The gig economy is a growing trend in the workforce. Gig workers are people who use their skills to work for multiple companies and clients. For example, a gig worker can be an artist, a graphic designer, a programmer, or a writer.
The most common gig work types are digital freelancers and temporary workers.
How to Stay Frugal with Your Gig Work if You’re in the U.S.?
Frugality is a virtue that many people try to achieve. However, it can be hard when you have a job that requires you to spend money on things like food and transportation. One way to stay frugal with your gig work is by setting up a budget and sticking to it.
Gig workers in the U.S. earn an average of $10 per hour. So, it means they need to save at least $10 per hour to survive without working another job or getting help from their parents or friends for rent/food/etc.
5 Tips for Keeping Yourself Motivated If You’re Working with Gigs
Working with gigs can be a great way to make money and have more flexibility in your schedule. However, staying motivated can also be challenging when you’re working with multiple clients at once.
Let’s focus on your workflow to take the right action when needed.
- Have an overview of what you want to achieve for the day
- Set specific goals for yourself
- Avoid distractions
- Use tools like Trello, Asana, and Google Calendar
- Write down your accomplishments
Bright does not offer consolidation loans. But Bright can help you manage your finances with two smart alternatives, Bright Credit Builder and Bright Balance Transfers. They are smart alternatives with competitive rates and built-in automation.
Bright Credit Builder is an easy way to up your credit score. Bright Balance Transfer offers a low-interest line of credit made to pay off credit cards faster while saving you from high-interest charges.
Reach out to Bright and select the preferred smart payment alternative. You will not only save money by cutting additional charges but also improve your credit score!
What is the average gig worker’s salary?
A gig worker is a professional that performs a service or a job on an as-needed basis. In fact, most people ask this question, which is their first, when they hear about the gig economy.
While there are different opinions on how much someone would make in this field, it is safe to say that they don’t make as much as you might think. Many factors influence the salary of a gig worker, such as – Experience level – Skillset – Location of work
To become a gig worker, you must consider what factors will benefit you the most. For example, suppose you have experience and skills that are in high demand and live near the business. In that case, there is a higher potential for your wages.
Ways How Gig Workers can Budget Smart, Save Money, and Get Rewarded Incentives
Gig workers are not limited to just full-time work. They can also be freelance or part-time workers. This can be an excellent opportunity for them to save money and get rewarded with incentives. Here are some of the ways how gig workers can budget smart, save money, and get rewarded with incentives:
Track expenses: Gig workers need to track their expenses to clearly understand how much they spend each month. This will help them know what they need to cut back on and what they need to put more money into so they can still have their desired lifestyle.
Set up savings goals: Gig workers should set up savings goals for themselves so that when they reach their goal, it is time for them to reward themselves with something special like a trip.
Reward yourself: Gig workers should reward themselves with savings goals met by something special.
Take advantage of incentive programs: Gig workers should take advantage of incentive programs to save money and get rewarded with discounts or incentives.
Get an allowance: Another excellent way for gig workers to save money is by getting an allowance, which would be a particular amount that is only given out on certain days.
This way, they know how much money they have to spend on things like entertainment or trips and how much to save for retirement.
Reduce debt: Gig workers should reduce their debt as much as possible.
Pay off credit card balances monthly: Gig workers should pay off credit card balances every month before the due date. It helps them avoid late fees and additional interest.
Sign up for a credit card with a low-interest rate: Gig workers should sign up for a credit card with a low-interest rate. It helps them pay it off over time and avoid excessive interest payments.
Ask your employer if they offer 401K plans: Some employers may offer 401K plans with matching funds. You should take advantage of the 401K program if your employer is willing to provide a matching program.
Get health insurance: These days, it is crucial that gig workers have health insurance because many companies will not offer it.
How do credit builder and credit transfer work for a gig worker?
A credit builder is an installment loan where the borrower makes payments to pay off a credit card debt. This is usually done by making monthly payments on the revolving balance of a credit card, which must be paid in full within the specified number of months.
Credit transfer is when one person takes out a loan and then pays it over to another person who will assume responsibility for paying back that loan in full. It is usually a particular type of loan where one person borrows money from someone else and then pays back that person with interest payments.
If you’re like the millions of gig workers who pay their credit card bills on time, you might not worry about your credit score.
But your credit score suffers when you don’t pay your bills on time, making it harder to get approved for loans and other financial services. So, paying your bill on time will keep those points scoring high.