Musicians And Money – How To Stay In Perfect Financial Harmony

By BankBazaar | June 21, 2020

Musicians may seem like they have it all, but the harsh reality is most of them struggle with money management. If you are an aspiring musician, here are a few tips to keep you in perfect financial harmony. 

Musicians-And-Money-How-To-Stay-In-Perfect-Financial-Harmony

Musicians are certainly some of the most driven people on the planet. They take more creative risks and lay more on the line just so they can follow their dreams, no matter how ludicrous and outlandish they may be.

While most people tend to regard musicians as either dishevelled derelicts of society or pompous ‘rockstars’ who pick up their groceries in a chauffeur-driven limo, the truth is the vast majority of them are regular Joes who get by from paycheck to paycheck. It isn’t all glitz and glamour because once the lights go down and the crowds have gone home, most musicians quietly slip away to rest their weary selves so they can get to work on time the next day.

If there’s one nemesis that musicians have been battling since time immemorial, it has to be money. Not only do they get underpaid for performing, sometimes all they get is a pat on the back and a cold sandwich for their effort. This is exactly why musicians struggle to keep themselves and their bands afloat since a sizeable chunk of their monthly income from their regular jobs goes into keeping their dreams alive.

While this scenario seems unlikely to change in the near future if you are an aspiring musician or even a seasoned one, here are a few money management tips that should bring music to your ears.

Additional Reading: Surprisingly Powerful Investment Options For Musicians

  • Take Out A Personal Loan

You’re probably wondering why we’re telling you to take on debt when you’re already struggling with your finances? Well, hear us out!

We know being a musician is an expensive affair, especially when it comes to buying or upgrading your instruments, purchasing the right equipment, setting up a practice pad or a home studio, etc. If you don’t have the capital to take care of all these necessities at once, then taking out a Personal Loan could be a great way to get you up and running.

With a Personal Loan, you can get the amount you need to put your music career in the fast lane. Not only can you get a Personal Loan at extremely attractive interest rates, but you can also choose a repayment tenure that comfortable for you so you can pay back the loan amount in affordable installments every month.

It’s a great way to stop worrying about where you’re going to cough up the cash to buy what you need. After all, as a musician, you need to be at your creative best and not clutter your mind with financial ifs and buts.

Additional Reading: 5 Popular Personal Loans Of 2019

  • Get Travel Insurance

As a musician, you probably travel a lot by air, especially if you play frequently in other cities or even other countries as well. However, you’ve also probably heard of innumerable horror stories of how musical instruments end up like jigsaw puzzles after they’ve been entrusted in the ‘care’ of airlines and their staff.

Getting compensation for damaged musical equipment from an airline is a monumental task if you don’t have insurance. And if something untowardly were to happen to your equipment while on your travels, then you could be left in a terrible lurch financially.

So, always make sure you purchase a solid Travel Insurance policy that will cover any loss or damage to your belongings and also cover any flight delays or cancellations. Travel Insurance policies are extremely affordable and can be bought online in a few minutes. It will certainly give you and the rest of your bandmates much-needed peace of mind while hopping from gig to gig.

Additional Reading: Everything You Need To Know About Travel Insurance

  • Build A Contingency Fund

Whether you’re a solo musician or in a band looking to make it big in the unforgiving world that is the music industry, building a contingency fund should be a top priority. You and your bandmates should commit to setting up a collective fund that can serve as a financial safety net should you fall upon tough times.

All you and the rest of your band need to do is divert a certain portion of your monthly income from your regular jobs towards a ‘band savings account’ that is accessible by everyone involved. Over time, all of you could collectively build a sizeable kitty that could come in handy in future, especially if your music careers take off and you need to upgrade all facets of your live show. There could come a time where you need the funding to improve your gear, buy stage props, pay for time at a state-of-the-art studio and much more. And when that time comes, you’ll be glad you have a considerable amount saved up that you can dip into.

Additional Reading: The Importance Of Having An Emergency Fund In Place

So, remember, while the world may seem against you and what you’re trying to achieve, it’s up to you to grab the proverbial bull by the horns and manage your money smartly to keep your dreams alive. Stay in tune with your finances at all times and you’re certain to reap the benefits in the long run.

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