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How dancers spend and save cash and ten tested tips to ace your finances.
Most performers and that includes dancers are passionate about their craft focusing on the 'show' aspect of show business while relegating the second part of 'business' to an afterthought.
Dancers never know how much money they are going to make it in a night, never mind in a month. Even commercial dancers, who can land high-paying jobs, often struggle to save enough to see themselves through periods between gigs. $300 one night and $30 the next is a reality, and when you do have a great night, it can be tempting to spend on non-essentials. But what if the club you are performing at is dead next week or what if you injure yourself or have a baby, or you need to take a break for a while?
These reasons coupled with a temperamental economic landscape and an industry that's increasingly commercial, are facts that dancers should not ignore. By ignoring the business aspects, you can be left in dire straits. By saving money, not only will you be able to avoid situations like not being able to pay the rent but you will be able to achieve long-term goals like dream vacations and going to college.
For dancers whose income varies, it is essential to have a clear monthly budgeting system. Total up your revenue from all your gigs and other jobs and subtract the costs of your essentials like rent, food, and bills. From the remaining amount, set aside half for savings and use half to spend on whatever you like. A word of caution there too - decide what your priorities are. That will help you put money where you need it, build that savings account, and afford protection.
Dancers build up their savings during their busiest months as that's when their cash reserves build up—this is the perfect time to pay off a chunk of your mortgage or any outstanding loans. Instead of spending more when there is more disposable income, continue to save.
Buy groceries and make food at home because every $5 or $10 adds up. Another great opportunity that dancers especially have to save is to share a cab ride home from work or at the end of the performance night. By splitting the fare, everyone stands to win.
Use any benefits or job perks you are offered. As part of dance companies or even as former members, dancers often can avail of specific classes for free. You can use the money saved to avail of particular body care sessions like Pilates classes or physical therapy (go to practitioners who offer reduced rates for dancers)
Even if you're not a U.S. citizen, you may still be allowed to access food stamps, public housing, Medicaid, WIC, and many other benefits.
Many smart dancers swear by loyalty cards at stores like Walgreens and Starbucks. When grocery shopping, use coupons to buy items that are on sale. Some credit card comes with great travel perks and small things like these add up (see the second point about saving at every opportunity)
For many dancers, the reality is that they will need a second job, so it’s best you find something you enjoy. Dancers have so many skills with dancing being just one part of them. Explore other talents which can make good side jobs like teaching, choreographing or modeling. Think about what you want to do when you retire from a full-fledged performance job and start in that direction to get yourself a head start and make a few extra bucks in the process. (See blog post on alternate careers for dancers).
In these days, e-commerce is booming, and you can become pretty savvy at making a few bucks by being smart. Use Groupon for things like massages or going out to dinner. Make eBay your best friend and sell anything worth selling that you are not using. You could also pick up pre cared or pre-loved stuff at great discounts that will make you feel good without actually going broke.
Some dancers get carried away when they are at a career high. Spending money on things which dancers don't need - like designer clothes, yet another pair of shoes or fancy bags (you are in a leotard and tights most of the time anyway!). When you spend so much money, you will have to work even harder to fund these buys and after a while trying to stay afloat can be exhausting.
Decide which splurges are worth it. If you love therapy or individual cross-training sessions because they bring out the best in your performance, spend on it.
If you are keeping your savings at home, the least you can do is ensuring you stash it in a safe place. Don't tell anyone, even if it is someone you trust. Too many people think dancers make easy money and that it's OK to "borrow" something once in a while. And on those lines, why not use a bank or a savings scheme to put that hard-earned cash to work hard for you in return?
It is not on the radar of most artists, but have the most basic form of protection by keeping a minimum of three months of living expenses sacrosanct in a savings account. Then, purchase low-rate insurance such as emergency health care. A high-deductible, low-premium plan will at least have a cap on payment.
Dancers on a mission rarely take time off from rehearsing or attending classes. Obviously, filling out an income report or filing taxes will always take a back seat to nailing your latest routine. But this ignorance and procrastination can cost you dearly. Have a firm grasp on your finances and pay attention to those bills and all other financial aspects. It is vital to your long-term success as a dance teacher, choreographer, or dancer.
For a dancer, especially one with many side gigs or sources of income, having a bookkeeping system to track all the money flowing in and money being spent on business-related items is essential. An accountant or bookkeeper will help with an organized accounting of all funds coming in and out of your account and keep your finances on track.
Do stay involved in the process, so you have a solid understanding of your financial situation, and find an accountant who understands the unique needs of creative professionals for accurate, relevant reports.
As a dancer, your dance and related skills such as choreography, teaching ability, etc. are your services. To price your services, you need to be aware of the balance you need to draw between pricing yourself competitively without pricing yourself out of a job.
This delicate balancing act takes a strong knowledge of the market you operate in. Research rates of comparable professionals in your field in your area. What are schools charging for lessons? How do choreographers list their service? Do you have a unique offering? How many years of experience do you have? What is the time and effort estimate for a particular type of dance project? Of course, knowing beforehand the budget a potential client has is helpful in tweaking your service rate.
Performance-based income differs from a traditional nine-to-five income. Some months you are flush with cash while other months you are trying to live on soups and digging for change in the couch. In general, dancers don't bring home the moolah, and with professional dance gigs paying low, budgeting is imperative!
With income fluctuating each month, you will need to plan very well to avoid financial difficulties. Look at your calendar to determine the jobs you have lined up and come up with a rough figure or estimate how much you would be likely to make. The, go about systematically filling out the gaps in your schedule with additional gigs to supplement the cash flow in lower-income months.
Performance-based income differs from a traditional nine-to-five income. Some months you are flush with cash while other months you are trying to live on soups and digging for change in the couch. In general, dancers don't bring home the moolah, and with professional dance gigs paying low, budgeting is imperative!
With income fluctuating each month, you will need to plan very well to avoid financial difficulties. Look at your calendar to determine the jobs you have lined up and come up with a rough figure or estimate how much you would be likely to make. The, go about systematically filling out the gaps in your schedule with additional gigs to supplement the cash flow in lower-income months.
