8 Ways Gig Workers Can Build Financial Stability

Know Your Target Income

Source: boonchai wedmakawand / Getty

Often, gig workers go out into the economy and try to simply make as much money as they can. But it is important to understand your target income. Remember that when you are a gig worker, you will have dry spells and cannot count on a consistent paycheck. Your target income – and rates – should account for those dry spells. Some experts would say that as a gig worker, you should aim every day to make as much money as you’d need to cover your expenses if you didn’t work for the following two days. Additionally, you won’t have your health insurance covered. Today, the average monthly cost of an individual health insurance plans is $541, says Value Penguin. You might need to include that cost into your target income. However, HealthCare.gov can point you in the direction of affordable healthcare resources in your area and help you check your eligibility.