As the festival season swings into full gear, it brings more than just the music and reunions with colleagues and friends. It’s also a prime time for learning and personal growth. From mental health support to sustainability efforts, festivals like the Tortuga Music Festival are hotspots for engaging experiences. During the eventful days and the weeks leading up to Tortuga, countless festival staff, local hires, bands, and crew members came together, creating the perfect environment for striking up these meaningful conversations.
This year at Tortuga, I had the unique opportunity to merge the dynamic festival atmosphere with something quite unconventional—a financial wellness table set up in the bustling backstage catering area. Not typically front and center at such events, financial health is crucial, especially here where diverse groups from freelancers to seasonal workers converge, often without the safety net of structured employee benefits. While festivals aren’t typically responsible for offering such services, providing this kind of support is a phenomenal gesture by the producers of the festival. Many festival workers are regulars, and they will tell you that the relationships built on-site are what truly make the work rewarding.
 The Heartbeat of Financial Conversations
My table was stationed next to the “Rock the Ocean” auction items, a project dedicated to raising money, awareness, and support for ocean conservation efforts—a cause closely aligned with the festival’s commitment to sustainability, as the festival takes place on the beautiful Fort Lauderdale beach. The irregular rhythm of festival life, where staff, artist teams, and crews grab meals at varied times, created the perfect setting for ongoing discussions at my table during the festival’s three days. At first, my station was more of a curiosity to those who passed me by, but once the value was realized by those who took advantage of what I had to offer, I was able to engage in many meaningful conversations, as curiosity overcame apprehension, highlighting the complex relationship many have with managing their finances. Seeking guidance on financial wellness shouldn’t carry a stigma; it’s similar to seeking advice for mental or physical health—often interconnected aspects of our overall well-being.
 Financial Awareness: More Than Numbers
As the tables turned over and new people arrived, it was just a matter of minutes before the conversation got lively and someone spoke up about needing some financial guidance. Money itself is straightforward, but our emotions and behaviors can often make things more complicated. In an industry characterized by unpredictable incomes, long hours, frequent travel, and minimal wellness benefits, there was always much to discuss with those who spent time with me that weekend. The stories I heard ranged from humorous tales of tour-related overspending—like a notably costly trip across Europe—to more somber revelations, like a veteran who half-joked, “I could have used this 25 years ago!” These interactions underscored the often-taboo nature of discussing finances openly, despite the clear need for such conversations within the industry.
On average, people dedicate just 4-½ hours a year to managing their finances, which is surprisingly little given its crucial role in our daily lives. This is particularly complex for those in the industry who often manage their own businesses, adding a whole layer of complexity with separate sets of books to maintain. Business finances can be more intricate than personal ones, raising the question: How can we make informed decisions without readily available information? For example, a Production Coordinator I worked with wanted to transition from touring to focusing on artist management. She struggled to determine whether she was making money from her management work because her business and personal finances were intermingled. After we organized each revenue stream, she could clearly see which ventures were profitable. For those that weren’t, this clarity enabled her to restructure her approach and successfully negotiate a higher rate.
 Defining Financial Well-Being
True financial health encompasses more than just meeting immediate needs—it involves preparing for the future while allowing for the enjoyment of the present. It begins with a clear understanding of your monthly expenses and extends to setting aside funds for unforeseen circumstances. For example, a Production Manager shared how he saved his per diems for eight years to buy a house—a testament to patience and long-term planning. If you know what to do but still struggle, you’re not alone. It’s common to feel confident about money yet stressed at the same time. Understanding why you’re stressed is the first step. Is it due to a lack of income, high expenses, or both? Perhaps a significant life event, like the pandemic or an illness, has disrupted your financial stability. If so, acknowledging these challenges is the first step toward regaining control over your finances.
 Strategies for Managing Money
Day-to-Day and Emergency Savings: It’s essential to keep track of regular expenses like rent and utilities, and to set aside a portion of each paycheck for irregular costs such as vacations and car repairs. This is especially crucial if your income fluctuates, as it helps buffer against financial surprises. A practical method to manage this is to create a spreadsheet that projects your monthly income and expenses for the next six months to a year. Start by adding known income sources, then allocate funds to savings and retirement as a priority—this is the “pay yourself first” principle. Next, list your fixed expenses and keep a tally of periodic expenses. This visual representation of your financial year allows you to see upcoming gaps and understand how today’s decisions can impact your future financial health. By doing so, you can strategize on how to close any gaps, such as increasing your earnings or adjusting your spending.
Assess Large Commitments: Before committing to major expenses like housing or cars, carefully evaluate whether these expenditures align with your overall annual income, not just your income during high-earning months. This approach helps to smooth out financial peaks and valleys throughout the year. Have you ever felt the thrill of house or car hunting, only to find yourself tempted to stretch your budget further than comfortable? Given the current high costs of housing and automobiles, it is easy to overextend. It is crucial to set clear limits before starting your search and remember to account for less obvious costs like repairs and improvements. Reaching the upper limit of your budget on these purchases can strain the rest of your finances, restricting your choices in the future. My goal is for you to feel empowered and in control of your finances, not constrained by them.
Separate Finances for Contractors: If you’re a contractor, it’s essential to treat your finances as you would a business. This means maintaining separate accounts for personal and business transactions. Not only does this separation simplify financial management and enhance organization, but it also allows you to identify potential business deductions more easily. Many contractors miss out on valuable tax deductions simply because their finances are intermingled, making it hard to discern personal expenses from business ones. Keeping your books in order not only provides financial clarity but also ensures you are covered in the case of an audit. (Sole proprietors are not legally required to keep separate books, but it’s a great habit.) Consulting with an accountant can further help you structure your business finances effectively, ensuring you take full advantage of tax benefits and maintain compliance with deadlines and estimated payments.
Cultivating Savings Habits: Developing strong savings habits requires both patience and persistence. It is a common human trait not to save instinctively, as financial psychologist Brad Klontz points out: “Human brains are designed to concentrate on the fires in front of us, not future ones.” This can naturally make saving a challenging task, especially in industries like the festival circuit where income is not only sporadic but also unpredictable. However, your discipline will pay off if you can manage to save aggressively. Not only will you feel more secure during off-seasons or between gigs, but you’ll also experience less stress. You might even find yourself in a position to be more selective about the next gig you take, rather than settling because you need the income.
Here are some practical ways to achieve this goal: First, automate a portion of each paycheck into a savings account—consider a high-yield savings account, which currently offers around 4-5% interest. Next, create visual goals of what you are working towards. This can keep you motivated and focused. Also, budget for periodic expenses, and make it a habit to review and adjust your financial plans regularly. This way, you can stay on top of your financial health and adjust as needed.
Cost-Cutting Tips: Simple measures can lead to significant savings in your daily expenses. Start by keeping a close eye on your spending—this will help you identify and eliminate unnecessary purchases. Cancel any subscriptions you no longer use; these can drain your budget without you even noticing. Meal prepping is another effective strategy that not only saves money but also time during busy weeks. For those who aren’t home often, stocking the freezer with essentials and some of your favorites can deter you from ordering out when you are tired and hungry. Take a moment to review your discretionary spending too; small expenses can add up, so giving yourself a monthly stipend provides some structure to your finances and doesn’t leave you feeling like you always have to cut. Additionally, consider switching to banks that don’t charge monthly fees, as these can unnecessarily increase your costs.
 Continuing the Conversation
The path to financial well-being in the festival and touring segment of the music industry is an ongoing journey, and all too often one that has long been overlooked or ignored. We have discussed managing daily and emergency expenses, but there is so much more to delve into, including navigating credit, managing debt, securing insurance, and planning for retirement.
Let’s keep this essential dialogue alive. Your experiences and insights are invaluable, helping to build a solid foundation of financial security and resilience within our community. I encourage you to share your strategies and support each other as we work towards a financially robust future. Until next time, let’s incorporate financial health into our festival routines, ensuring that we do more than just survive—we thrive in this dynamic segment of the industry.
You can reach Rachael Bronstein at rachael@lifesjam.com
