How Much I Paid For My Art Residency

 

(How to Save $9k in 18 Months)

Congratulations on picking out an art residency! Weather you’ve applied and gotten in or are thinking about saving up for a residency in the future, this episode of Brush Work is for you. In today’s episode I’ll be giving you the strategy that I used for paying the cost of my November 2023 art residency at Château d'Orquevaux.

Back in June of 2022 I applied to go to this residency for artists and writers. It was my second time applying and I was a little nervous about if I’d get in. I was also nervous if could pay for such a magnificent trip. I had seen images of this art residency on Instagram for several years at this point and was dying to take my paintings across the pond. Lucky for me, this time they said ‘Yes!’. I began looking at my finances right away.

I looked at the total amount of the residency and knew that I had 18 months to ensure that I had everything paid for. The payment for the residency itself was broken up into 3 parts, a non-refundable deposit and two other payments. I had to consider how I was going to get to the residency, costs at home I still had to pay, and many other details for the trip to go smoothly.

In todays episode I’m going to tell you about all the details of paying for a month long art residency, hidden costs you wouldn’t think of at first, and my strategy for not breaking the bank.

Planning and saving for an art residency takes dedication and focus. It’s no simple feat to get this all paid for and still have enthusiasm when it’s month 11 and you’d rather buy new clothing than budget for the residency. Thinking ahead like you are is wise and will keep you out of trouble. Let’s dive in!

Base costs: ($7,927.62)

  • 4 week residency including room, board, and studio: $5,607.64

    • Deposit Due December ‘22- First Payment: $1,600.00

    • Second Payment Due Feb ‘22: $2001.47

    • Final Payment Due May ‘23: $2006.17

    • Foreign transaction fee: $32.31

  • Round trip flights Paris - Seattle: $1374.55

  • Train to and from Paris to the Chateau: $110

  • Hotel in Paris a few days before the residency: $615.54

  • Hotel in Paris the day after residency: $187.58

Additional costs: ($860)

  • Art supplies for the trip: $400

  • Food budget for 4 days Paris, snacks for residency: $300

  • esim card for phone data, 30 days: $40

    • P.S. using Airalo as an esim has been so handy. Highly recommend! I’ve got a referral code for you here so we can both save some money on our next residencies!

    • Use code STEPHA6092 at checkout for $3 off your esim purchase! https://ref.airalo.com/csnx

  • Metro card in Paris: $20

  • Museum and attraction budget: $100

Total: $8787.62 😶

That’s expensive! Since I had plenty of time before the trip, 18 month in fact, I knew I could get this done and saved up. I rounded up my total to $9k to give me a little wiggle room for unexpected costs while on the trip and then got to work.

IMPORTANT NOTE: During the residency I will also have my bills to pay at home. Utilities, internet, rent, etc. This guide is for saving does not include those expenses that need to be paid on the regular. I’m considering the residency cost to be ‘extra’.

Here are the steps for paying/saving for an art residency:

1. Calculate Monthly Savings Goal: As soon as you are starting to think about going to an art residency, start saving money! I put all the funds I needed into a separate high yield savings account so that I wouldn’t be temped to pull from it for other life expenses. I would have been more comfortable during this year and a half if I had started saving earlier, but here we are.

Your formula: Total Amount÷MonthsTotal

$9,000\div 18 months = $500 per month

Making $500 extra per month is a lot! I had a few smaller deadlines to hit so I had to be on top of this savings goal. I needed the first $1600 by December, 2k by February, and the remaining 2k by May.

After May I had to prioritize getting flights and then the Airbnb for getting to Paris a few days early. I knew I needed a big amount of money to get the best deals, so I decided to have a studio sale to get those funds quicker. It worked and I was able to get good prices for my travels. Because of this my monthly savings goal from then on was able to decrease a bit, a nice relief to the wallet.

From September‘23 - October ‘23 I need to buy all the small things (train tickets, esims) and then have the rest waiting for me in my bank account to be used for when I got to France.

The point I’m making here is that I wasn’t saving up $9000 and having it in an account all at once. I never saw that big number. Instead I was rhythmically pulling from that savings account and paying for things by their level of priority.

A brief note: I took a few things from my regular budgeting for November and removed them from my normal purchases. Food budget, gas, and entertainment were nixed for the month’s usual expenses and directed towards my savings goal.

2. Assess Your Current Income and Expenses: This will help you figure out how much extra work you need to do to get to your goal.

  • Income: Calculate your total monthly income from all sources.

  • Expenses: List all your monthly expenses: rent/mortgage, utilities, food, transportation, entertainment, subscriptions, insurance, gifts, etc.

3. Create a Budget:

  • Dedicate a specific category for the residency savings in your budget.

  • Aim to set aside the $500.00 at the beginning of each month, so it's prioritized.

  • Evaluate areas where you can cut back to free up funds for your savings goal. Maybe dine out less, cancel infrequently used subscriptions, have some No-Spend days, or utilize your libraries entertainment resources.

4. Open a Separate Savings Account:

  • Consider opening a high-yield savings account specifically for your residency fund. This keeps the money separate, reducing the temptation to spend it.

  • This account can also accrue a little interest over time, although interest rates for savings accounts tend to be low. I’m a fan of BECU

5. Automate the Savings Process:

  • Set up an automatic transfer from your primary account to your savings account for the residency fund.

  • By automating, you ensure that the money is set aside each month without fail. It keeps you accountable and your determination high.

6. Find Additional Income Sources:

  • Consider taking up freelance work, part-time jobs, or taking commissions. Art coaching, pet sitting, delivery work, etc. Cutting back on costs is nice, but gaining additional income is the way to work this.

  • If you sell art, perhaps host an extra exhibit. I did a studio sale to great success this summer.

    • If you tell people you are selling commissions to save for your residency, it gives your collectors even more reason to hire you! They will get excited for your adventure.

7. Minimize Unnecessary Expenditures:

  • Evaluate wants vs. needs. Prioritize essential expenses and reconsider luxury or discretionary spending.

  • Look for deals, discounts, or cheaper alternatives when making necessary purchases.

  • Check out your Buy Nothing group (run on facebook) before you go out to buy something new.

8. Review and Adjust:

  • At the end of each week, review your budget and savings. Are you on track? I have Finance Fridays to keep me honest and used to my budget. Repeat exposure helps to keep you motivated.

  • If you find you've saved extra money in a particular month, move the surplus to the residency fund. Don’t reduce your monthly savings goal till you are closer to the end of your Residency Goal.

  • If you fall short, evaluate why and adjust your budget or spending habits accordingly. Falling behind is dangerous but not impossible.

9. Emergency Fund:

  • It's essential to differentiate between your residency savings and an emergency fund. If you feel the need to pull from your emergency fund to finance the residency, consider choosing a residency farther in the future.

10. Stay Inspired and Motivated:

  • Keep a picture or description of the residency somewhere you can see daily. It serves as a reminder of your goal and keeps you motivated.

  • Celebrate small milestones. When you reach $1,000 or $3,500 saved, for instance, acknowledge the effort you've made to get there.

  • Have a financial goal countdown. Every time you save some money, detract it from the total goal and watch the number you need to save go down! I kept mine on my phone and it was very satisfying to look at once I was half way through.

  • Be public about it. Consider doing vlog style videos about what you are doing and getting public support from people you know. Maybe someone else is on a savings journey too and will cheer you on!

By following this structured approach and remaining disciplined and committed to your goal, you'll be well-prepared to cover the cost of your desired art residency in 18 months.

Good luck in paying for your art residency! Or for saving that much money in a year and a half, it’s a huge feat and I’m impressed with you for even trying.

Using Airalo as an esim has been so handy. Highly recommend! I’ve got a referral code for you here so we can both save some money on our next residencies! It works in many different countries, not just France.

Use code STEPHA6092 at checkout for $3 off your esim purchase! https://ref.airalo.com/csnx

Host and artist Stephanie Scott breaks down the practicality of the art career with topics including: sustainable creative practices, social media skills, and the mindsets that keep it all together. New episodes every Tuesday!

Instagram: https://www.instagram.com/stephaniescott.art/ 

Website: http://www.stephaniescott.art/brushwork 

Music by @winepot https://www.instagram.com/thewinepot/ 

YouTube: https://www.youtube.com/@stephaniescottart

Podcast Cover photo by Maryna Blumqvist https://instagram.com/picturemaryna

This is not financial or legal advice!

 
Stephanie ScottComment