Managing Your Money As An Actor
Personal finance is one topic which is a matter of concern for all of us. It becomes even more difficult for an actor to manage his or her money and make sure that everything goes smooth by the end of the month.
If you are still struggling to become an actor, irregular work will be a common phenomenon in your life. While at times you have loads of money, at other times you may not have even a single penny in your pocket. That is why, it is very important for us to understand about personal finance management and apply its basic principles in our lives. This article will introduce you to some of the basic methods which you can use to manage your finances in a better way.
1. Use Social Networks to Get Work
The internet is an important tool for aspirant actors to get work. There are two ways in which you can harness the power of internet. Either you can 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.
2. Use the Services of a Good Financial Consultant
Though hiring a financial consultant or personal accountant can be a bit expensive, they can help you in arranging your finances and give you valuable advice about savings and investments. They will also help you in preparing your tax returns in a way which will help you in saving taxes.
3. Get Rid of Old Gadgets
Many of us keep old mobile phones or other gadgets in drawers without using them. I know I’m a definite hoarder if I’m not careful. Instead of dumping them, you can sell them on eBay or cash them in with a reputable recycling company and earn some extra cash.
4. 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 your mobile phone with excess balance or this strategy will backfire as prepaid tariffs are usually higher than post paid ones. Moreover, keep only one phone with you. If you keep two phones or a home phone, disown it immediately.
5. Get Rid of Your Broadband
If you are not a heavy user of the internet you should opt for a cheap net connection. This will shave off a few pounds 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.
6. Socialise at Your Home
Instead of frequently going out with your pals, try organising meet ups at home. You can spend time with each other and rent a movie, or simply conduct an acting session. This will save you huge amount of money which you would have otherwise spent on Cinema, eating out, pubs, etc.
7. 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.
8. Don’t Go for Brand New
When you have to purchase something, say a book, don’t rush into the shops 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.
9. Look to Save Small Amounts Everyday
Analyse your day to day expense and try to find out how you can save few pounds 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 sizeable fund for yourself which you can use in case of an emergency.
Also published on Medium.