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As an independent worker, you enjoy freedom and flexibility. We’ve compiled information and resources for you to build financial stability too. Learn more!

When your income fluctuates or you live paycheck to paycheck, saving money can be challenging. The truth is, when it comes to savings, every little bit counts, and even small amounts add up. With these five tips, you may be able to save a little at a time without sacrificing cash flow. Set-up automatic transfers. Set up automatic transfers from your checking account to a savings account. Even if you start out with just $5 a month, small amounts can add up over time. If you don’t have a savings account, fear not! Many banks let you open an account online with no minimum balance required. With automatic transfers in place, you’ll be saving without even thinking about it. Keep the change. Think of this one as the virtual change jar. Many banks offer the ability to round up purchases and put the difference into a savings account. So, if you spend $32.50 at the grocery store, it will automatically round up to $33 and put the 50 cents into your savings. Again, small transactions can add up, and by rounding up less than a dollar each time, you can start to save without feeling the pinch in your day-to-day cash flow. Save cash back rewards. If your bank or credit card provider offers perks such as cash back on purchases, consider taking that money and putting it into a savings account instead of spending it. Since cash back is not part of your usual income, it can feel easier to put it toward savings. Hold on to unexpected money. If you receive a tax refund or a large tip from a customer, that’s considered “windfall” or unexpected money. It can be tempting to spend windfall money, but putting these funds aside is a great way to boost your savings without pulling from your normal income stream. Set (and stick to) a monthly budget. This can be a challenging one, especially for independent workers with income that changes month to month. But it’s important to understand how much you have coming in to cover necessities like rent or a mortgage, utilities, and food (and fun stuff too) to make sure you don’t overspend. You can track your expenses using an expense tracking app, a spreadsheet, or pen and paper. Once you’ve outlined your regular expenses, you can determine exactly how much can go to savings each month. If things are tight, remember you can always save your windfall or unexpected money. Start small and end big Building a savings account is possible even when you don’t have a steady income. By starting small, and in ways that don’t break the bank or unfairly restrict access to your funds, you can grow a savings account that provides you peace of mind and more financial security over time.

As an independent worker, you’re responsible for both personal and work-related expenses, which can really add up. Here are eight cost-cutting tips to help you get the most out of your hard-earned money. 1. Maximize tax deductions Tax deductions are expenses the IRS allows you to subtract from your reported income, and the lower your reported income is, the lower your tax bill will be. There are lots of tax deductions available to gig workers such as your mileage, cell phone bill, and monthly health insurance premiums. You can find a list of them here. Pro tip: Use an expense tracker that can track your miles, store your receipts and suggest deductions, so that you have everything in one place. 2. Avoid costly medical expenses Medical expenses are the leading cause of bankruptcy in the United States, and bills related to injuries or diseases can quickly wipe out your savings and retirement accounts. Quality health insurance can cover some or all medical expenses, and it’s more affordable than ever: in 2021, 4 out of 5 Americans could find quality health insurance for just $10 per month. Pro tip: Use a health insurance shopping and comparison tool like Stride to find the right plan for your specific needs—it’s much faster and easier than using the government health sites! 3. Track your income and expenses Tracking your expenses can help you understand where your money is going and where you might be able to save, and when you do that alongside tracking your income, you’ll also get a sense as to how much money to set aside for taxes. Tracking business expenses throughout the year also makes it easier to find those money-saving deductions at tax time. Pro tip: Try using an accounting platform to help. 4. Look for discounts on things you use most Keep an eye out for discounts on things like car maintenance or public transportation, groceries, cell phone service, and internet costs. You can also find savings by asking about special offers or negotiating a lower payment with your provider. Pro tip: Many service companies offer a cheaper rate for new customers and will often handle the transition for you. 5. Pay bills on time Late fees and penalties can really add up. Avoid these by paying bills on time whenever possible. If bill payment is challenging, ask about moving payment dates to a better time in the month, or ask about a payment plan. Pro tip: Try to separate your rent or mortgage payment from your other monthly costs, so your bills are not all due at the same time. 6. Take advantage of available perks Rewards programs and perks offered by banks and credit card companies can help lower expenses by giving you cash back on purchases or discounts on goods and services. Ask your financial institution about cash back and reward options. Pro tip: If you don’t currently earn rewards or perks, consider enrolling in a program that offers them. 7. Evaluate subscription services We’ve all done it —signed up for a monthly service and then forgotten all about it. Take the opportunity to check your account statements for automatic subscription payments to see if there’s anything you no longer use or could downgrade based on your current needs. Pro tip: Set up notifications for all renewing subscriptions, so you have the ability to cancel before the next payment comes out. 8. Consider up-front annual payments See if any of your subscriptions offer an option for an up-front annual payment. While it may seem better to spread out the cost, paying the one-time annual fee is usually cheaper. Plus, once you’ve paid it, that expense is taken care of, leaving you more cash each month. Pro tip: Do the math and consider your cashflow to identify the best way to pay bills — monthly, quarterly, or annually. Think (and save) strategically Finding ways to save money can seem challenging. But by making small yet significant changes, such as maximizing deductions and cancelling unused subscriptions, you can make your money stretch. Meanwhile, you’ll become a more budget-savvy independent worker!