When you hear the word budget, you probably start to cringe immediately, but I promise, in the long-run, it can be the way in which you reduce stress in your studio. In my studio, my periods of financial stress come in December and May due to recitals/awards and at tax season when I have to write a fairly large check to the IRS.

BUDGET CATEGORIES

There is not a standard list of spending categories for every studio out there. All of our businesses are unique and need an individual touch. Here are a few categories that I am using to prepare a budget for the 2019-2020 school year.

Recitals–venue fee, awards, piano tuning, refreshments, printing of programs and certificates

Subscriptions— monthly/yearly subscriptions for apps (Piano Maestro, Noteflight, Supersonics, My Music Staff, and countless other helpful online software.)

Continuing Education–online courses and national conventions to keep your teaching inspired

Studio Licensed Music–You want to carefully plan this budget category if you are a sheet music addict.

Teaching Aids–ipads, whiteboards, games, camp materials, teacher’s guides.

Rent–If you rent space to teach.

Transportation–If you travel teach, you might want to budget for gas and auto maintenance.

Taxes–Set aside an amount for taxes monthly and pay quarterly. This number is probably 15-25% of your net income, depending on tax brackets and your state tax situation.

Fees to Professional Organizations

Printing–whether you have your own printer or outsource, this is your category for paper, ink, printer upgrades, etc. If you buy a lot of studio licensed music and DO NOT charge it to your students, make sure you include the copy fees here.

Once you have a yearly budget (hopefully based on last year), you can estimate how much money to set aside each month so that December and May are covered for you. There is absolutely nothing worse than having a financial crisis in December. Hopefully, by planning ahead, a major source of stress for many people will be greatly reduced. I’m about to take my own advice.