Steps to financial planning on a part-time job or gig job

The loss of jobs in the United States from 1980 to 2010 has left many worried about how to survive. As jobs continue to become a commodity, many people will be forced to survive in this tough climate of stagflation and cutthroat competition with only part-time jobs or even gig jobs (jobs that are temporary with no work in between). If you find that you are in this category, you may find the following tips helpful as you struggle to stay alive like so many others that have fallen prey to the economic downturn.

Step 1 Be a penny pincher

This seems obvious, but have you really looked at your spending? Apart from Suze Orman, even a dollar saved a day can help you several months down the road when no job may be available. The best place to save is at a credit union (find one near you at creditunion.org) since credit unions are able to give higher interest rates on savings accounts and offer free checking.

Step 2 Be on the lookout

Jobs are no longer stable no matter how solid yours may seem right now. Constantly apply to as many part-time jobs (these are easier to get since many people do not want them) as you can. You need to be able to have at least one job lined up after your current temp gig or part-time job runs out. Remember two part time job adds up to a full one.

Step 3 Consider at home work

I know this may seem like a cliche, but there are many jobs that can be done at home and online. Go to virtualvocations.com and search through to see if there are jobs that match your background. When you work from home you can do three even four jobs at once, which will ease the burden.

Step 4 Go below

Often times many people are not willing to take lower jobs, such as being a nurses aide. However, there are plenty of these jobs available and the cetification process can be completed in as little as two weeks in most states. If you had a managerial position before and are now out of work, do not be afraid to take grocery clerk jobs and nurse aide positions because these are beneath your education level or work experience. If you need a job while you are still searching then try one of these positions.

Step 5. Get insurance

Go to insurance.com or omaha.com to find out about special temp insurance in the event that you are out of work. It can only keep you over for a few weeks, but every little bit counts. Also consider forming a LLC, which can then enable to to get company insurance in case your “firm” is not getting income. Many professional organizations have such insurance. Try ieee.org or nyscpa.org. Even if you are not an engineer or accountant, the dues are little to none and you get these benefits.

Keep the faith. The economy will waver for a while, but you can thrive. Please visit stepsto.com for more great business advice.