Money Management Advice for Actors

 

Everyone can use financial or money management advice including actors. Actors and other creative professionals are subject to variable incomes and schedules so it is difficult to track spending, and set and achieve financial goals. However, there are several practical tips that actors can utilize to help them get on track with their finances.

Automate
Use technology to make automatic contributions to a savings and retirement account. Use smart phones app or mobile apps to create a budget and track spending, set financial goals, set alerts and reminders when bills are due and set alerts on back account balances.

Use Social Media to Find Work
The Internet is an important tool for aspirant actors to get work. You can harness the power of internet in two ways. You can either create your own website or join some social networks to seek work. While creating a website is quite cheap, yet an expense is an expense. Joining social networks will instantly connect you with thousands of others who may be looking for fresh faces.

Use the Services of a Good Financial Consultant
Though hiring a financial consultant can be a bit expensive, he can help you in arranging your finances and giving you valuable advice about savings and investments. He will also help you in preparing your tax returns in a way, which will help you in saving taxes.

Get Rid Of Old Gadgets
Many of us keep old cell phones or other gadgets in drawers without using them. Instead of dumping them, you can sell them on e-bay and earn some extra cash.

Use a Pre-Paid Mobile Service
If you face huge telephone bills due to your habit of being a chatterbox, you can switch to a prepaid service. This will automatically inculcate self-discipline in you. Make sure that you never load you cell phone with excess balance or this strategy will backfire, as prepaid tariff are usually higher than postpaid ones. Moreover, keep only one phone with you. If you keep two cell phones or a home phone, disown it immediately.

Get Rid Of Your Cable
If you are not a heave user of internet, you should opt for a cheap internet connection. This will shave off a few dollars each month from your bill. Better still, get totally rid of your internet connection and instead use Starbucks or some other restaurant, which offers free Wi-Fi. Also, consider ditching cable TV or watch TV shows and movies on internet streaming services such as Netflix, Hulu or Amazon.

Socialize At Home
Instead of frequently going out with your pals, try organizing meet ups at home. You can spend time on your PlayStation, rent a movie, or simply conduct an acting session. This will save you money, which you would have otherwise spent on Cinema, eating out, pubs, etc.

Exchange and Share
If you have something, which is of no use to you, you can exchange it with someone who needs it and get something from him in return. This will not only save you money but also clear clutter from your house. There are barter networks across the country, join one to save money on new or used items.

Don't Go For Brand New
When you have to purchase something, say a book, do not rush into the store to purchase a brand new copy. Instead, look for second hand copies of the book, which you can get at a bargain price. Later, when you are finished with the book you can re-sell it and recoup all your money.

Look To Save Small Amounts Everyday
Analyze your day-to-day expense and try to find out how you can save few dollars by slightly modifying your lifestyle. If you facing severe cash crunch, restrict frivolous expenses such as going to pub, cinema, etc. Always decide on your shopping list before going into the supermarket to avoid unnecessary expenditure. Do not look to save very large amount of money. Instead, find ways to cut back some expenditure from your day-to-day activities. If you do this regularly, and make saving a habit, you can create a sizable fund for yourself, which you can use in case of an emergency.