Making Your Money Last Between Freelance Gigs

Budgeting between freelance gigs starts with knowing how much you need each month, how long your savings can cover it and which expenses you can temporarily adjust.

For entertainment professionals and other freelancers, the goal isn’t necessarily to spend as little as possible. It’s to make your money last without cutting the things that help you land your next job.

Whether the break is planned or unexpected, knowing your numbers can help you make decisions based on your actual financial situation instead of guessing about how long your savings will last.

Start With Your Financial Runway

Before you start canceling everything, figure out your financial runway, or roughly how many months your available money can cover your essential expenses.

Start with what you need each month for housing, groceries, utilities, insurance, transportation, minimum debt payments and other necessities. Then compare that number with the money you have available for the gap.

For example, if you have $9,000 set aside and your essential expenses are $3,000 a month, you have roughly three months of financial runway.

But leave yourself some breathing room. Freelance income doesn’t necessarily restart the day you land your next job. There may be time between accepting the work, starting the project and receiving your first paycheck.

That makes your financial runway a more useful number than simply looking at your savings balance.

Switch to a Between Gigs Budget

The budget you use while you’re working doesn’t have to be the one you use between projects.

Think of a between gigs budget as a temporary version of your regular spending plan. Keep the expenses that protect your day-to-day life and your ability to work, then look for expenses you can temporarily reduce or pause.

That distinction is especially important for entertainment professionals. An industry membership, editing software, website, professional equipment or reliable transportation might look discretionary on a spreadsheet, but cutting it could make it harder to land or complete your next job.

Try dividing your expenses into three categories:

• Keep: Necessities and expenses that support your ability to work.
• Reduce: Expenses you can temporarily scale back.
• Pause: Spending you can comfortably live without until income returns.

This is also a good time to look for recurring expenses you may have stopped noticing, including streaming services, app subscriptions, memberships and automatic renewals.

If you don’t already have a spending plan, start by building one around the realities of freelance income, including your essential expenses, flexible spending and savings goals.

Consider a Separate Between Gigs Fund

If time between projects is a normal part of your work, it may make sense to plan for those gaps separately from true financial emergencies.

A between gigs fund can help cover predictable periods without income. Your emergency savings can then remain available for things you didn’t see coming, such as an unexpected medical bill or urgent car repair.

You don’t necessarily need separate accounts to do this. The important part is recognizing that a normal gap between projects and an unexpected financial emergency aren’t necessarily the same thing.

Once you’re earning again, rebuilding the money you used between jobs can become part of your regular budget. Explore savings options to find a place for the money you’re setting aside for future needs.

Look Beyond the Small, Obvious Cuts

Canceling a $15 subscription helps, but larger recurring expenses can have a much bigger effect on how long your money lasts.

Review costs such as insurance, phone plans, memberships and debt payments. You might find opportunities to lower a recurring expense rather than trying to eliminate every small purchase.

You can also compare insurance options to see whether you’re paying more than necessary for coverage.

If credit card payments are taking up a significant portion of your monthly budget, you might explore whether a balance transfer makes sense for your situation. Be sure to consider the promotional period, balance transfer fee and rate that applies after the promotional period when deciding whether it could actually save you money.

The goal isn’t simply to spend less. It’s to identify changes that meaningfully lower what it costs you to get through each month.

Make Impulse Spending a Little Less Automatic

Sometimes spending happens because it’s simply too easy.

If certain apps tend to tempt you, delete them temporarily. Remove saved payment information from shopping sites. Turn off promotional notifications or give yourself a 24-hour waiting period before making a nonessential purchase.

These small barriers create an opportunity to stop and ask: Is this purchase worth shortening my financial runway for?

That can be more realistic than giving yourself a blanket rule that you can’t spend anything while you’re between jobs.

Add Income Before You Really Need It

If your savings are going down every month, bringing in even a little income can significantly extend how long they last.

Temporary work doesn’t have to replace your freelance career. Its purpose might simply be to reduce how much you need to withdraw from savings while leaving enough flexibility to take calls, audition, interview or accept your next project.

Consider skills you already have that could translate into short-term work. Editing, design, photography, tutoring, pet sitting, event work or other freelance assignments could bring in some income without requiring a long term commitment.

The math can make a noticeable difference.

If your essential expenses are $3,000 a month and temporary work brings in $1,000, you’re drawing $2,000 from savings instead of $3,000.

That gives your existing savings more time to work for you.

Depending on your employment history and circumstances, you may also qualify for unemployment benefits or other forms of assistance. Check the requirements that apply to your situation rather than assuming you do or don’t qualify.

Don’t Forget About the Gap Before Your First Paycheck

Landing your next project doesn’t always mean the financial gap has ended.

Before you increase your spending again, find out when your first paycheck is actually expected to arrive. If you’re starting work next Monday but won’t be paid for several weeks, your between gigs budget may need to stay in place a little longer.

This is also a good time to make a plan for rebuilding whatever savings you used.

For example, if you discover that your typical gap between projects lasts about six weeks, that’s useful information. Instead of choosing an arbitrary savings goal, you can work toward having enough set aside to cover at least six weeks of your essential expenses.

Your last period between gigs can help you prepare for the next one.

Use Your Next Gig to Prepare for the Next Gap

When income starts coming in again, it can be tempting to immediately return to your old spending habits.

Instead, take a moment to look at what your last gap taught you.

How long were you without income? Which expenses were harder to cut than expected? Did you underestimate the time between starting a project and getting paid? How much would you have liked to have saved?

Those answers can help you set a more realistic savings target based on the way your freelance career actually works.

Rather than treating periods between gigs as financial emergencies every time they happen, you can start planning for them as part of having an irregular income.

If you’d like help looking beyond the next paycheck, a financial advisor can help you think about your longer term financial goals in the context of an entertainment career.

Frequently Asked Questions

How do I budget between freelance gigs?

Start by calculating how much you need each month for essential expenses and comparing that with the savings you have available. Then switch to a temporary between gigs budget that prioritizes necessities and expenses that help you find or complete your next job while reducing less important spending.

How much should I save for time between freelance gigs?

Instead of starting with an arbitrary dollar amount, look at your own work history. Consider how long your typical gaps last and how much you need for essential expenses during that time. If you generally go six weeks between projects, for example, you might start by working toward a reserve that could cover at least six weeks of essential expenses.

Should I use my emergency fund when I’m between gigs?

If you’re unexpectedly without income and need money for necessities, emergency savings may be appropriate. But if gaps between projects are a regular part of your freelance career, consider building a separate between gigs reserve so a normal slowdown doesn’t repeatedly drain the money you’ve set aside for true emergencies.

What expenses should I cut first when freelance work slows down?

Start with expenses that aren’t essential to daily life or your ability to find your next job. Subscriptions, dining out and other flexible spending may be easy places to start, but don’t overlook larger recurring expenses. Be careful about cutting professional expenses, such as software, transportation or memberships, if you still need them to secure or complete work.

How can I make my savings last longer between gigs?

Lowering monthly expenses is one option, but it isn’t the only one. Even modest temporary income can reduce how much you withdraw from savings each month. You can also review larger recurring expenses and create a temporary spending plan based on how long you expect to be without regular income.

What should I do after I get my next freelance gig?

Find out when your first paycheck will actually arrive and consider sticking with your between gigs budget until income resumes. After that, start replenishing the savings you used and use what you learned from the gap to set a more realistic savings target for the future