Artists often face money troubles. Their income can be unpredictable. One month may bring lots of work and pay. The next could mean no jobs or income at all. This up-and-down pattern makes budgeting tough.
Many artists take side jobs to even out their cash flow. Waiting tables, rideshare driving, or temporary work brings in steady money between gigs. But juggling multiple jobs is exhausting. Another issue is delayed payments from clients. This can create cash crunches before money finally comes in. Not ideal when bills are due now.
That’s where long-term loans for the unemployed with no guarantor can help. These provide a financial safety net for times of irregular income. The money acts as a bridge until an artist’s next paycheck arrives. No more stressing about late fees or missed payments in the meantime.
| Loan Type | Credit Score Requirement | Minimum Age | Proof of Income | Residency Status | Additional Requirements |
| Personal Loans | Fair to good | 18 years | Unemployment benefits | UK resident | Proof of identity |
| Guarantor Loans | Any (guarantor needed) | 18 years | Unemployment benefits | UK resident | Guarantor with good credit |
| Secured Loans | Varies | 21 years | Unemployment benefits | UK resident | Ownership of the asset |
| Credit Union Loans | Any | 18 years | Unemployment benefits | UK resident | Credit union membership |
Mapping Income Sources
As an artist, your creative work can earn money even after it’s released! Royalty payments provide income from sales of your music, films, books, and more. These copyrighted royalties can become a steady income stream over time.
Live Performances
For many artists, live shows are their biggest money maker. Concerts, theatre productions, and comedy tours – generate income through ticket sales. The more popular your act becomes, the higher the fees you can command to perform live. Plus, merchandise and concession sales add extra revenue, too.
Side Gigs
Sharing your artistic talents can provide supplemental income streams beyond your main discipline. Teaching classes, leading workshops, judging competitions – diversify your earnings. Other freelance options include modelling, acting in commercials and more. These side hustles help cover gaps between bigger projects.
Detailed Expense Breakdown
As a performer, your wardrobe and tools of the trade aren’t cheap! Costumes, makeup, wigs, instruments – these are essential for your art yet cost a pretty penny. Budgeting for these regular expenses is a must.
Quality pieces last longer, but the upfront prices often sting. A tailored costume could set you back hundreds, while a professional instrument runs thousands. But skimping on cheaper gear means replacing it more frequently when it wears out fast.
The smarter move is saving up for well-made, longer-lasting items. Think of it as an investment in your career over the years to come. Creating a dedicated costume and equipment fund helps prepare for these large but necessary purchases.
Travel Costs
Does your job require lots of touring and travel? Factoring in those expenses is crucial for road warriors. Gas, airfare, hotels, rental cars, meals on the go – it adds up shockingly fast.
Maintaining diligent logs helps maximise tax deductions too. Tracking mileage and recording activities make it easier to write off qualified travel costs. That paperwork pays off during tax season!
Hiring an accountant familiar with entertainment tax laws is also wise. Their expertise ensures you receive all the credits and deductions you’re entitled to as a travelling performer.
Online Presence
In today’s digital age, artists must invest in their online promotion and branding. From website hosting to professional photos, maintaining this virtual presence requires a budget.
Seasonal Budgeting
As an artist, some times of the year are busier than others. The holidays and summer festivals often mean more shows and bigger paychecks. It’s wise to save extra cash during these high-earning periods.
Stash away a portion of every paycheck from peak seasons. This surplus covers expenses during the quieter, leaner months ahead. No more relying on credit cards to bridge gaps between jobs.
You worked hard for that income, so make it work for you too! Setting aside peak earnings creates a safety net when gigs slow down. Smart planning prevents money woes.
Monetizing Artistic Skills
As an artist, selling cool merchandise is an awesome way to earn extra cash and promote your brand. T-shirts, hats, posters, and albums featuring your artwork or music are fun pieces for dedicated fans. Best of all, you pocket way more profit than through traditional retailers!
Uploading custom designs to online print-on-demand companies is an easy first step. They handle everything – production, printing, and shipping. Just share those product links with your following. Minimal effort, maximum merchandising potential!
Online Classes
Why not monetize your skills by teaching virtual workshops? Platforms like Skillshare and Udemy let you package your expertise into video lessons accessed by students worldwide.
Once you build your online class library, it keeps generating passive income for years with zero extra work required. Plus, teaching helps build your reputation as an authority in your artistic field. Win-win!
Custom Commissions
Offer exclusive, one-of-a-kind pieces commissioned by patrons wanting more personalised works. Songs dedicated to loved ones, custom portraits or caricatures, and even unique poems or stories written just for them.
These special made-to-order projects command premium pricing too. Clients appreciate the extra care and creativity put into their individualised masterpieces. It’s lucrative for you and meaningful for them.
Getting Funds
Life can really throw us some unexpected situations sometimes, am I right? Maybe you got smacked with a huge car repair bill out of nowhere.
But you know what? There’s actually a low-interest solution that can provide some serious relief – doorstep loans with no credit checks required! These loans show up right at your doorstep with cash in hand after just a simple online application.
Conclusion
Taking practical steps is smart. But it can feel overwhelming, too. Where do you even start? Don’t worry – you’ve got this! The key is taking it one small step at a time.
Only focus on your very next little step. Once you check that off, move to the next tiny task. Inch by inch, it adds up before you know it!
Don’t beat yourself up if progress feels slow at first. That’s normal when forming new habits. Just keep chipping away steadily. Little by little, your momentum will build.
Most of all, be kind to yourself along the way. Real change takes time and effort. Celebrate each little win! Those small victories are signs you’re levelling up, one practical step at a time. You’ve got this!
Anna Johnson has more than 11 years of experience in direct lending industry of the UK. She is the Senior Content Editor at 24cashflow where she is leading a large team of loan experts. During her career, she has helped the loan aspirants to use the particular loans in the best way and improve their financial lives and status.
Anna Johnson is known for her in-depth research of the UK loan marketplace, as she has worked with many major lending firms in her career. During her educational phase, she has done a research on ‘Finance Fundamentals for Growing Business’.
