Feast or Famine: Cash Flow planning for Seasonal or Gig-based Work
Income as a performing artist is rarely steady. Instead, it often follows a pattern: feast (a big contract or tour) followed by famine (a quiet few months). Smart planning can smooth out the ride.
Know Your Cash Flow Patterns
Track your income monthly for a year or more. Do you usually earn more in the summer or fall? Knowing your cycle helps you prepare.
Base Your Budget on your Lowest Month
Plan your recurring expenses around your most conservative income month, not your best. This gives you room to breathe when things are slow.
Use a “Feast or Famine” Approach
During feast periods, set aside a portion, 20-40%, in a savings buffer, allocate extra funds to debt repayment, or investments. This approach keeps you afloat even when gigs dry up, and when they do, stick to essentials only and use your savings as a buffer.
Pay Yourself a Steady Salary
If possible, move income into a separate account and “pay” yourself a set amount monthly. This simulates a consistent paycheck and makes budgeting easier.
Invest When You Can, Not When You Must
Put money into savings, retirement, or paying off debt during high-income months. Think of it as building your future while the engine’s running hot.