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Jan 23rd

The Most Important Personal Finance Tips For Musicians

Personal financial management isn’t something simple for everyone. This is true for every professional who don’t have financial management skills or training. Provided in this page are things that you should learn to ensure that as a musician, you will be able to manage your finances well. Once you have learnt these best tips provided here, you will find it easy to manage your finances. These are the tips that will help you ensure that you don’t clear your bank account. Knowing how to do financial management is a great thing that will enable you live comfortably. Here are the right tips that you should learn.

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One of the most important tips in personal financial management is the 50/30/20 rule that you should have in mind. These are the numbers that relate to the percentage of how you should always divide the money that comes in. Thus every time you get paid from a gig, you should create a pay stub and ensure that you divide the money well. The 50% of your pay should take care of your needs that include rent, bills, and food. The second part, the 30%, refers to the amount that you will use on what you want. This will include such things as new musical equipment, event clothes, or video games. The other 20% that has remained should be put away for savings. This is the amount that you don’t spend.

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Every time you do a performance, you will be paid as a musician. Thus as a musician, you will earn on a day to day basis based on the shows you have performed and this is what will make you not see the real big financial picture. Hence you should get to discover more on how to manage your finances well and avoid problems. One way to get things work well is to use a spreadsheet to create a budget. Such a spreadsheet will bring in a clear picture and help you know more about the money you have to use to pay for bills. This will be useful since gigs often vary in pay.

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Earnings for musicians will not be steady for all months as they will vary. In some months, you will receive huge amounts of pay and in others, you will earn low amounts. Thus it’s important that you check well how you spend your money the months that you have earned a lot to ensure that you will cover for the months that you have earned less. When you use this spreadsheet as you will view here, it will be easy to do that. Also, you should always be ahead on expenses every time to help you avoid financial problems. This means that ensuring that you have money that can pay for your bills the following months even if you won’t have any work to do.

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