The Independence that Future of Work Offers You – Women and the Gig Economy

The Independence that Future of Work Offers You


You might hear the words ‘Gig Economy’ and ‘Gig Workers’ being used a lot, but have you ever wondered what does it mean? 


These terms never existed a couple of years ago then why is it suddenly in the limelight today? So much so, that it is a part of every other discussion, whether at a coffee table or a conference.

Well, the answer is just 2 simple words, it’s the Future Workforce!

The Gig Economy is a free market system where project based or part time work is common. Organizations hire independent workers on temporary basis for short engagements. A Gig Worker is a person who looks for opportunities which are project based and or short-term in nature. This is a win-win model for both the contract worker and the contract work        provider, mainly, because of the flexibility it provides. For companies, it involves lesser paper work and ease of hiring while for freelancers it’s all about the flexibility to work on their terms, time schedules and fees. Gig workers can also choose to work for one or many employers based on their availability and interest.

Here, lies a huge opportunity for women who are looking for flexibility, for women who care giving responsibilities and for women who have taken a sabbatical; to start or continue their journey towards financial freedom without having to let go of their duties. Yes, being financially independent is very important and, whether expressed or not, it is a thought that continuously runs on our mind; It does not only brings self-respect but also provides credibility in our society. In order to be financially independent, women are expected to step-up and multi-task. A lot of times, we struggle to choose between emotional commitments and financial commitments. This is when being a gig worker will help. You can choose projects that you are interested in, working from home and getting the fee you deserve.

While this proposition is very exciting and leads you to your goal, mind you, it has its own set of challenges. One being the irregular cash inflow. There could be a sudden demand for your skills in some months while some months would end up being a lean period where there is no income coming in, more so around festive months. Then how would you manage?

With a planned approach to finances, this challenge can be made less difficult. As a Certified Financial Planner (CFP) and a Certified Financial Transitionist (CeFT), here are 4 things I suggest gig workers should consider while actively working for their future security:

  1. Accept the fact that budgeting is crucial – although the income is varying and uncertain, the expenses are constant, week on week or month on month. Hence, budgeting becomes a crucial exercise. This will help you to not get over whelmedin the months which have higher inflows and gloomy in other. At any given point in time you must keep 4 to 6 months of your monthly expenses available in liquid which can be easily utilized in case of any exigencies. This also gives you some time to look for your next project.
  2. Be cautious of the EMI fever– In order to make the dream a reality, EMI i.e. equated monthly instalments seem to be a big aid. However, if the cashflow is not planned well then it can get tough to take care of any EMIs.  While looking at EMIs always compare it against your average income per month and not the highest income you could generate in a given At no point in time your EMIs should be more than 30%-35% of your average monthly income else sustaining the same will get very difficult.
  3. Make your Money work for you– There is always a difference between savings and investments. Women are generally tagged with the innate ability to save, which is a very good trait. However, this can get better if it turns to investments. Savings mean parking your money aside whereas investments mean making your money work as hard as you. An SIP (systematic investment plan) may not be an ideal way for you to invest given the expected irregularities in the income. I suggest investing the surpluses in liquid funds at an interval convenient to you – monthly or fortnightly or quarterly – and use the STP (systematic transfer plan) method to enter the investment scheme.
  1. Stay Motivated – this is probably one of the most important things to do. Trust me, it is not easy to sit on the same table and chair for your professional and personal chores. Working from home sounds very convenient but not having any colleagues around to push you for a coffee break or a lunch break has its own draw backs, it is easy to get into boredom. Self-motivation and focus on the Thinking about the end resultof achieving financial    freedom with an urge to make a difference will help you regain your focus and fly higher. Remember, your only limit is YOU!

Do not hold back, take the plunge and explore the opportunities that are there for you. Earn a living by living the life you want!

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Sneha Jaggar

I find great joy in aiding wins of others. A conversation with deep listening is all it takes to break the ice and get insights into goals, aspirations and thus wellness of families.

The best part about being a Certified Financial Planner (CFP) is that you get to meet different people with different backgrounds having different goals and aspirations; trusting you to help co-create a journey towards achieving their goals. Knowing the basics of personal finance is not enough as Money is an emotional subject, the Certified Financial Transitionist (CeFT) training equipped me to help clients deal with these emotions and then rationalize the next step forward for them.

When I’m not passionately planning or crunching numbers, I am playing with my kids, listening to music, baking cakes, traveling and learning about new cultures.

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