3 Money Moves You Can Make During the Strike (Or in the Aftermath)
For actors, writers and creatives, this summer has been hard on our wallets with the dual strikes. The WGA strike has found a resolution, and even though the SAG-AFTRA strike continues it’s a good time to start thinking about shifting your focus away from just financially surviving the strikes and towards money moves that will propel you forward.
Some of the best money moves you can make don’t require any additional income—they are more focused on the awareness you have around your money habits as well as the systems you have in place to manage your dollars (especially if your income fluctuates as an actor).
The three money moves in this article are things you can do this week that will set you up for success as the strikes come to a close. They will give your money a solid foundation during the inevitable industry contraction and as auditions/jobs start to trickle back into your inbox.
Here are three money moves you can make right now during the strike (or in the aftermath):
Move your money into an online bank
Online banks are superior to brick-and-mortar banks for two main reasons: no fees and high-yield savings accounts.
Because online banks like Ally and Marcus by Goldman Sachs don’t have the cost of physical buildings to upkeep, they can offer more benefits to their clients via not charging any fees—yes, even no overdraft fees—and they can pay you more interest on the money in your savings account.
The national average of savings account interest earnings at the time of writing this article is .45%, while the average interest you can earn in a high-yield savings account at an online bank is 4.5%. If you have $2,000 in your savings account, these interest rates would be the difference between you making $10 over 1 year or $100.
Online banks also don’t charge fees—overdraft fees, account minimums, ATM fees, monthly maintenance fees, etc. Overdrafting your bank account never feels good, but with an online bank, you aren’t sent even more into the red with an overdraft fee. Banking should be simple and stress-free, and online banks remove the mental load of “Did I dip below my account minimum??” or “Oh no I forgot my auto-pay hit today and I just bought groceries!”
Everything you can do at a brick & mortar bank (Bank of America, Wells Fargo, etc.) you can do with an online bank: get cash, use ATMs, write checks, have a debit card, and have FDIC protection. The only thing that you can’t do at an online bank is deposit cash, which most of us haven’t had to do since the early 2000s.
Opening an online bank account takes less than five minutes, and doing so could earn you hundreds of dollars more per year with a high-yield savings account and not having to pay fees (Pro tip: Make a list of all the recurring payments you need to move over when making the switch!).
Do a payment audit
When was the last time you looked through your subscriptions and autopays to decide what you wanted to keep? When was the last time you compared phone plans or insurance policies? When was the last time you called your credit card company to have your interest rate lowered?
These are all low-lift ways to get money back into your bank account without having to go on a strict budget or deprive yourself of takeout.
As an anti-budget money coach for creatives, the last thing I want you to do is to cut out things that bring you joy when times get tough (especially during the strikes when spending money on yourself is a form of self-care).
Instead, let’s start with auditing everything else.
Look through everything that gets auto-paid from your accounts: If you weren’t already subscribed, would you take the time to subscribe now? If not, time to cancel. Are there things you aren’t using right now that you may use in the future? Cool, let’s pause or cancel them now (you can always start them back up later). Flat-out forgot that you were paying for some? Amazing, now you know and you can cancel.
Phone plans, Wi-Fi, and insurance are also some of the easiest places to lower expenses without feeling any effect.
Spending $60/month on your cell phone plan with Verizon? Switch to Visible, which uses the same cell towers as Verizon but only costs $30/month, half the cost for the same service.
Call your current car insurance company to get re-quoted on your policy, or ask for a retention discount. Take an hour to shop around for other policies that could drastically lower your monthly bills (insurance prices are extremely subjective, so it’s usually worth it to take the time to make sure you’re getting the best deal).
If you’re paying off debt, call your credit card provider to ask for a lowered interest rate. Highlight that you’ve been a loyal customer with on-time payments, and let them know you’ve been thinking about switching providers or doing a balance transfer. “I’ve loved being a customer with your company, is there anything you can do to help me decide to stay easier?”
If you’re going to cut costs, focus on the things that don’t matter as much to you and that you won’t feel the effects of as strongly. Switch your Wi-Fi plan, but keep your morning lattes.
Have a monthly money date to look at your numbers
The simple act of continual awareness around your numbers can have a huge impact on your financial wellness.
During the first week of every month, have a money date to look over your finances (Pro tip: Make it fun! Pour a nice glass of wine, take yourself to your favorite coffee shop (make sure you have secure Wi-Fi of course), treat yourself to dessert after; anything that gets you excited!).
Review your spending from the previous month: How does it make you feel? What did you love spending money on? What spending doesn’t feel as great to see? Do you recognize/remember everything you see? What spending goals do you want to have for the next month?
Check in on all your accounts: Are all of your bills paid up? Have you checked in on your credit card balance? Do you like what you see in your savings? If not, what goals do you have for your savings? When setting your savings goals, make sure they are specific (e.g: ‘I want to save $5,000 in my rainy day fund by the end of the year and $800 for a vacation I’m taking in a few months and $500 towards new headshots’).
Make income projections and set financial goals: This is the step actors and creatives tend to avoid because income can feel so out of your control. What big expenditures and lifestyle upgrades do you desire to make? What is the income required for you to enjoy spending how you want and also stack your bank accounts? Does your current way of bringing in income give you the possibility of hitting these goals? If not, what options are available to you? Get creative here!
Having a money date like this every single month takes the pressure off of having to “solve” all of your money problems in one sitting. It allows you to see the trends in your money month after month (this is important for actors because finances can fluctuate so much month to month! You want to focus on the overarching trends over time).
Spending time with your money every single month also makes it less overwhelming and less scary (like exposure therapy). And adding something fun to your monthly money dates will give you something to look forward to! They may even be one of your favorite times of the month.
Completing all three of these money moves will take you less than two hours this week and will set you up for success as the strikes come to an end. You can feel financially confident and in control of your money even amidst the uncertainty that this past summer has caused.
There are plenty of strike-compliant roles available on Casting Networks. Sign up or login and see what’s casting near you today!
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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.
