Summer is a fantastic time for opera singers to not only recharge and hone their craft but also to prepare financially for the busy fall audition season. Here’s a practical guide to help you get your finances in order, ensuring you’re ready to hit the ground running when auditions start. I know many of you reading this also work full time, but try to carve out a few minutes each day to set yourself up for the future while planning your finances this summer.
1. Set a Budget for Audition Season
The first step is to outline all potential expenses for the fall audition season. This includes application fees, travel costs, accommodation, accompanist fees, and attire. Having a clear budget will help you manage your finances more effectively.
2. Build an Audition Fund
Start setting aside money specifically for auditions. Open a separate savings account or use an app that helps you allocate funds for different purposes. Aim to save a little each week throughout the summer.
3. Cut Unnecessary Expenses
Review your current spending habits and identify areas where you can cut back. This might mean cooking at home more often, reducing entertainment expenses, or finding cheaper alternatives for services you regularly use.
4. Seek Out Summer Gigs
Look for performance opportunities, teaching jobs, or other side gigs that can boost your income during the summer. Every extra dollar can go towards your audition fund.
5. Invest in Professional Development
Consider spending on workshops, masterclasses, or private lessons that can enhance your skills and make you more competitive during auditions. Budget for these expenses as part of your summer planning.
6. Plan Your Audition Calendar Early
Research and list all the auditions you plan to attend in the fall. Estimate the costs associated with each and schedule them in a way that maximizes efficiency and minimizes travel expenses.
7. Take Advantage of Summer Sales
Keep an eye out for sales and discounts on travel gear, audition attire, and other essentials. Purchasing these items during summer sales can save you a significant amount of money.
8. Prepare a Financial Cushion
Unexpected expenses can pop up, so it’s wise to have a small emergency fund. Aim to save enough to cover at least one unexpected audition trip or an additional round of application fees.
9. Network and Share Costs
Connect with fellow singers to share travel and accommodation costs. Carpooling or sharing hotel rooms can significantly reduce expenses. Networking can also lead to opportunities for shared resources like practice spaces.
10. Use a Financial Planning Worksheet
To keep track of all these steps and ensure you’re on the right path, use a financial planning worksheet. This will help you stay organized and focused on your goals.
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