Band Fund Thursday #3: Individual Finances

When a band is first starting out everything seems like it is going great, new songs are coming easily, the band members get along, and there is no where to go but up. As a band, or any musical group, progresses, and the band fund builds, as has been discussed in previous Band Fund Thursday posts, the trust of the band or group members has to grow as well. Money is a sensitive topic, even in a band. Some band members may come from different financial backgrounds or have different earning power and while these differences may seem to have nothing to do with music they are issues that may come up in any musical group as each member will have individual financial issues.

Some band members that front money for the band for band t-shirts or to record a few song demos may begin to feel taken advantage of by other band members who never seem to have money. The band members with lower financial abilities may feel the unsaid pressure from not having money. And perhaps the most difficult part of band finances is when someone low on cash attempts to take advantage of the hard work of the entire band and takes, steals, or borrows money from the band fund. This has happened to a band that I was in, and if you take nothing from any of our other posts, please read carefully, DO NOT TAKE FROM THE BAND FUND FOR PERSONAL USE.

All of these problems can be avoided, or at least recognized, with honesty between band members. If a band member is low on cash, or can't put in to the band fund for a few weeks they need to let the band know. If a member feels they have been shouldering too much of the financial burden, they need to let the other band members know.

Take the time to recognize the financial situations of all the band members, and realize that this element of a band member may be just as important as whether a band member can actually play their instrument, can spend more than 5 minutes away from their significant other, and wants to go on tour.

If this article hits a little to close to home pass it along to all the other members in your band and open up a financial dialog. If someone has already taken money from the band fund, or all the other members suspect that money has been taken, you need to bring the issue to light if the band is ever going to be successful.