The end of the year is more than holiday gigs and wrapping up contracts; it’s also the perfect time to pause, reflect, and take stock of your financial life. A thoughtful year-end review helps you understand where your money went, what worked, and how to make the next year stronger, financially and artistically.
Start with Income and Expenses
Begin by tallying your total income and total expenses for the year. Where did your earnings come from: performances, teaching, commissions, licensing, or grants? Look for patterns:
- Which income streams are growing?
- Which ones are unpredictable or tapering off?
- Are there expenses that consistently drain your resources without much return?
Understanding these trends helps you make intentional decisions about which projects to pursue and where to focus your energy next year.
Review Your Tax Prep
Tax season may still feel far away, but getting organized now saves major stress later. Gather receipts, invoices, 1099s, and mileage logs while the year is fresh in your mind.
Categorize your deductible expenses: travel, supplies, costumes, lessons, studio space, professional development, and anything else directly related to your work. If you use accounting software, review how your expenses are labeled and make adjustments for accuracy.
Future-you (and your tax preparer) will be grateful when everything is already in order.
Check In on Your Goals
Revisit the financial goals you set at the start of the year. Did you save what you hoped? Were you able to invest regularly, pay down debt, or build an emergency fund? Be honest about what worked and what didn’t. Maybe irregular income made consistent saving tricky, or unexpected expenses popped up. That’s okay. Use those insights to adjust your approach rather than abandon it.
Set Intentions for the Year Ahead
- Instead of broad resolutions like “save more” or “get organized,” set clear, measurable goals. For example:
- Save $2,000 in my emergency fund by June
- Fund my Roth IRA each month
- Budget for new headshots or a professional recording
- Set aside money each quarter for taxes
Tie your financial planning to your artistic vision; whether it’s funding a tour, applying for a residency, or carving out time to create new work. Aligning your finances with your creative goals keeps your money working for you, not against you.
Celebrate Wins! Big or Small, celebrate!
Don’t forget to recognize progress. Maybe you raised your rates, paid off a credit card, landed your first grant, or stuck to your budget for a few months. These are meaningful milestones worth celebrating.
Each success, no matter how small, builds confidence and momentum for the next year. You’ve put in the work, take a moment to acknowledge it.