I don’t have a savings account that’s specifically for long-term savings…I’m a student pursuing a career as a freelance musician, so is it a good idea for me to get something started now for the uncertainty ahead? I don’t feel like I make enough money to even start it.

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Posted by Olivia Boen (MONEY FORUMS: 4, Answers: 0)
Asked on February 8, 2016 8:36 pm
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I’d say without a doubt. Music is such an uneven industry and having anything to devote towards it savings-wise is valuable. Maybe even a savings account devoted to storing money for freelance purposes: rehearsals, recordings, etc. Staking out certain amounts of money for gigs every so often is helpful in getting into the habit of saving AND performing regularly too, without many expenses. :)

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Posted by Cole Lumpkin (MONEY FORUMS: 4, Answers: 1)
Answered: May 6, 2016 11:23 pm
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I say go for it. (Though I know the feeling of not having enough to even start it). I have two savings accounts, one for ‘normal’ uses, and one specifically set apart to pay off college when the time comes. I haven’t researched specifics of different banks as to what you need to start an account, but even if you start one with maybe $20 or so, and set aside a dollar or two every paycheck, that could get you into the ‘habit’ of saving for when your gigs start paying some big bucks. :-)

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Posted by Julie (MONEY FORUMS: 4, Answers: 2)
Answered: February 9, 2016 9:38 pm
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Olivia, the most important thing to do is to while you are still a student is to START SAVING SOMETHING. Get in the habit of saving, paying your future self first. As a freelance musician, you will ultimately need to accumulate about 6-12 months of living expenses in your emergency fund before saving for things like major purchases. This may take awhile. In the mean time, there are a variety of ways to save smaller amounts now. Whatever amount you decide to try to save, move it into savings as soon as you are paid. Don’t wait to see what is left at the end of the week/month. (but be sure to save anything that IS left at the end of the week/month as well.) I’m sure others can share their tips for getting the savings habit started.

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Posted by Beth Tallman (MONEY FORUMS: 1, Answers: 61)
Answered: February 8, 2016 10:27 pm