Financial literacy is essential for a sustainable career in the performing arts. Yet, many artists struggle financially, often accepting the “starving artist” mindset as inevitable. The truth is, financial wellness is just as crucial as physical, mental, and creative well-being in creating a successful career in show business.
Why Financial Wellness Matters
Many performers face financial challenges for three key reasons:
- Negative beliefs about money. Some artists view money as something elusive, believing financial stability and artistic passion are incompatible.
- Undervaluing their worth as professionals. Many performers struggle with pricing their work appropriately, leading to inconsistent income.
- A lack of financial education or interest in managing money. Finances can feel overwhelming, leading many to avoid budgeting and planning altogether.
Financial insecurity affects more than just your bank account—it influences your confidence, decision-making, and ability to seize opportunities. Auditioning, for example, becomes a stressful experience when financial desperation looms. As Joe Abraham & Christine Negherbon state in their book, The Thriving Artists:
“If you are not financially desperate when you walk in the room, you are then completely free to do the work and not care about what happens when you walk out of the room.”
Steps to Improve Financial Literacy
Taking control of your finances starts with awareness and action. Here’s how you can begin today:
1. Track Your Spending
Commit to a 30-Day Expense Journal to monitor where your money goes. Record every expense, no matter how small, and categorise them (e.g., Rent, Food, Travel). Download a free spreadsheet at www.theperformersmanifesto.com/files/30day to simplify the process.
At the end of the month, review your spending:
- Were any totals surprising?
- What expenses were essential vs. unnecessary?
- What fixed costs (rent, insurance) vs. variable costs (eating out, entertainment) do you have?
- Did you invest in yourself (training, well-being)?
- Were there unexpected expenses that you should prepare for in the future?
By tracking your spending, you’ll gain clarity on where your money goes and identify areas where you can cut back or reallocate funds.
2. Define Your “Bottom Line”
Your bottom line is the minimum amount you need to earn each month to cover essential expenses and maintain a reasonable quality of life. Knowing this number helps you:
- Set realistic income goals.
- Avoid financial panic during slow work periods.
- Make informed decisions about gigs, contracts, and supplementary work.
3. Budget with Purpose
Once you understand your spending habits and bottom line, create a simple but effective budget:
- Prioritise essentials. Cover rent, bills, food, and transport first.
- Save and plan ahead. Allocate money for an emergency fund and future goals.
- Invest in your career. Training, equipment, and promotional materials should be part of your budget.
- Allow for enjoyment. A realistic budget includes leisure spending to maintain balance and well-being.
The Power of Financial Stability
Building financial literacy won’t happen overnight, but small, consistent steps will lead to long-term success. By taking control of your finances, you’ll reduce stress, increase confidence, and gain the freedom to focus on your craft without financial worry.
Take the first step today. Start tracking your expenses, define your bottom line, and build a financial plan that supports your artistic journey.
“As artists… We should never need the jobs we go for more than we want them.” – David Jon O’Neill
