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How to save money and fund your music 

Piggy bank

If you dream of making enough money to earn a living from your music, you’re not alone. There are millions of men, women, and children all around the world who live and breathe their passion, and who simply cannot imagine doing anything else with their days than making the world sing.

But the sad reality is this: most of them will end up doing something completely different. That’s because being a professional musician, singer, or songwriter is hard, often pays very little, and usually ends up forcing you to make a choice between struggling forever or following a more mundane career path.

That is unless you approach it as a business – one that needs to be profitable to survive. Once you start looking at it with your sensible head on, it actually becomes a lot easier to achieve your dreams and live the life you’ve always wanted to.

To get you started, here are just three of our tips for saving money and funding your music.

Reduce your expenses

When it comes to increasing your profit margins, it’s not always about earning more; it can also be about spending less. This applies not just to your professional outlay, but also to your daily living costs, and there are lots of ways to make your money go further. These include not only drawing up a proper budget and identifying where you can make cuts but actively going out of the way to shop around and get more for your money. Even the smallest savings can make a difference, such as using a directory site like RealMoney.ca to find the best bonuses, or a price comparison site to pick out your car insurance. Take advantage of these sorts of resources wherever possible, and when making a final decision, ask yourself these three questions before you spend – is it free? Is it cheap? Have I found the best deal around? If it doesn’t tick at least two of these boxes, walk away; you can’t justify the expense.

Check out government grants

Once you have a bit more money in the bank, it should be a little easier to stay solvent whilst still pursuing a music career. However, there’s more you can do than just that. One piece of advice that we particularly recommend is checking out any government grants that are available to musicians, singers, or songwriters. Different countries will have different programs in place, so head over to Google and perform a quick search to see what’s available where you are. Although lots of areas have undergone cuts to their arts funding in recent years, there are plenty of opportunities out there nonetheless.

Look out for partnership opportunities

It’s much more difficult to stay solvent when you’re doing everything by yourself, so another way to achieve your goals is to partner with a patron, brand, or business who is willing to collaborate. These can help you in a number of different ways, from providing you with free marketing to covering some of your costs. There is a long history of patronage within the music sphere, and many successful artists have used this as a means of gaining a foothold in the industry. Remember, it really is okay not to do it alone, and if people like what they see and feel that you’ll be beneficial to their ethos, it advantages both parties.

Give these three tips a go today!

Photograph by QuinceMedia

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