The Merindas: What we’ve learnt about saving

Candice Lorrae and Kristel Kickett from electropop group The Merindas first crossed musical paths in 2012. They met in a Motown cover band of the same name where Candice, a Jawoyn and Torres Strait Islander, and Kristel, a proud Ballardong-Whadjuk woman, discovered their ‘soul sisterhood’ chemistry. In 2017, they decided to pack up shop in Western Australia and move across the country to Melbourne, Victoria, to work full-time in music. 10 years on and they’re still writing, singing and performing together. They’ve toured with the likes of Jessica Mauboy, Dan Sultan, Moju and Grammy Award-winning artists Brandy and Craig David – and have just released their EP, ‘Complicated’.

To celebrate Ausmusic Month , we sat down with the R&B pop duo to speak frankly about their financial journeys – as a group and individually. From living together on a tight budget to pursuing their own side hustles, Candice and Kristel share what they’ve learnt about saving while working in a creative industry.

Plan ahead for every kind of scenario

If you’re working towards a personal goal – like landing your dream job or owning your own home – Candice and Kristel suggest planning for every financial situation that might pop up during that time.

Before their move to Melbourne in 2018, they hatched a savings plan to make sure they hit the ground running when they arrived. ‘We got as many gigs as possible before the move,’ Candice recounts. ‘We also applied for a professional development fund so we were able to get funding for that,’ she continues.

The duo also decided to move in together to cut down on living costs . ‘Candice and I shared a little two-bedroom unit with my sons for a year. We stuck with a three-seater couch and didn't buy any furniture,’ Kristel says. ‘We [also opened] an account together and started putting money into that, almost like a married couple,’ Candice adds with a smile.

As for their current financial situation, they’re taking matters into their own hands again. ‘I've undertaken a program with NEIS (Small Business Assistance), so we've been doing business financial planning. We also have a lot of conversations with our manager and other creators and mentors. Our next step is to see an accountant and get the right advice,’ Candice says.

Save your money for a rainy day

When it comes to saving, putting aside extra cash into an emergency savings fund or kickstarting your bucket budgeting can help you in the long run – especially with surprise expenses.

‘I've started [bucket budgeting] this year and it is amazing,’ Candice shares. ‘It's probably the best advice that I've been given on how to structure my accounts and savings – and [I’m] using Excel spreadsheets now to work out my budget,’ she continues excitedly.

The same applies to their band. ‘We have an emergency backup fund, a fund for costuming and gear – and future projects,’ Candice explains.

When it comes to Kristel, she prefers writing everything down. ‘I'm real old school. I like to write it all on a piece of paper,’ she says.

Get meal savvy

‘The best advice I got from my mum was: “Make sure your rent [and bills are] paid, you've got food in your fridge and fuel in your car,”’ Kristel recalls. She has folded this advice into her everyday life – including budgeting for weekly meals.

‘With food, we just stick with dinners that are meat and vegies. I try and make something that can last for two days,’ she says.

Over the last few months, Kristel’s also started using an affordable and family-friendly meal-kit service. ‘It's really easy and that's just for four days per week. We are trying to have one takeaway night, then I use the leftover meat and vegies,’ she shares. She believes this has helped her save a lot.

It’s worth the hustle

If you want to inject more money into your savings, Candice and Kristel recommend starting a side hustle.

‘We know that we need to do four gigs a month to make it through [and] five gigs a month if we want to save,’ Candice explains. ‘If the live stuff isn't happening, we have a side hustle doing music and fashion workshops. We tour regional areas in remote communities and work with young kids. It's really rewarding,’ she continues.

‘I've got [a few] side hustles. I'm doing my acting, music and I'm working in retail and the COVID response team,’ Kristel explains.

Adjust your expectations

Whether you’re freelancing or working in a music or creative industry, you should factor in irregular payments when it comes to your budget.

‘If you want to pursue a career in music, it's not going to be a job where you get paid fortnightly or weekly. It's something that's going to take time,’ Kristel shares. ‘Most clients will pay you within 30 days. It's really hard.’

Candice agrees. ‘It’s important for people to earn money before they can start saving money. They must look at their cash flow. How many gigs do they need each month to pay their bills – for their business and household? Budgeting each month is more important than how much work you're getting.’

‘That's why if you’re starting out in the industry, make sure you have a side hustle,’ Kristel concurs.

Quotes taken from this interview with Candice Lorrae and Kristel Kickett from The Merindas in November 2021 reflect the personal views and experiences of the artists and individuals.