Financial Tips for New Stage Management Grads | brokeGIRLrich
As a new graduate stage manager, I remember the challenges that come with navigating the financial landscape after graduation. It can be overwhelming to figure out how to make ends meet while pursuing a career in the arts, especially when facing the high costs of living in major cities where most theater jobs are concentrated. I remember moving to San Francisco and, for some wildly delusional reason, thinking I’d land right into a theatre gig in this brand new city where I had zero contacts. I will never forget the particular joy of that not at all happening, applying for a desperate gig hostessing at the Rainforest Café (the same chain I worked at during the summer in college), and being told I was not qualified to work in such a high traffic place.
Surely this won’t happen to you.
In this blog post, I’ll discuss some of the challenges new graduate stage managers might encounter financially after graduating and provide some tips for how to plan for them.
One of the most immediate challenges for new graduates is the cost of living in major cities like New York or Los Angeles. The cost of rent alone can eat up a significant portion of your budget, especially if you’re living alone. To save money, it’s important to consider roommates or shared housing options. In addition, it’s crucial to budget wisely and keep track of your expenses. Create a budget that includes rent, utilities, groceries, transportation, and any other essential expenses, and make sure you stick to it. Look for ways to cut costs, such as cooking at home instead of eating out, using public transportation instead of owning a car, and taking advantage of free events and activities in your area.
Additionally, I’ve always been a massive fan of stage management jobs that pay your living costs – like cruise ships, some theme parks and big tours (if you have family or friends who will let you leave some stuff with them and crash with them when you have some time off). These can make an incredible difference in your ability to pay off loans or save early on. There are also some lower cost cities that do have hopping theatre scenes to look into – places like Branson, Orlando, and San Antonio are lower cost and still have massive entertainment complexes looking for lots of hires. Smaller cities like Santa Fe, Omaha or Milwaukee also have good arts communities and the potential to begin building your resume in a lower cost of living area.
Another challenge that new graduates face is finding consistent work. While it’s possible to find a full-time job as a stage manager, it’s more common to work on a freelance basis. This means that you’ll need to hustle and constantly be on the lookout for new opportunities. It’s a good idea to have a solid network of contacts in the industry and to keep your resume and portfolio up-to-date. You should also be prepared to take on non-stage management work to supplement your income, such as working as an usher, box office attendant, or even a temp job in an unrelated field. Some side hustles that have worked well for me include substitute teaching, blogging, freelance writing, and transcribing. You can read more about those experiences and a few others here.
Insurance is another expense that many new graduates overlook. If you’re under the age of 26, you may be able to stay on your parents’ health insurance plan, but if not, you’ll need to find your own coverage. This can be a challenge, as insurance plans can be expensive and confusing. It’s important to do your research and shop around to find a plan that fits your budget and meets your needs. Look for plans with lower monthly premiums but higher deductibles if you’re generally healthy and don’t anticipate needing frequent medical care. But don’t forget to budget for the potential use of those higher deductibles! Make a plan to save up that amount in your emergency savings.
Student loan debt is another issue that many new graduates face. With the rising cost of tuition, it’s not uncommon for graduates to have tens of thousands of dollars in debt. It’s important to start paying off your loans as soon as possible, even if you’re only making small payments at first. You may also want to consider consolidating your loans to make payments more manageable.
Finally, it’s important to remember to save for your future. While it may seem daunting to think about retirement when you’re just starting out, it’s never too early to start saving. Consider opening a Roth IRA, which allows you to save after-tax dollars and withdraw the money tax-free in retirement. You can start with small contributions and increase them over time as your income grows. It’s also a good idea to have an emergency fund with at least three to six months’ worth of expenses saved up in case of unexpected expenses or job loss. Health Savings Accounts (HSA) can also be a really great tool, especially if you do often have medical expenses you have to deal with regularly.
In conclusion, new graduate stage managers face a variety of financial challenges after graduation, from the high cost of living in major cities to student loan debt and the need for health insurance. However, by creating a budget, networking and hustling for work, researching insurance plans, paying off student loans, and saving for the future, it’s possible to successfully navigate this pretty cool time of life.
