With all the benefits the gig economy has to offer, it’s no surprise that over 50 million people in the United States are using it to find and pick up available work. One of the biggest motivators for becoming a gig worker is the ability to save money; but that’s usually easier said than done, isn’t it? In this post, we’ll cover a few simple tips for gig workers to save money and reach their goals.
Bring your own coffee and snacks
Most people like to start their day with a cup of coffee to get their energy up. If you’re someone who grabs their daily caffeine at a shop or café, you could be spending more money than you think. Buying a $2 cup of coffee five days a week for one-year costs over $500. Save yourself the time and money by bringing snacks and drinks from home. Having something to munch on will lower the chance that you’ll stop and grab a pricey meal on your way to and from a shift.
Put away your pay from every 5th gig
Experts have suggested allocating 20% of every paycheck to savings. Because so many Americans live paycheck to paycheck, this isn’t always feasible. By saving the pay from every 5th gig, shift, or assignment, you’ll be able to start cultivating your nest egg without breaking the bank.
Work a full schedule
Gig workers, also known as independent workers or contractors, often have the option to work based around their schedules (as is the case with LGC). If you can work as much as you’d like, seize the opportunity. Find yourself with a free day? Pick up a shift! Your paycheck will thank you, and you’ll feel less stressed the next time you want to take a day off.
Try a money saving app
There’s an app for everything, so why not try one out that helps you save? Check out this list from Credit Karma, with options like Digit, SmartyPig, Qapital, and Tip Yourself. These apps have features such as automatic saving, no fees, and earning interest.
We know saving money can be challenging, but the reward pays off in the long run. If you’re looking to enter the gig economy or simply add more work to your schedule, contact LGC to find hospitality shifts in your area.