January 3, 2023 • Newsletter
This Month’s Money Message: Plan
Happy New Year! We are countable days into 2023, and at the risk of starting the year too quickly, I have already started to plan. Why? Because planning helps. It helps me get an idea of high points during the year; it helps me estimate income and expenses; and it helps me carve out time when I know I won’t be available.
But I plan in pencil (or in easily changed digital characters), especially for the later part of 2023. So many things can change between now and then, and the plans need to be flexible. For planning the money part, I especially like the idea of a rolling forecast, which allows for flexible planning far into the future.
The rolling forecast basically looks three months into the future in very specific detail, six months beyond that in fuzzier detail, and three months beyond that in highly estimated “ish” numbers. You’re still looking forward a year, but you are recognizing that a year is a very long time. Then each month, you can update the future fuzzy details to make them more precise, especially as you have more information about what those months will look like. That way, you’ll always have three months planned; and you’ll have a rough idea of the months beyond that.
This month, take a moment to plan. Plan the high points of your year (and some time and space around them). Plan (roughly) what your income might be. And plan some time for yourself to grow personally, creatively, or professionally. So with that in mind, here are some things to know, do, and believe as 2023 begins.
Know: The rhythm of your practice… And yourself.
Is it realistic to plan for three months into the future? Or does planning a single month into the future work better with the work you do? Knowing the rhythm of your work and yourself enables you to find the planning horizon that brings comfort, rather than stress.
Do: List this year’s high points.
What creative accomplishments are you planning for this year? What detailed steps do you need to take to get there?
Believe: The time you spend planning is worth it.
I know it seems like you’re not doing anything. But I promise, working on your business is as important as working in your business.
What We’re Doing
After a restful holiday break full of twinkle lights and entirely too much chocolate, it’s time to get to work. I’ve updated my plan for the year (using my favorite planner) and spent some time thinking about my own goals.
But now it’s time to help you with yours. This month, I get to work with artists in two fellowship programs, one in Boston and one in Santa Fe, helping them plan for their own financial futures.
What We’re Talking About
Believe it or not, most of the coaching sessions this month are around taxes: What has changed, what is deductible, and what someone should do to get ready. And that’s great – We love talking taxes. But don’t forget to step back and plan too.
CREATIVE COACHING (1 HOUR, $125)
If you’d like to chat with me to answer your own questions, feel free to find a time that works with your schedule.
All the best as you plan for 2023. I know it will be your best year yet.