Cost effective living is simply living within your means, but there are a few things available to people who work in the performing arts that can make this easier.

To do this, you need an idea of what money is usually coming in and what your expenses are. Even with wildly variable income, you can still review your credit or bank statements for the last year to average out what you generally earn.

If you know you just had an unusually good year, then assume you’ll have less to work with this year. It’s always better to underestimate your income and overestimate your expenses, when you’re not sure.

The biggest cost to tackle is rent or mortgage.

One major perk we don’t talk about enough when people are denigrating working in the arts is how many of our jobs come with housing provided.

Working with tours that house you, cruise ships, theme parks that provide housing, or regional theatre companies that provide housing can provide some amazing savings and an ability to pay off debts or build up a nest egg quickly.

And here’s the thing – you don’t have to do it forever. The longer you can hold out and stay in these gigs though, the larger financial cushion you can build. This is even more powerful if you’re putting some of those savings into retirement and brokerage accounts to use the power of compound interest.

Similarly, if you’re touring and you have family who will take you in during layoffs and breaks between gigs, this also allows you to add to your financial cushion instead of paying for an apartment or house you barely ever see.

When figuring out how to allocate your expenses, a key thing to focus on is building up your emergency fund – this is even more important for arts workers. Budget for it like it’s an expense. Whether you can only afford $50 a month or $500, get that sucker maxed out ASAP.

You never know when an injury may sideline you. Or a pandemic might interrupt the entire industry.

The more frugal you can learn how to be, the lower you can keep your monthly expenses, the more freedom you will have as an artist to pursue whatever paths you choose.