As an artist you want to make sure that every dollar you spend is going into the correct places. Any lapses in judgement can mean a trickle down effect to your financial ruin. This will negatively effect your music career. These simple ways will help you get ahead financially so that you can continue to pursue music. Regardless of where you are in life you will be able to follow every one of these 5 ways to have better finances as an artist.
1. Make The Most Of Your Income
If you work a full time or any type of job, you will want to hear this. This income is your best friend as an artist. This income is to pay your bills and to allow you to one day be able to pursue music full time. Once you make the most of the income that is left over after paying your expenses can you start this process.
2. Save At least 10%
From the income that you make, it is in your best interest to save at least 10%. No matter what it is, first and foremost put aside this amount into your bank account. This is for your stability as an artist. Life can throw some serious curve balls at you. Having this cash stored away will help you deal with anything that comes your way.
3. Start Now
The sooner you start the quicker you will have stability. The sooner you start investing, saving, and practicing these tips the better you will be. We don't think anyone wants to have to wait till they are old and grey to be able to enjoy themselves in life, which is why as a young person you have a tremendous advantage for your financial future by starting right now.
Do it yourself when it comes to marketing, promotion, recording, engineering, etc. There is no need for you to spend on any extras that will cost you money especially if you are starting out. You already have a setup that can get you off and running. Save yourself money now by handling many different areas of your career.
5. Create New Income
More than ever are there platforms for you to make more money as an artist. From social media sites, Patreon, Kickstarter, and more offer you ways to have more income along with financing your future projects. As an artist you are going to want to explore multiple ways to generate more income for your career. As we have seen with shows closing down. Having multiple ways to generate income instead of relying heavily on one will prove beneficial to your career.
Let's face it. You need money coming in to continue your career as an artist. These are ways you can start with right now so you can make music full time. This process takes time in order for you to save enough so that you have the money to pursue your career from it coming in ways that require you to create music. Follow these 5 ways to have better finances as an artist and you will one day be able to live life supporting yourself with making music.