SAVING FOR A RAINY DAY: financial security for professional dancers
It’s no secret that choosing a career as a dancer means inconsistent work patterns – sometimes you’re earning and sometimes you’re not.
The trick to keeping your head above water is to plan for the “off season” so that when work isn’t quite so abundant, or you become injured, you’re not stressing about finances. By setting some cash aside to fall back on, you can stay focused on doing what you love.
It is widely considered that you should have 6 months of salary available at all times, should the worse happen, that sounds like a lot, and it is. It’s supposed to be a safety net.
If you don’t have these savings available, a surprise expense or loss of work can completely derail you. It will impact your ability to focus on dance – possibly forcing you to take on alternative work. There’s absolutely nothing wrong with alternative work – apart from the fact that I know it’s NOT what you want to be doing!
You must also remember, that as a self-employed person, you need to save money for your own tax and national insurance (learn more about this by joining the DANCE+INDUSTRY professional dancers group on Facebook ), so, making a savings plan actually makes a great deal of sense.
Imagine having no dance work at all for 6 weeks, and no money coming in – not a great scenario but it is all too common. You’ll still need to pay your bills, and where possible, keep up with your training.
If you’re not bringing in any money you’ll either need to rely on a credit card, get an alternative job or just not pay your bills, and ideally you want to avoid all three of those options. The only way to get through the dry spell is to have the money set aside so you can pay the bills and rest easy until it’s time to get back to work.
To get started you need to write your monthly budget and then make a savings plan, fear not, because I’ve created a step-by-step guide on how to do this, just visit danceindustry.co.uk to get your free savings plan.
DANCE+INDUSTRY: MAKE MORE MOVES helps professional dancers be better at business, we offer advice, seminars, courses and live events professional dancers looking to take their career to the next level, for a happier, more stable and long-lasting career in dance. Knowledge is power, so visit www.danceindustry.co.uk today.
DANCE+INDUSTRY founder Kymberlee Jay will be at MOVE IT 2018, stand 749.
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