Why Monthly Money Dates Are Important for Your Acting Career
As an actor, routine self-assessment on the progress of your career is important: artistically, emotionally and yes, financially.
If you have an agent, you most likely have check-ins to talk about what’s working and what you want to adjust or improve. If you have one, you also have conversations with your manager about the trajectory of your career, if you’re on track and what you can shift if you’re not.
If you don’t have representation, you are most likely doing this yourself, maybe without even realizing it.
Ask yourself the following questions: Are these headshots articulating who I am? Where do I feel weakest in my acting and what class can I take to improve it? What shows do I want to work on and who do I need to partner with to open those doors?
Our emotional and mental well-being are as important as our career achievements. Try taking time every so often to check in with your mental state.
Are you close to burning out? Do you have time to rest? Do your auditions feel off because you don’t have the time or mental capacity to prepare like you’d want to? You may also have a therapist, coach or network of friends who help you with this.
Financial check-ins are just as important, not just for your financial health, but for the health of your career and emotional well-being.
If your agent says you need to go to a workshop with a specific casting director as well as get new headshots, you’re going to want money in the bank to make that happen.
If your money is giving you anxiety, whether that’s stressing about being able to pay rent or trying to figure out how to manage your irregular co-star paychecks, that’s going to contribute to a faster rate of burnout and higher levels of stress.
You may even find yourself avoiding looking at your money, even though you know you should. You also know that the only way to start feeling better about your money is to assess where you’re currently at with your money.
The solution?
Monthly Money Dates
A money date is a recurring, standing appointment that happens every single month where you sit down with your money to assess your numbers, goals and feelings.
The most important part about a money date?
That you make it FUN.
This is the part that pulls you out of financial avoidance. When you make your money date fun, exciting and something to look forward to, you’re less likely to push it off.
It’s called a money date for a reason.
You want it to feel special, to feel different from your day-to-day work, different from just another task on your to-do list.
“Fun” will mean something different to everyone, so I’m going to give you a few examples of what this could look like:
1. Take yourself out to a swanky bar during happy hour. Get a cute outfit on, take yourself downtown and order a cocktail (make sure you have access to a hotspot or secure Wi-Fi).
2. Draw yourself a bath. Pull out your bath tray, make a cup of tea and put on the cocktail jazz playlist on Spotify.
3. Have a cozy night in. Put on your favorite loungewear set, order takeout and put on your favorite sitcom in the background.
Once you have your location and vibe set, here are some of the things you can do during your money date to check in on your financial wellness:
1. Open up all of your bank accounts and assess where money is going out. Do you like what you’re spending on? Are there any subscriptions you weren’t aware of or don’t use anymore? How do you feel about the gap between what’s going out and what’s coming in?
2. Set money goals. What income do you desire to make over the next quarter? The next year? If you don’t know what income goal to set, take some time to decide the next level in your current lifestyle you would like to reach (moving to a nicer apartment, traveling more, etc.) and use that as a benchmark. What savings goals do you have? Are any big expenditures coming up? Plan for them.
3. Complete any lingering money tasks (I call these money leaks). Have an old bank account that needs to be closed? An old medical bill that needs to be paid off? An automatic payment that needs to get switched to your new credit card? Use this time to knock those tasks out.
4. Journal about any money anxiety you are feeling. Where is it coming from? What does it sound like? What’s at the root of the anxiety?
5. Celebrate your wins! This can be a journaling moment, buying yourself a treat or anything else that helps you to feel like you are signifying a win. It’s important to clock the things you are doing well and what you’re proud of alongside the areas you are focusing on for improvement. When it comes to money, there is no win too small.
The first couple of months may feel forced or a little awkward (just like the first few dates with a new person may feel a little forced or awkward), but then you start to get into a groove.
Your body starts to reassociate money with fun and treats, rather than stress and boredom. Since you have made it a monthly routine, the pressure of solving all of your money problems in one sitting is gone.
When you make money check-ins a habitual routine (and a routine that you look forward to), you’ll be able to hit your money goals much faster. It will also help engrain self-assessment into your monthly routine, so if you aren’t used to checking in on your artistic progress or mental well-being either, now you will have time set aside for all of it.
Your homework this week is to schedule your monthly money date in your calendar. Block off a couple of hours and brainstorm what will get you most excited about implementing it!
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Brooke Tyler Benson, Money Coach + AEA Actor, is the founder of Not Starving Artists. She is bringing financial education and empowerment to creatives to create a new generation of wealthy artists living lives of luxury and purpose (no budgeting or bi-weekly paycheck required). After graduating with a BFA in Acting, it became her mission to destroy the “starving artist” trope once and for all. She is your financial cheerleader, bringing you accessible money education and coaching specifically for creative freelancers and small business owners.
