Making it work as a professional musician means being dedicated to your instrument and your craft. But it also means a little bit of financial good sense. By investing a little bit of time in learning the ropes of financial planning, you can make your career in music a great deal more rewarding, and less stressful.
Budgeting
Musicians, to begin with, might spend a lot of time dreaming about the transformative gear they’re going to buy. But your income in this business might not be all that consistent, and thus it’s a good idea to get your goals down on paper.
Track your income and expenses, either using pen and paper or a dedicated banking app. Make a note of all of your income sources – whether you’re earning money from tutoring, gigging, session recordings, compositions, or a day job.
Once you’ve got an idea of where you are, you can begin to set financial goals. Consumables like guitar strings, cables, pedals and plectrums might eat into your budget, a little bit – so make sure that you’ve accounted for them.
Saving for the Future
As a musician, you’ll be working with a volatile income stream. On some weeks, you’ll have more work than you can deal with; on others, you’ll have a little bit more time to sit around and practice scales.
This can make it a little bit difficult to save for big expenses, like new instruments and upgrades. You might set aside some money in a separate savings account, just so that you know you’re not eating into money that you’ll need to pay your tax bill, or your rent.
Securing your Instrument
If your instrument stops working, then your income might be at risk. You might be able to borrow a replacement in the short term, but most serious musical instruments cost four-figure sums (or even more). For this reason, it’s worth giving yourself peace of mind with the right musical instrument insurance. This will protect you against damage, theft, and loss – and it will save you from having to go into massive debt in order to continue your career.
Planning for Long-Term Success
As a musician, you might have a plan for the next few months. You might be thinking toward the end of a given tour, or the end of an album recording. But true financial prosperity means thinking in the long term. Set goals for the years to come, and invest in your musical education and professional development so that you can achieve them.
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