There are many articles out there telling indie musicians about all the cool ways they can make money in today’s music industry. However, all that money that you could potentially make probably won’t equate to very much if you don’t have an understanding of personal finance and budgeting. Without a sense of finance you could see your hard-earned cash going down the drain as a result of impulse buys, unstructured saving, and over-spending for your projects and tours.
If you’re far enough along in your career, your manager or accountant may take care of budgeting and finance, but, especially in today’s industry, most musicians starting out may only have a friend or classmate acting as their manager. With all the stuff you need to get done, something as mind numbing as finance tends to get pushed under the rug in favor of more glamorous activities like recording, writing, and talking with fans on social media. But the fact of the matter is, it’s not glamorous to throw money away. And that’s exactly what you could be doing with poor budgeting and finance.
So how can you get a better handle on your finances and get the most money out of your music? It’s actually a lot easier than you would think - no boring accounting lecture necessary! With just 5 quick fixes, you can be more organized and make more money.
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