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Just Graduated? Here are Some Financial Tips for New Stage Managers
The eventful life as a new grad is can be thrilling and scary at the same time, right? I know how it feels. I remember starting out as a stage manager after university. Dealing with everything from trying to land the right job to managing the soaring costs in major cities where most of the theater jobs are, everything was a rollercoaster ride.
Can you relate?
It wasn’t easy. When I moved to San Francisco, I thought getting a job in a theatre would be a piece of cake. Nope! That sure didn’t happen. I ended up applying for a hosting gig at the Rainforest Café, which… let’s just skip that part. But hang in there, your experience might be different.
Now here’s a bit of advice for any new stage management grads. Let’s talk about a few significant challenges you might run into, and how to prepare for them.
Living in big cities like New York or LA can burn a hole in your pocket. Rent is, without a doubt, a major part of your expenses. So, why not share your living space? That can save you quite a bit. Also, it’s crucial to chart out your expenses and stick to a monthly budget. Cooking instead of eating out, using public transport instead of a car, and opting for free city events – all these can lighten the financial load.
Interestingly enough, some stage management opportunities include living expenses – like cruise ship jobs or big tours. Also, don’t rule out cities with thriving theatre scenes but lower living costs, like Branson, Orlando, San Antonio, or even smaller cities like Santa Fe, Omaha, Milwaukee.
Now finding consistent work might be another slippery slope. Full-time jobs are great, but you might have to work freelance, which involves continuously hunting for work. It helps to know people in the industry and keep your resume fresh. And be ready to take up odd jobs or side hustles to keep the money flowing. I’ve found success with gigs like substitute teaching, blogging, freelance writing, and transcription.
Another often-overlooked aspect is insurance. If you’re under 26, staying on your parents’ health insurance is an option. But if that’s not your situation, you should shop around for plans that suit your healthcare needs and are within your budget.
And let’s not forget about tackling student loan debt. Try to start repaying your loans immediately, even if the amounts are small at first. It’s worth considering loan consolidation to manage payments better.
Lastly, it’s never too early to save for the future. Look into opening a Roth IRA. Not only can you save tax-free for retirement, but you can also start small and ramp up your contributions as your income grows. And don’t forget an emergency fund – always good to have your back covered for unexpected expenses.
So yeah, post-graduation life for stage managers brings its own financial struggles. But with a bit of planning – budgeting, networking, understanding insurance plans, managing student loans, and saving – you can sail through this exciting phase of life.
Good luck, fresh grads! Imagine me shouting, “Break a leg!”
Oh and if you found these tips useful, feel free to share them with others. They might just thank you for it!