Financial tips for actors

Signing up for an acting class, getting professional headshots done and auditioning for roles cost money, and over the years those costs can run into hundreds and thousands of dollars. Many actors live from paycheck to paycheck, and sadly those paychecks are often hard to come by. How do you avoid the trap of becoming a stereotypical starving artist? This post guides you through a few ideas.

1. Plan your education carefully.

Before you drop 200 grand on a BFA program overseas, it's good to see if you can afford the cost of university. Checking if your parents are willing to sponsor your studies partially or completely will ensure that you aren't saddling yourself with student debt before you even begin your acting journey.

There are plenty of acting classes which you can enroll in without having to shell out six-figure amounts, so sometimes its a matter of laying everything out and seeing if what you're getting is really worth the cost, and whether you have the means to pursue it. Outside acting classes can cost as little as $3000 a year for the same amount of training as one year in college, and you get to do it without having to take on general education requirements. You just have to figure out where to pick your battles and how you can get the best possible education for the same price, which is a process I will outline in my next post.

With meticulous planning and many spreadsheets, you can save thousands on what may well be the largest item in the expenditure of most actors. Depending on where you are in the world, you can also consider community college, state-supported scholarship funds and grants, merit scholarships and so on - just make sure you've explored every avenue you have to save before you commit to any price.

2. Make your money work harder.

There are many financial hacks out there to save on costs and earn more. The biggest one? Learning the art of interest.

This isn't a trick unique to actors, but it's surprising how little people pick up on it. Use interest-free study loans and low interest rates to your advantage. By keeping principal cash amounts growing in investment trusts, and then paying the lump sum with loans instead of upfront, you can hold your cash and keep it earning interest all the way until the end of the discounted loan period. No matter how you see it, you win simply by playing the interest game.

Also look into where your money is going each month. Keeping tabs on everything helps you stay afloat without landing in hot soup when you reach into your pocket for a nonexistent wallet. While it's difficult to track every last purchase and bill, it does help you to cognate a clearer picture of your personal expenditure. 

3. Diversify your skill portfolio.

This is one of the hard truths of the arts industry, but unless you come from money, you would absolutely need to find a way to sustain your acting journey at least until you can work on it full-time. Having skills outside of your theatrical resume is an amazing asset as they would tide you over during dryer periods. Copywriting, photography, graphic design and translation are just some of the many creative skills that theatre professionals engage in to earn their keep while they audition for their next project.

Another key area that actors are just beginning to embrace as a source of income is collaboration. Spare no effort at the connections game, harness the power of social media and you may be on your way to virality. In the digital age where anything is possible, it is vital to stay at the forefront of technology so that you can ride on the latest trends and turn it into new opportunities. Besides, if you get a large enough fan following, you can always start a Patreon.

Summary

In conclusion, acting - like any other legitimate profession - stems from investing in yourself as an artist. By using a few simple tricks here and there, you can save on thousands in the long term, which is money that can go towards paying for your next headshot. By being very particular about your financial standing, you can then approach an already volatile industry with a greater confidence.