MODULE
2. Creating a Budget
Components of a Successful Budget
Download My Budget Template for Singers HERE
This is a customizable, fillable budget designed for singers. It includes all of our expenses as musicians, and you can even add your own.
Write in your expected gigs and income for the month. Your income as a singer is never going to be the same, so make sure to write these numbers in FIRST so you know how to plan. Remember to include a space next to your projected income for your actual income. Things come up, and you may end up earning more or less than you expected. If you don’t make enough income to cover your expenses for a particular month, include some of your savings to cover your costs. We’ll go over savings in a later module.
Come up with all of your expense categories, and don’t forget the extra singer expenses that come along with this career! I’ve included a convenient list of commonly forgotten singer expenses on page 9 of your workbook. Check your previously tracked expenses for any forgotten categories.
Write in your goal numbers next to each spending category. Keep these numbers reasonable and have a plan for sticking to them. Also include a space next to each goal so that you can fill in what you actually spent at the end of the month.
Your Challenge for This Week…
Take the time to either use the budget template provided above, or create your own. Go through your last expenses and statements and come up with categories and numbers that seem reasonable to you. You can revisit this budget over the next few days, so you don’t forget anything. It’s not going to be perfect, but do the very best you can to make predictions and write in all of your goal numbers.
Schedule time during the last week of every month to go over and plan your budget. Go ahead and write it in your calendar and set reminders on your devices. This is a very important step, and you can consider it time for self-care. Enjoy a glass of wine or a nice treat while you plan!