Payday Friday Is a Myth: Budgeting Tips for Musicians (Episode 179)

Make Music Your Business.

"Yay, it's Friday. It's payday." No, it's not. You're a musician. In Episode 179 of The Career Musician, Nomad takes on the money side of the gig life: why payday Friday doesn't exist for most of us, and what to do about it. The episode opens with Michael Elsener of Master Music Licensing, who credits much of his own success to learning from musicians who have already done what he wants to do.

If you are looking for real budgeting tips for musicians with inconsistent income, this short episode is packed with them, plus a little of Nomad's humor.

You are a gig worker

Gigs, sessions, composition jobs, production, teaching: whatever mix you do, the money is not consistent. Why? Because you are self-employed, an independent contractor working job to job. Each job is independent of the next.

Nomad points out we are not alone. Think about the Lyft or Uber you took to your last gig. Gig work. Fly dates and one-offs are the same: they don't come every week, so the paycheck doesn't either.

"Whether it's gigs or sessions or a composition that you were hired to do... that money is not consistent. Why? Because we are self-employed."

Nomad, 2:16

Learn to budget (Nomad learned the hard way)

So how do you make a living? You get really good at budgeting. Nomad is honest that he failed at this hard. There were many times he should have been saving and didn't, and that is exactly why he is urging you to fix bad spending habits now.

His math is simple common sense. Say you make $500 one month, $1,500 the next and $3,000 the month after. That is $5,000 over three months. If your bills run $1,000 a month, you are covered with $2,000 left over. Now the real test: do you spend it on a new rig, or put $1,500 into savings and keep $500 for gear?

And if your rent is $1,700 and you made $500 this month, you had better have reserves somewhere. That is Savvy from the ETHOS code: the business side of the career, handled before it becomes a crisis.

Never pay interest on gear

If you really need new gear, Nomad's rule is an interest-free payment plan, not a credit card. He mentions Sweetwater as one company that offers it (he is clear it is not an endorsement) and that a Native Instruments controller at about $60 a month is manageable.

The catch: pay it off before the 12-month deadline, or you may get hit with interest. Gear bought on interest will never pay you back.

"Do not pay interest on gear. It's never going to have an ROI."

Nomad, 7:48

Learn from people who have done it

Michael Elsener's opener ties it together. We live in a time when you can learn from successful musicians who share their systems and processes, and that can save you years of trial and error. The same goes for money. Study finances, study budgeting, and study how to keep what you earn. You don't need millions of followers to make a sustainable living, but you do need high-quality music that rises above the noise, which is why the episode also points to TCM's Pro Level Sessions course on the studio side.

The takeaway

Payday Friday is a myth for musicians, and that is fine. Budget for the lean months, save from the good ones, and never finance gear on interest. To build the income side, start with the free Get the Gig guide.

Get the gig. Keep the gig. Build the career.

Watch on YouTube or find every episode on the TCM Podcast page.