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Being a college student, you’re focused and determined, especially when it comes to studying what you’re excited about, such as music, design, or film. The topics aren’t always straightforward, and there’s not a concrete “yes” or “no” answer to subjects that involve imagination and interpretation. What’s making you stressed at the moment is figuring out how to balance pursuing your passion while managing money. To make that part easier, here are financial tips for college students studying the arts. With the right financial mindset, tools, and support, you can achieve more, both now while in school and in your future career.

Let Go of Money Myths that Hold Artists Back

There are certain myths that can hold creatives like yourself back. The “starving artist” stereotype comes to mind immediately, right? It can hurt you, especially over time, even though it looks glamorous in movies and books. 

Students in creative fields may believe that only with struggle can they have an authentic creative career. That’s not true, though. If you are losing money and going headfirst into your art, the risk is burnout and debt. When or if that happens, the financial stress blocks creativity, rather than encouraging it. Instead, being financially stable enables you to experiment with your art and grow your skills without worrying about whether you can pay next month’s bills.

Another myth is that creative people don’t know how to manage money well. That assumption is based on the notion that someone who is artistic cannot do well in math. Yet budgeting and saving are things that those who study and work in creative areas can absolutely get better at. Being good at saving money is something you can learn. How you do so is up to you; you might take a class on saving or read articles online about budgeting and taxes. The more you learn, the less scary understanding money becomes as you’re becoming more comfortable with it.

By letting go of money myths, you can begin to see things differently. That enables you to take control of your finances, rather than being held back by common misconceptions. You’ll begin to think in ways that support your art, rather than being a barrier to it, and remove self-doubt. 

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Do Things that Help You Reach Creative Goals, Without Selling Out

You may wonder how to stay true to your artistic identity and still earn an income that enables you to live comfortably. It is possible, and many college creatives find that it involves setting fair prices for your work, being selective about the gigs you accept, and including art supplies in your budget.

Setting fair prices for your work is not selling out. Some students worry that selling their work rather than giving it away for free or doing commercial projects is selling out. Why? Because it’s not totally aligned with their artistic vision. But the reality is that learning to value your time and talent is how you can continue to work in the creative field. Getting paid fairly does not make you less of an artist; instead, it shows self-respect, and it is admirable that you can make a living doing what you love.

When you are bringing in an income that pays the rent, groceries, and other bills, be sure to include your artistic supplies and equipment in the budget. That way, creativity always has its place in your life, without going into debt. Putting aside money regularly for art supplies keeps your projects moving forward rather than having to stop them because you don’t know how to come up with the money to pay for what you need.

When you accept projects that aren’t totally what you want to do, such as freelance designing, be sure to only say yes to those that support your growth rather than burn you out. Look at it as having a stable income to then have the freedom to do the passion projects important to you.

Find Support for What You Need

You do not have to figure out finances alone while pursuing your creative degree. There are resources to help increase your confidence with money and to become more stable in this area. Consider on-campus resources, professional guidance, and connecting with a mentor.

Your college likely has grants, scholarships, and bursaries, which on-campus staff can help you find out more about. Some apply specifically to arts programs. There may also be counseling services available through your school, which is useful for determining how best to turn your passion into a sustainable career, including finding internships related to your studies.

Borrowing is a decision involving careful consideration, and it can take the pressure off your shoulders, from expenses for books to tuition costs. A professional like Ascent Funding can help you understand student loan options. The right loan has the potential to increase peace of mind as you focus on your creative studies. A quick application process and several repayment plans to choose from are qualities to look for in a student loan provider.

On-campus mentorship programs are also useful. Having the opportunity to connect with someone who is successful in the area you want ot work in after graduation can give you much-needed advice based on what they’ve learned. That can include tips on how to price the work you sell. If your school does not have this type of initiative, check whether your community does, and if this type of connection appeals to you.

Concluding Words

Financial tips like those above can help you achieve success in your creative career, starting from your student days. By letting go of myths that can hurt you, creating a lifestyle that meets your needs, and getting the right support, you can do well financially, both as a student and post-graduation. Building a strong financial foundation now, including budgeting, can help you for many years to come. It’s not about restricting yourself, but instead about doing what’s needed to continue to grow in your artistic area. That can lead you to a career that makes you truly happy.