The good news: the art of budgeting when you’re between gigs relies on the same creativity and resilience you bring to every other aspect of your life.
Whether you’re on a planned break between one project and the next or unexpectedly out of work, a solid budget can be your financial lifeline until you’re earning again.
Making your budget reflect your current situation, leveraging the tools at your disposal, and keeping a level head can all help you maintain your financial footing when you’re waiting for your next gig.
What should I do when I’m suddenly between gigs?
Being between projects is not a time to panic. It’s the perfect opportunity to take stock of your existing situation, make little (or big) tweaks, and rein in any unnecessary spending so you can keep your head above water.
Start by asking yourself a few crucial questions:
- Do you already have a budget that’s working for you?
- Does this budget include between-gig savings?
- Does this budget include emergency savings?
If you answered yes to all of the questions above, you’re in a great spot. If you answered no to any or all of them, that’s okay! You’ll just have some extra homework to do as you make your plan for your next steps.
How do I budget when I’m between gigs?
Budgeting when you’re between gigs means taking a magnifying glass to your expenditures and habits and being honest with yourself about where you need to make cuts for the sake of your long term financial health.
If you’re currently between jobs, or you think you might be in the near future, follow these steps:
- Review your existing budget (or if you don’t already have one, create one) and make sure it’s up-to-date.
- Highlight areas you can easily cut costs by scaling back on non-essentials like streaming services, eating at restaurants, subscriptions, and other discretionary expenditures.
- Look for more creative ways to reduce your monthly costs like getting quotes for more affordable car, renter’s, or homeowner’s insurance, or doing a balance transfer to lower your monthly credit card payments.
Once you have all of this information, you can calculate how long your savings will last you at your current spending rate and how long it will last if you adjust your spending. Then you’ll have a better sense of how much time you have you have to find your next project, or if you need some extra help to make ends meet in the meantime.
How do I bridge the gap when I’m not working?
If your budget isn’t quite flexible enough to withstand a few months without work, there are things you can do to help.
- Create Friction: Is it a little too easy to order food delivery, or buy that shirt you saw online? Create some friction for yourself by identifying the places you spend the most, and deleting their apps from your phone, logging out of their websites, and deleting your credit card information from anywhere it’s stored. Any amount of friction you add to the shopping process is one more chance you have to not spend money.
- Add Income: Leverage your creativity, your interpersonal skills, or your keyboard wizardry to find short-term side gigs. This could look like building a website for a friend of a friend, taking up dog walking or babysitting, or selling your artwork, design-to-print products, or handcrafted items.
- Seek Assistance: Depending on your previous job and tax situations, you might be eligible for unemployment assistance in the form of income, food or insurance assistance, and more.
The important thing is to keep your plan flexible, make revisions to your budget as needed—especially if you’re out of work for longer than you thought you’d be—and keep the wheels moving on new ways to create and maintain a revenue stream so you’re not spending your savings down.
You should also take this time to make a plan for the future. Once you’ve got income again, be sure to pay back what you borrowed from your emergency and other savings accounts, and take any lessons learned to increase those savings if you need to. You’ve got great information now about how far you can stretch your budget, and if you keep living a minimalist lifestyle even after you’ve got your new gig, you can bolster your savings for the future.
Looking for more insights into how you can budget, plan for the future, and build your ideal financial life? An advisor who understands the ins and outs of the entertainment industry can help. Pro tip: advisors aren’t just for the wealthy, they can help you navigate the path towards wealth no matter where you are on your financial journey!
Frequently Asked Questions
How do I budget when I’m between gigs?
When you’re suddenly or unexpectedly between projects, start by reviewing your budget (or creating one), looking for ways to trim unnecessary expenses, like streaming services or subscriptions, and start exploring ways to supplement your income, such as picking up odd jobs or leveraging your existing skills in new ways.
What do I do if I don’t have a budget?
If you don’t already have a budget, you can make one that reflects your current needs for baseline living expenses, discretionary spending, debt repayment, and savings goals. During times you’re not working, you can adjust that budget to minimize extra spending and scale back savings and debt repayment as necessary.
What can I do to make money between gigs?
Depending on your skillset, network, and how soon you think you’ll be working again, you’ve got a wide range of options! If you have a car and like driving, rideshare or delivery services might be a great fit. If you’ve got technical skills, you might pick up some coding or editing work, or build websites or provide your services to build an app. You can also look into selling your artwork or hand-crafted items, babysitting, tutoring, or pet-sitting. The important thing is to keep an open mind and take any opportunity that comes your way.
