With the economy in decline, this balancing act is getting trickier and trickier, so managing your money responsibly is more important than ever before.With that in mind, Back Stage asked three actors to track their spending for one month to see how they're faring.Colley and Bellomo emphasize that a one-month snapshot doesn't necessarily provide the most accurate picture of your true financial health.Therefore, both recommend that all three actors continue to track their finances over more months to get a solid idea of what they're spending, what they're earning, and how they can best take advantage of both sides of the equation."I feel like one month isn't always representative, because sometimes you miss that one month where the one biggest expense happens," says Colley."Our participants were unique in that they carried little to no debt on the books, which is highly uncommon," says Bellomo."This will be a contributing factor for many readers and should be held as a strong priority when making financial decisions.
Looking at it over a slightly longer period of time helps."Additionally, though the three actors profiled here don't have much in the way of debt, actors who do will need to keep that in mind when assessing their own financial health.
Margulies now is embarking on an adventure of a different sort.
Last year he uprooted his laid-back Oahu lifestyle and made the trek to Los Angeles to pursue acting full time.
He didn't arrive in Hollywood armed merely with aloha spirit; he came over with a savings account of about ,000, which he has been living on while he tries to jump-start his career.
So far he has had decent luck, nabbing an agent and booking roles in an American Film Institute student film and a play in Hollywood.