Things all actors should start doing immediately.

Six Jar System.

Yes, six accounts. I really mean it. This is useful not only as an actor but to have clarity on your expenses and make it easier for you to invest better and spend smarter!

Wage account– This is the main account that receives your monthly wages. And splits into the other five accounts.

Bill account– monthly expenses such as rent, car expenses such as insurance, and gas (bussing is cheaper), water bill etc..

Acting account– It’s important to keep the money you make from acting separate from your other wages  easier to track this way. 

Big savings account– a portion of money should go into here. This is the big adulting goals account so if you want a car, or a house, or an apartment, or investment money this the account to keep untouched.

Emergency savings account– a portion of your wage should go into this account (5 percent/month). This is in case of an emergency when you’re out of employment or other personal reasons.

Treat yourself account– and last but not least the candy jar for times to treat yourself. This is for your non-essential spending that feels essential because we’re all consumer addicts but this is where you put $20/month or more if you can afford it. (coffee dates, eating out)

Invest everything immediately.

Your money now, if invested, lets $1 on compound investments will be twice as much more in your 60s than if you started investing in your thirties. Many of you are probably still living at home, not paying for rent at most you probably pay for your phone bill and gas money, so this is the perfect time to be saving and importantly investing your money. Another thing is opening up a TFSA, which is a tax-free savings account. Young Canadians saving for retirement can carry over their contributions to future years, so it is beneficial to start sooner rather than later. 

This is great for two reasons:

1. As young people, we’re probably not making a lot of money right now, and we are already in a low tax bracket. This means that less money is going into paying taxes which leaves you with more money to invest (not just save)
2. We are young enough to have decades of compound interest and growth that will completely tax-free when we are older, again meaning more cash for you. 

Invest, forget it, and let it grow!

Tax Handbook For Artists (Courtesy from Nextfest.org)

TAXES TAXES TAXES

• An actor’s nightmare! When it comes to taxes I am also learning in this regard so I have linked a few resources for you to use to get your situation in order. 
• Tax Savings for Artists: http://bit.ly/2SrJ4T4
• Deductions for Artists: http://bit.ly/2RtMsj5
• Income Tax & Benefit Return: http://bit.ly/2GQqh2m

Allocate your expenses.

Hey! Now I know this may apply to some and not all, but if this applies to you, listen up.

• Gym membership fees cut it!
  • Invest in buying essential gym equipment at home instead because right now with the university, it is very affordable; however, when you graduate gym fees outside of school are not cheap. And that money you spent paying for the membership and maybe Trainer you could have already bought equipment for a personal gym at home.
• Buy a coffee machine
  • For my fellow coffee addicts, stop buying Starbucks drinks and start making coffee at home.

Long Term Planning.

Now what? After reading all the tips, what are you to do with this information? Well, hopefully, actually do a bit more research for yourself and start planning today. I will speak friendly in your ear and be honest with you, adulting sucks, and it takes the fun out of being carefree. I get it cause I still consider myself a child (of God). However, it is important to note that now is the time to start making decisions for yourself and not let your parents continue to think for you. Every choice you make now affects what direction your path will take you career-wise and financially. And considering we chose a career path that has its highs and lows, it is essential to plan out how you would like to live in the next four years, so you’ll be proactive to what you need to do in the next four days. So take the first in becoming financially independent and stable.

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