The Broke Musician's Guide to Finance

For many musicians young and old, financial unrest is an unfortunate part of the game. Although there are many artists out there making way more than they probably should, there are still plenty of others putting in their time in the van and surviving off of Taco Bell and gas station hot dogs. 

If you’re one of those less than fortunate souls doing the road dog thing at the moment, you’re probably wondering where your next meal is coming from, but never fear, there are plenty of ways to cut some corners both on and off the road, and here’s how:

The Bare Necessities

That bear from the Jungle Book was really onto something when he started going off about the bare necessities. Granted he was a cartoon and was talking about pears or whatever, but he did make a few very valid points. Whether you’re on the road or at home trying to save up some money for new gear, keep necessity in the back of your mind. A lot of musicians make the mistake of pulling the trigger on big ticket items they don’t need too early in the game, and in turn, bankrupt themselves forever. 

In terms of gear, let’s face it, that stuff is expensive. Problem is a lot of it is more or less necessary depending on what kind of music you’re playing. That being said, when it comes time to upgrade your rig, don’t be afraid to buy used. There may be some blemishes, but the potential savings are more than worth it. 

As for keeping yourself fed and hydrated on tour, you’re going to have to make some sacrifices. You may blow $5 on a cup of coffee every day at home, but that kind of spending isn’t going to fly on the road, especially if you’re a young band with a limited budget. Instead, hit up the dollar menu if possible and stretch those pennies as far as you humanly can. 

Adapt Your Lifestyle

What a lot of people, either musicians or not, don’t realize is that playing music requires a pretty adaptive lifestyle. Whether you’re getting accustomed to playing an instrument with other people, or simply trying to get comfortable on someone’s hard wood floor, you have got to be liquid if you want to maintain any semblance of sanity. 

Sure, being in a band is great, but if you want to start on that path to greatness, you have to understand it’s a 24/7, 365 days of the year kind of thing. Nirvana didn’t become massively successful by partying and trashing hotel rooms. They spent 6 to 7 days a week in their practice space honing their craft and growing as musicians, and unless you’re some kind of prodigy, you may need to do the same.

Another thing to keep in mind is that when you’re home, you need to keep yourself motivated. You may not being play a show every night, but that doesn’t mean you should set your guitar down and let it collect dust between gigs. Get together with your band mates and come up with a game plan. Whether it’s writing new music, cutting an album or working on some promo, it’s important that you keep yourselves busy. 

Manage your Money

Although it was already touched on, you really can’t overemphasize how important money management is for a musician. A lot of being in a band is unfortunately being in debt, whether it’s to a label, a credit card company or anyone else you owe money to. It’s hard to make a living in music, so any money that you do make, it’s imperative that you handle it wisely. 

If you aren’t careful, eventually debts can start stacking up, and when they do, you’ll have a lot more to worry about than making it to the next show. Fortunately, if you don’t know much about debt management, there are plenty of resources available to you, as well as financial advisers and other business professionals that can help you get on track financially. 

And if that isn’t enough, consult with your band mates and formulate some kind of financial plan. Unless you’re one of the lucky ones that have a label or a sponsor behind you, it’s going to be up to you to throw in money when the band needs something, and when that time comes you better have a plan in place that will keep you and your band above water. 

At the end of the day, being a musician is supposed to be fun. It’s supposed to be all about playing shows, connecting with your fans and sharing your music with the world. However, there’s still a great deal of business involved. So, if you’re wanting to make it in the world of music, you better learn to play ball, or you’re going to get chewed up and spit out.