5 Financial Resources Artists and Freelancers Don’t Always Use to Their Advantage | brokeGIRLrich
A lot of time, I think we can feel like we’re in this financial journey alone. Sometimes I think the unique challenges we face as freelancers in the arts can really amplify those feelings. We have some really unusual challenges at times.
That beings said below are a few resources to consider using when you need some financial help.
The Actors Fund
I literally cannot believe how many years it took me to learn that The Actors Fund exists. Bless their hearts, this group has access to so many services that help mitigate financial barriers for artists. They have financial counseling, insurance counseling, health care counseling, access to affordable housing, and even secondary career counseling.
They also have a large number of grants and financial assistance options for various needs. They also have emergency financial assistance you can apply for, if you really need it. The details on how to do so are on their site.
Honestly, sometimes it’s not even financial help you need, it’s someone who can explain how some of the more complicated aspects of insurance work (cough, cough, everything about American healthcare) or talking to someone who really understands your career and possibly nomadic life.
Personally, at one point I used their counseling services for a while and was shocked at how easy it was to do.
Health Savings Accounts
I can’t seem to stop talking about Health Savings Accounts (HSA) but they are super versatile and that versatility can make them a great initial savings vehicle.
Additionally, if you really can’t manage any savings because of high health care costs, and you qualify for an HSA, this can help free up some of your money again because you are able to pay those health care costs at pretax rates. That means if you’re in a 12% tax bracket, you’re saving 12% of what you used to pay on healthcare costs by using a Health Savings Account to pay those bills.
It’s a useful initial savings account and if you can manage to sock away more, it can also function as an investing account to help you keep up with inflation. As long as you save any healthcare related receipts, you can take that money out at any time with no penalties.
Free Tax Prep
If your income is less than $72,000, there are free tax programs you can use to file your taxes. The IRS keeps an up to date list of companies they partner with to provide free filing for those of you who only file annual taxes (unfortunately there doesn’t seem to be any equivalent yet for those who file quarterly that I’ve been able to find).
The IRS closes access to the list after April and reopens it each year in January.
Behind the Scenes
Another area where high cost can deter getting the help you need is with mental health. Behind the Scenes charity has a lengthy list of resources to connect you to the help you need. There’s a free self-assessment tool, peer to peer chat, and a list of mental health care providers in the U.S. and Canada who are familiar with the unique struggles of working in the arts.
They also have a list that links to various charities and groups who provide financial assistance for people who work in the arts to seek mental health help.
Dobot
So a few years ago, a great little app called Digit was created and you would link it to your bank account and it would run some sort of algorithm on how you spend and siphon out little amounts of money into a savings account automatically for you.
This seemed fishy, but I used it for a few years and found it was pretty much the best savings tool I had ever encountered despite my wildly varied income and this was at the beginning of my financial journey, so I didn’t have a lot of wiggle room. I wrote a review about Digit here and then here after another year.
The problem was that after a few years they started charging for it and it’s now up to $5 a month.
Fortunately, another company took up the cause when this happened and dobot was born – essentially the same thing with a few fun quirks to it that allow you to set specific savings goals. Unfortunately, dobot also started to charge money after about a year and so I sadly left both of these apps behind and just forced myself to save better.
Friends! A bank bought dobot and it is not available again for free. So I highly, highly recommend this super easy, super charged way to start saving.
