Many music professionals find that the joy of making money doing what they love outweighs some of the potential disadvantages of unpredictable pay. The reality, however, is that making money in a gig-based economy leaves many living paycheck to paycheck. Like with many creative, gig-based careers, you may find it hard to manage your money, your work, and your mental health, which can lead to financial stress.
Financial stress in the music industry isn’t limited to the music makers. Industry volatility impacts everyone from managers and label executives to studio managers to crew and musicians, and balancing personal and professional finances affects people across the industry.
The good news: There are tools and support that can help you navigate the financial ups and downs of this work. Here’s what you can do to begin alleviating financial stress and improving your mental well-being.
How Financial Stress Can Affect Your Mental Health
According to the MusiCares 2025 Wellness in Music Survey, nearly 8 in 10 respondents made less than $100,000 annually and couldn’t cover their expenses through music work alone. Not only that, 40% of respondents attribute their anxiety to financial instability, and 32% attribute their depression to finances.
One study of musicians who sought mental health care showed that work and financial stress are strongly associated with anxiety and depression. Forty-five percent of study participants said they had work stress and 81% rated their financial stress as high or overwhelming. Over 36% of respondents reported moderate to severe depression and 33% rated similar levels of anxiety.
The association between financial stress and mental health is not limited to the music industry. Researchers reviewed studies and found that financial problems are consistently linked to depression in the U.S.
In gig-based work, where salaries are nonexistent and individuals work day to day (often working multiple jobs a day), financial stress can be a daily experience. If you’re struggling to afford daily necessities such as rent and groceries, you’re not alone.
Financial and work stress can look like:
- Sleep disturbance (difficulty falling or staying asleep)
- Changes in eating habits
- Changes in energy levels
- Increased irritability
- Increased substance use
- Trouble maintaining or creating new relationships
- Thoughts of suicide
Be Proactive About Money Management
Proactive steps such as learning more about finances, establishing a financial safety net, and seeking financial management advisory services can help ease some stress. Use this knowledge to create a strategy that helps you feel prepared.
Approach Finances Mindfully and Proactively
Thinking about your financial future can feel overwhelming, but taking a mindful, proactive approach sets you up for success.
- Talk to your peers about what strategies they use to balance their budgets and save for the future.
- Implement a waiting period before making unnecessary or impulsive purchases.
- Track your monthly bills so you can predict your baseline needs, then allot a portion of your income to save and a portion to spend.
- Take small steps to cut unnecessary expenses, such as evaluating monthly subscriptions to see which can be discarded or canceled.
Seek Expert Advice
Connecting with a financial professional is an invaluable step toward securing your financial future. Many certified financial counselors offer free consultations that cover must-know information about savings, investments, and retirement.
Musicares offers financial planning coaching with certified financial coaches to make and meet targeted goals.
Take a Course
MusiCares offers preventive programs, including financial literacy education.
Build Your Emergency Fund
Standard practice dictates that individuals should aim to save three to six months of living expenses to prepare for financial emergencies. But with the volatility in the music industry as it is, it’s a good idea to aim for a year of savings. During lucrative months of work, set aside up to 40% of your income to save for gap months. If saving that much of your income is tough, putting aside whatever you can — no matter the amount — will be helpful in the long run.
Use Tailored Resources
There are resources, such as MusiCares, created explicitly with music needs in mind. In the past year, MusiCares provided more than $3 million in assistance to address the most basic and essential living needs among our community, such as rent and utilities.
Their crisis relief, preventive care, recovery resources, and need-based financial assistance can address many of your needs.
- Finance and career support: Their Human Services include preventive programs that address financial wellness, housing and career development.
- Health-care support: If you’re struggling to secure services such as targeted health services, including biannual clinics for dental, vision, and physical or holistic health, their Health Services focus on need-based financial assistance for medical expenses and loss of work due to illness or injury, as well as recovery support through access to physical therapy and continued wellness resources.
- Mental health support: MusiCares’ Mental Health and Addiction Recovery Services include preventive resources such as emotional support groups, referrals, and financial assistance for counseling and therapy, as well as mental wellness workshops that can help you get the mental health support you need to navigate your financial stressors.
Taking Care of Your Mental Health
Tending to your mental and emotional health is a nonnegotiable yet often overlooked aspect of your financial health journey. Here are a few suggestions to help you get started.
Take a Holistic Approach
Your mental health and physical health are connected, and paying attention to physical cues can help you stay on top of both. When you notice unusual aches or pains, headaches, or gastrointestinal discomfort, that’s a sign to stop and pay attention to your needs. Prioritize sleep, adequate nutrition, hydration, exercise, and building a support system.
Develop Healthy Coping Strategies
Learn how to manage stress and reduce anxiety by understanding your triggers and using calming techniques such as deep breathing to address your symptoms.
Find a Group of Peers
Connecting with others who get it is essential. It’s common to find musicians who talk about the practical aspects of musical life. See if you can find — or create — a support group with which you can discuss the role of this lifestyle on your mental health. It’s also great to see if you can find a mentor who has been there.
Musicares offers free virtual support groups to help build connections and support among music professionals.
Connect With Someone You Trust
If group settings aren’t your thing, reach out to a friend, family member, or someone else who you trust. Be honest with them about what you’re going through and how you’re feeling.
Find Therapy
Reach out for help from a therapist who understands the music industry, financial insecurity in gig-based work, and the mental health concerns associated with both.
Financial insecurity and work stress are significant risk factors that can be associated with depression, anxiety, and suicidal thinking. You are not alone. If you are struggling, please contact MusiCares to be connected to mental health resources, financial assistance, and other preventive care and support services. Your community wants to help you through this difficult time.