They must manage their own finances from "summary" of Working in the Gig Economy by Thomas Oppong
In the gig economy, individuals are responsible for handling their own finances. This means they must keep track of their income, expenses, taxes, and savings. Without the safety net of a traditional job, gig workers must be diligent in managing their finances to ensure their financial stability. One key aspect of managing finances in the gig economy is budgeting. By creating a budget, individuals can track their income and expenses, identify areas where they can cut costs, and allocate funds for savings. Budgeting allows gig workers to have a clear picture of their financial situation and make informed decisions about their spending habits. Another important aspect of financial management in the gig economy is saving for taxes. Unlike traditional employees who have taxes automatically deducted from their paychecks, gig workers are responsible for setting aside a portion of their income to cover taxes. Failure to save for taxes can result in a hefty tax bill at the end of the year, putting gig workers in a difficult financial situation. In addition to budgeting and saving for taxes, gig workers must also prioritize building an emergency fund. Without the security of a steady paycheck, unexpected expenses or periods of low income can have a significant impact on gig workers' financial stability. By having an emergency fund, gig workers can weather financial emergencies without going into debt or jeopardizing their financial well-being.- Managing finances in the gig economy requires discipline, organization, and foresight. Gig workers must take a proactive approach to their finances, staying on top of their income, expenses, taxes, and savings to ensure their financial stability in an unpredictable and ever-changing work environment.
