World Music Day: Money management tips for musicians

Living life as a musician is brave but not an easy journey. So, on World Music Day, here’s wishing all you musicians a fulfilling career of creativity and abundance!

Living life and living it large as a musician is difficult but not impossible, you can have a significantly smoother sailing when you treat your finances the same way you take care of your art.

When you’re trying to break into the music industry as an artiste, your investments and savings can make a big difference in your success and failures. At the end of the day, no matter how much money you make, impulsive buying, poor budgeting and a lack of knowledge on saving money will leave you broke. 

So, we’ve put together a list of some of the most important money management tips.

Treat your music like it’s your business

Effective musicians treat their art as if it were a business. That means you should have a separate bank account set up and deposit your earnings there.

That way, you avoid spending on unnecessary things instead of putting it into your company, where it belongs.

Save money effectively

Save a small portion of your paycheck and set it aside. It’s totally ok that you’re just starting off and not making a lot of money. Eventually, your savings will add up over time. When you put in efforts to save our money, you can use the funds from your business account to book a studio or plan your next trip.

Invest in yourself first, gear second

Trendy software, synths and all sorts of gear will come in and out of style over the years. If you’re lucky, multiple instruments will pass through your life as an artist, but the only constant is “you”. So don’t splurge all your income on every new piece of equipment.

Rack up on enough dough and use it for marketing and scaling up your performances. In doing so many doors of opportunities and gigs will come your way and in turn, more money in your pocket. Then level up your gear!

Create multiple streams of income

The world is your oyster. Branch out and use your musical skills to earn multiple streams of income. It is a great way to fund your main hustle. The more streams of income the merrier. Create new merch, take online classes, license your music to get featured in TV shows, commercials and movies.

Find the right day job(s)

As an independent artist, your main objective should be to create a lifestyle that gives you time, space and energy to do what you love most. So, ensure to have at least one stable source of income. This is imperative for your long-term success. Having another job to financially support your creativity doesn’t make you any less of an artist.

Rent first, then build 

You’ll end up sinking thousands of dollars in building a studio for yourself, only to end up creating your best work from bed at 5 in the morning. Sure, every musician’s dream is to have their own workspace, but is it cost-effective for a young enterprising producer?

Rather, rent out a studio that has better gear and show up to your sessions fully prepared to do your best work. It is cheaper, commitment-free, gives you better sound and you don’t have to deal with all the expenses that come with running your own space. 

Skip the pricey status symbol and let your music speak for itself.

Celebrate every penny you make

No matter how talented or skillful you are, making music is a privilege and not something you are entitled to. Your job as an artist is to create magic with the resources you are given. So be grateful for any amount of money that comes in support of your work, whether big or small. It will be hard to fully appreciate the big wins when you don’t cultivate an appreciation for the little successes too. Your worst days could be another musician’s best day, so never take a penny earned for granted.