Keeping a firm control over your finances can be particularly challenging when you have a fluctuating income. Your life as a traveling artist will take you to many different destinations as you exhibit your work and discuss commissions. That also means there will be times when your bank balance looks healthy and times when your finances feel under strain.

Just like finding the right travel merchant account can make such a difference to the success and functionality of a business in that industry, the same disciplined and strategic rules of engagement apply when making sure you keep a firm grip on the state of your personal finances when you are a traveling artist.

Here’s some essential points to keep in mind.

Always try to have an emergency fund

When you are walking a bit of a tightrope with your finances it doesn’t take much of a mishap to make you fall into a bit of monetary trouble. The way to avoid that scenario is to be disciplined enough to keep enough of your money back in reserve for emergencies.

Having an emergency fund that is enough to cover your expenses for at least three months is a solid strategy that could make all the difference to your financial strength and ability to cope with the odd unexpected bill.

Keep a firm grip on your expenditure

Another essential discipline is to be diligent when it comes to tracking your income and expenses. It is always a good idea to have a running spreadsheet where you can input all of your income and outgoings and get a clear idea of the current state of your finances.

Once you get a good handle on your expenditure it becomes a lot easier to manage the income peaks and troughs that are part and parcel of being a freelance artist.

Keep your business and personal expenses apart

It is never a good idea to mingle your business and personal expenses. It doesn’t give you a clear enough picture of how well you are doing in each sphere.

Keeping everything separate also helps when it comes to submitting tax returns and analyzing your business accounts. Once you know the state of your finances from a personal and business perspective it becomes a lot easier to make the right financial decisions.

Put some aside for the future

It’s all too easy to live for today and spend all of your money each month, especially if your income stream is a bit erratic. Whether you are enjoying a productive period of work and income or things are a bit fallow right now, having the discipline to set aside a regular amount for retirement is a great strategy.

It might mean that your money is tighter some months than ideal, but the payback is a more comfortable financial future, rewarding you for your artistic talents and disciplined approach to managing your money.

Taking care of your finances as an artist should always be a top priority. Follow these golden rules and your bank balance might not face as much strain as it could with a less disciplined approach.