Savvy Financial Tips to Stretch a Musician's Weekly Budget

Savvy Financial Tips to Stretch a Musician’s Weekly Budget

By: Valerie Cox

Being a musician, your income can change from week to week. Here are some ideas to help you stretch your funds.

Purchase Secondhand Items

Life happens and things break. So don’t be afraid to buy used items! Putting up with a few nicks and scratches can help you save a bundle.

Check local sites like Craigslist and Facebook Marketplace – or country-wide sites like eBay – for deals.

Limit Eating Out

If you are on the road, hit the local grocery store instead of eating every meal out. Get some fruit, veggies, and snacks.

Consider joining a wholesale club like Costco or Sam’s Club. You can get bargains on food – and less expensive gas for the road.

Many hotel rooms come with microwaves now – and if yours doesn’t, call the service desk to see if they have one that guests can use. A frozen pizza costs a lot less than one from the local pizzeria.

Public parks often have grills so you can have an awesome cookout. The burgers will be much better than fast food.

Stop Buying Coffee Out

Skip the coffee shop, get a refillable cup – and brew your daily cup of joe in your hotel room. Saving just $5 a day is over $1800 a year!

Research Prices Beforehand

Do you usually eat out once a day? Then try to make it for lunch. Many decent sit-down restaurants have special lunch menus with plenty of fresh-cooked food for much less than the price of their dinners.

Do an online search for “restaurants near me” and preview menus to find exactly the kind of food you want at the price you want to pay.

Pay Attention to Lodging Costs

Look for lower-cost lodging. Search “vacation rentals” in your playing areas and save on local hotel costs. You should also look into becoming a rewards member at hotel chains as members are usually offered discounts and can earn free stays.

If you camp, an inexpensive membership to a nationwide gym chain will give you daily access to hot showers.

Increase Your Income

Make sure you have merchandise for sale at all your gigs. Have raving fans? Connect with them on Bandcamp or Patreon – where the fans pay hard cash for a more personal connection with you and your music. Use free social media to connect with your fans, find new ones, and invite them to live shows. 

Deduct Items From Taxes

Find out what things – like mileage – are tax deductible and make sure you document these. If you are self-employed, many expenses musicians typically have can be deducted from taxes including your health insurance.

Swipe Your Credit Card

If you choose a credit card, make sure you pay it off in full every month. The statements can help to track and document your expenses, too. You should also look into credit cards that will help you build reward points or offer cash back.

Choose Your Bank Wisely

Bank with a company that offers advanced digital banking services and quality customer service. Mobile check deposit and bill pay help you handle your finances on the road.

Use these tips to keep more of the money you earn while making music you love.

Published by: Holy Minoza

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