3 Money Mistakes Musical Theatre Performers Make (and How to Avoid Them!)
Do you often feel like money is a constant struggle in your musical theatre career? You're not alone. Many performers make the same financial missteps over and over, which can make it difficult to sustain a long-term career. But it doesn’t have to be this way.
In this post, I’ll share the three most common money mistakes performers make and how you can avoid them to build a sustainable, fulfilling career in musical theatre—on your own terms.
1. Relying Solely on Stage Paychecks
Let’s face it: contracts come and go. The downtime between gigs can wreak havoc on your finances, often leading to depleted savings or taking jobs completely outside the industry just to make ends meet. While this may be necessary at times, it’s critical to approach your “support jobs” strategically.
Build Multiple Streams of Income
Gone are the days when performers could rely solely on their stage paychecks. With today’s digital tools, creating additional income streams is more accessible than ever. Here are some ideas:
Virtual assistant work for creative professionals.
Teaching voice lessons, dance classes or acting workshops.
Creating digital content for platforms like YouTube or TikTok.
Freelancing in writing, editing, or design.
If you’re looking for inspiration, check out my free guide: 50 Ways I Make Money Offstage. It’s packed with resources and actionable ideas to help you find flexible, enjoyable income streams that support your career as a performer.
2. Failing to Treat Your Career Like a Business
If your career doesn’t generate consistent income, it’s time to rethink your approach. As a performer, you are the CEO of your own business. You’re in charge of marketing, branding, networking, and finances.
Develop a Business Mindset
Think critically about what’s working in your career and what isn’t. Ask yourself:
Why am I not getting callbacks?
Are my materials—headshots, resumes, reels—up to industry standards?
Am I targeting the right roles and showcasing my skills?
Plan regular check-ins to evaluate your progress. I recommend setting goals every six months, assessing what’s working and what needs adjustment. This approach can help you identify weak points and focus your energy on strategies that deliver results.
Example:
When I started treating my career like a business, I diversified into on-camera work, voiceover, and commercial acting. Recently, I booked a commercial with a globally recognized brand that earned nearly $5K—income that sustained me during a quieter period for stage work.
3. Not Budgeting or Tracking Finances
Do you know exactly where your money is going each month? If not, you’re flying blind. Without a clear picture of your finances, it’s impossible to make informed decisions about where to invest in your career.
Start Budgeting and Tracking
Create a spreadsheet or use budgeting tools to track:
Income from gigs and support jobs.
Expenses like lessons, coaching, audition materials, and subscriptions.
Union fees, marketing costs, and training programs.
This habit not only helps you prepare for tax season but also allows you to see which investments are paying off. For instance, if you’re spending heavily on voice lessons but not getting the results you want, it might be time to work with a different coach or shift your focus to other areas.
Bonus Tip: Keep Learning
Every month, I create a Musical Theatre Monthly Challenge designed to help performers take actionable steps toward their goals. These bite-sized lessons tackle topics like managing your finances, updating audition materials, and building a sustainable career. With enrollment just $12 for the entire year, it’s an affordable way to stay motivated and on track. Learn more here.
Final Thoughts
Managing your finances as a performer doesn’t have to be overwhelming. By avoiding these common mistakes, you’ll be better equipped to navigate downtime between contracts, maintain financial stability, and focus on what really matters—your art.
If you’re ready to take control of your career and need personalized guidance, check out The Empowered Actor, my mentorship program designed to help performers thrive in the industry.
Have you made any of these money mistakes in your career? What strategies have worked for you? Let’s continue the conversation—leave a comment below!
Ashlee Espinosa is an accomplished theatre professional with a Master of Fine Arts in Musical Theatre. As a seasoned actress, passionate educator, and dedicated career advisor, she empowers artists to build fulfilling, purpose-driven careers defined by their unique vision of success.
