.” Every time I see a “good deal” or deep discount I stop and really ask myself it I “need” that item or is it just the hunter-gatherer genes being activated. I have “missed” some good deals, but saved some serious money over the years – even if I could “write it off”.
I only use the write-off excuse when it’s not an excuse, but a valid expense. Sometimes I feel bad spending money on things that I need to buy anyway, so knowing that they often double as a write-off helps me remember that I am making an investment in my business as an artist. On all the rest… I am still working on it. I have been historically not so great with money, but hope one day to be in real control.