Learning about the simple methods to save money as a freelance dancer will secure your future in more ways than just financially.
Whether you had formal dance training or not, you should have an art plan as well as a financial plan. Your passion for your craft will shine as you learn more. Nowadays, you can learn anything online. You can also learn about digital promotion through Instagram and Tik Tok. These social media platforms have emerged as one of the most preferred ways to find talent. But what about the financial part?
As a dancer and an artist, your life is guided by creative ideas. Investing and saving money is also an art. For practical survival in life, you need to learn to save money, especially as a freelance dancer.
Disclaimer: All content in this post is for general information only. It is advised to consult an expert before applying any suggestion mentioned here. There are no affiliate links attached to this post.
There are four things that every freelance dancer can figure out easily: learning, connecting, performing, and promoting. These things are helpful up to a particular time period. But it does not make your future secure.
Give a second thought to these practical reasons:
– A dancer’s active working life is from the minimum age of 5 to the maximum age of 40.
– To open a dance studio, you need money, which you will either borrow from your parents or relatives, or take from your savings.
– You will work part-time as a food delivery person or a sales executive in a store.
– Opening a dance studio is a great idea for 5 or 6 years approximately.
– Teaching dance in schools or colleges or a tie-up with a gym are the options for spending more time in any art profession.
– A popular creative dance director’s academy runs on government grants but still requires continuous funding from wealthy patrons.
Why is learning about saving money for the future necessary for freelance dancers?
Personal finance has many facets and various factors impact it. Not every artist is good at managing money. For many years as an artist, I held the notion of being money-minded as a negative trait. Soon, my worn-out dance shoes made me realise that I was leading a life high on hard work and dedication to my passion, which was dragging me towards poverty. There was no one who talked about financial planning in the dance field. I later realised that this was because they also had no one to teach them about it.
As the dance scene is expanding, there are new undefined artistic posts created like content creator, dance fashion designer, dance fitness expert, dance blogger, online dance teacher, dance app, etc.
Here I am providing a few practical ideas that will help you save and invest money for your future as a freelance dancer.
Build your foundation and experience for a better future.
Your body is your biggest asset as a dancer, and you need to learn new things and new techniques from experts to gain good experience. Never miss an opportunity to learn something new about the dance field, even if it is from a different dance style than yours. Learn to teach well to people of all age groups. Learn to connect with highly influential artists. Anything related to the artistic field, like photography, music, fashion, stage lighting, painting, etc., is worth learning besides dancing.
Download an app to help you calculate your daily, weekly, and monthly expenses.
On the Android platform, there is an app for just about everything, including money-calculating apps. You can easily input what and where you are spending, as well as where you are bringing money from. And the apps will give you summarised data. They will give you an idea of where you can budget. Additionally, these apps also help you plan your monthly expenses.
Register for dance workshops that give you multiple benefits.
There are different types of collaborations, but always opt for those that give you the opportunity to perform on stage while also providing multiple benefits.
Register for open classes for freelancers with big dance companies. They will give you professional training, you will be able to maintain your fitness, you will have exposure to impress a known choreographer, and you will have a chance to perform in their annual student showcase.
Join a yoga or movement classes for two months in a holiday retreat. You will learn new movement vocabulary by challenging yourself to think out-of-the-box, it will help you manage stress, you will explore a new place, and of course, you will get featured in their promotional workshop video and save some photos to show your experience.
You can also work for an NGO. The fact is that NGOs are always looking for trustworthy and empathetic staff that can do multiple tasks. You will get an opportunity to teach dance, learn admin work, earn some money, and network with people who are great team players.
Never work for free
There are so many social media influencers nowadays who will want you to work with them in collaboration but will not pay you. Remember that the most important thing that you are giving them as a freelance dancer is your time, and time is money. They will want you to feature in their photography shoot as a model, give a trial class to students for a day, be part of a performing team in a dance reality show, or work as an assistant and learn teaching skills, etc. But they won’t be able to pay you. While it’s tempting to agree with them, however, recognise that your talent is an impactful asset that is why they are approaching you. The exchange of learning is happening both ways.
Create an emergency fund
Most financial experts suggest keeping a specific amount of money separate as an emergency fund. It does not always mean to get an FD, invest in a mutual fund, or try new banking schemes. It simply means to promise yourself to save at least 30% of your income annually. Some experts also suggest starting by saving just Rs 100 in your bank account and adding Rs to it every month. Also, it’s practical to wait for sales and the holiday season before buying a new bag or dance shoes.
Use the EMI option carefully
There are good and bad things about EMI. Nobody likes to be in debt, with interest eating up their hard-earned money. But there are careful ways to use EMI even if you cannot avoid interest. I am not in favour of those who tell you to not use EMI at all. The reason is that whichever way you use your money, the bank checks your transactions. It isn’t always about having too much money that makes a good credit history. The way you use the bank’s facilities to pay off your EMIs on time helps build a positive credit score. The bank also upgrades your credit limit which will give you benefits of cashback and reward points.
Spend creatively, not frugally
There are happy days, and then there are indulgence days. Learn to assess what costs will help your present and future. At the same time, never neglect your personal choices. Buying clothes from a thrift store is a great idea. However, once in a while, give in to buying that pretty dress or boots. Maybe you can use that later in your TikTok videos. Investing in cheap make-up for your upcoming performance is not a good idea. It may have harmful chemicals that will leave your skin dry with pimples or rashes.
Final Thoughts
Freelance dancers should consciously devote time to learning more about saving money. Just learning your own dance style is not enough because the dance field is highly competitive. Constantly learning new skills apart from dancing is a great idea. Learn digital marketing, animation, fashion designing, physical therapy, etc. Learn skills that can be done with or without technology. Saving and investing is also an art. Using money creatively is a skill that will help you secure your future.
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