Whether you’re between gigs, dealing with unexpected injuries, or facing economic downturns, this guide is here to offer practical, no-nonsense advice to help you stay on solid financial ground. And don’t worry—there’s no need to perform acrobatic mental gymnastics to follow along!
The Highs and Lows of Circus Life
Life as a circus performer can be exhilarating. You’re doing what you love, traveling the world, and showcasing your talent. But, let’s be honest—circus work often comes with unpredictable paychecks. One month you’re headlining a sold-out show, and the next, you’re unsure when your next gig will roll in. That rollercoaster of income can make it tricky to feel financially secure, especially when you’re faced with unplanned expenses or long stretches without work.
But here’s the thing—financial planning isn’t just for accountants or corporate types. Circus performers need it, too. The goal isn’t to have an airtight plan (because, let’s face it, life in the circus is anything but predictable), but rather to set up a system that keeps you financially afloat, even when times get tough.
Why You Need a Financial Safety Net
You might be thinking, “I’m doing what I love, and the money will follow.” While that’s a great mindset, it’s not always enough. Without a financial safety net, one injury, one canceled tour, or even a global pandemic can leave you scrambling to pay rent or cover basic expenses.
A financial safety net allows you to:
- Have peace of mind when gigs are sparse.
- Manage unexpected costs like injuries or equipment repairs.
- Avoid taking jobs that don’t align with your values just to make ends meet.
In short, a solid financial plan gives you the freedom to continue pursuing your passion without the constant worry of how you’ll pay your bills.
How to Prepare Financially for Uncertain Times as a Circus Performer
1. Create a Realistic Budget (and Stick to It)
Let’s start with the basics. If you don’t already have a budget, now’s the time to make one. A well-structured budget is your roadmap to financial stability, helping you track your income and expenses.
Here’s a simple way to start:
- List all your income sources: Include performance fees, workshops, side gigs, or any other form of income you receive.
- List your fixed expenses: These include rent, food, transportation, and insurance.
- Identify your variable expenses: This could be new costumes, travel for performances, or special equipment.
Once you have this laid out, you’ll have a clearer picture of where your money is going and how much you need to cover the essentials.
Pro Tip:
Use the 50/30/20 rule—50% of your income goes to needs, 30% to wants, and 20% to savings and debt repayment.
2. Build an Emergency Fund
This is a biggie. An emergency fund is your financial safety net when life throws you curveballs—like injuries or months without work. Aim to save at least three to six months of living expenses in an easily accessible account.
Start small if you need to. Even setting aside a portion of your paycheck each month can help build up your fund over time.
Why is this important?
As a circus performer, you’re often classified as a freelancer or independent contractor, meaning you don’t have the same financial protections as salaried workers. When your income isn’t guaranteed, having an emergency fund can be the difference between weathering a storm or going into debt.
3. Diversify Your Income Streams
Let’s face it, relying solely on performance gigs can be a gamble. Diversifying your income is one of the smartest ways to prepare financially for uncertain times as a circus performer. Here are a few ideas:
- Teach workshops or private lessons in your area of expertise.
- Sell merchandise related to your act—think branded apparel or custom-made equipment.
- Offer virtual performances or classes online.
- Pick up side gigs in adjacent industries like fitness or event planning.
By having multiple streams of income, you’re less likely to be financially devastated if one source dries up.
4. Take Advantage of Freelance-Friendly Financial Tools
Freelancers and independent contractors often miss out on employer-provided benefits, but that doesn’t mean you can’t set yourself up for financial success. There are a ton of tools designed specifically for people like you!
- Freelance income apps like QuickBooks Self-Employed or Wave can help track your earnings and expenses, making tax season less of a headache.
- Health insurance plans for freelancers can be found through organizations like Freelancers Union.
- Retirement accounts such as IRAs or SEP IRAs are great ways to save for the future, even without a traditional employer’s 401(k).
Helpful Resources:
Check out Freelancers Union for resources on health insurance and retirement options.
5. Invest in Insurance: Not Just for the Cautious
We know insurance isn’t the most glamorous topic, but it’s a critical part of financial planning, especially for circus performers. Given the physical demands of your job, disability insurance can be a lifesaver if an injury sidelines you. And don’t forget about health insurance—unexpected medical bills can wipe out your savings in a heartbeat.
Look into affordable options designed for freelancers or performers. The peace of mind you’ll get is well worth the monthly premium.
6. Plan for the Off-Season (or Unexpected Downtime)
Every circus performer knows there are busy seasons, and then there are times when things slow down. Instead of scrambling for gigs during these slow periods, plan ahead.
Set aside extra cash during your busiest months to cover the lean times. You can also use the downtime to focus on other income-generating activities like teaching or selling products online. Being proactive during the off-season can keep your finances on track year-round.
Frequently Asked Questions (FAQs)
What should I prioritize first when creating a financial plan as a circus performer?
Start by setting up a budget and building an emergency fund. These two steps form the foundation of financial security. Once you have these in place, focus on diversifying your income and securing essential insurance coverage.
How much should I save for emergencies?
Aim to save at least three to six months’ worth of living expenses in an easily accessible emergency fund. If your income fluctuates significantly, err on the side of caution and save closer to six months’ worth.
Is it worth it to invest in retirement as a circus performer?
Absolutely! Just because you don’t have a traditional employer doesn’t mean you should skip saving for retirement. Consider setting up a retirement account like an IRA or SEP IRA to start building your nest egg.
How can I make extra money during slow seasons?
Think about offering workshops, teaching private lessons, or selling merchandise online. You can also explore digital opportunities like creating virtual classes or performances.
Wrapping It All Up: Stay Financially Fit
Preparing financially for uncertain times as a circus performer may not sound as thrilling as mastering a new trick, but it’s just as essential. By setting up a budget, diversifying your income streams, and building an emergency fund, you’ll be ready to handle any financial curveballs life throws your way.
So, what are you waiting for? Start taking action today! Comment below and share your thoughts—what are your biggest financial challenges as a performer? Let’s keep the conversation going and support each other through the highs and lows of this exciting career!
Share your experiences! Have you ever experienced financial uncertainty as a circus performer? What strategies have worked for you to stay financially secure? Drop your comments below and let’s chat!
