Financial knowledge is something a lot of artists lack while they’re deeply focused on their art. After all, it’s an art to manage your finances too.
An artist’s life can feel like being trapped in the “tough times” forever, there is always something that you need and it seems out of bounds, there’s always a bunch of people you still need to get paid from. You probably don’t know when you’re next gig is, but rent is due soon. Hang in there, if you’re going through a tough time! It’ll all be okay, in the meanwhile here are a few ways for you to make the bucks work for you.
1. STAY IN
Going on a night out can be an expensive affair, just the cost of cabs and dinner can set you back from saving for that new laptop you really need. Besides, you’ll have more time for your music.
2. FILE TAXES
Understand the finance system, there are ways you can get back your taxes deducted at source, and further also help you secure loans and foreign visas with ease.
3. DAY JOB
There are plenty of relevant day jobs in the music and nightlife industry, which could also help you with your career whilst earning a secondary income.
From every income, assume that your expenses will be 50% for the essentials, 30% for unexpected situations and 20% for savings. With this song practice, you’ll have them pennies for a rainy day.
5. GEAR LUST
Stay away from this cardinal sin, there is really no need to buy expensive studio monitors before you even know how the software works. Keep a look out for good deals on used gear though.
6. NO FREE GIGS
Most importantly, respect your art and craft. Refuse outright to play a free gig, especially if you have even a little bit of experience. When you say no the first time, the second time they know better to not call you without an offer.
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DJ / Electronic Music Producer
Co-Faculty at Beatworx Studio
Artist at Afterworx