Managing your money isn’t always easy, especially if you’re working in a temporary/contract role. Fortunately, there are steps you can take to improve your cash flow. Below, we’ll break down our five best money management tips for temporary workers.
Create a Monthly Budget
Figure out the absolute minimum you need to earn to pay your bills. Be sure to include gas, groceries, and other expenses. Then determine and prioritize your financial goals. As long as you’re making enough to cover the bare minimum, you’ll be okay. As you earn money beyond that, start working toward your goals in order of importance.
Schedule Your Next Contract
If you’re just making ends meet, the last thing you need is a gap with no pay. As one contract or temp assignment starts to wind down, get busy looking for the next one. The goal is to line up contracts in a way that gives you little or no downtime between…at least until you are on top of your finances and ready for a short vacation. Work closely with your temp agency and communicate – they need to know when you’re coming off an assignment; this will better allow their recruiters to find you the next job.
Build an Emergency Fund
Ideally, you should have enough money in the reserve to cover three to six months of basic expenses. But many experts agree that you should prioritize your emergency fund until you have $1000 in available cash, and then build the fund alongside other financial goals. Regardless of the exact number you are trying to hit, try to put aside at least a few dollars out of every paycheck.
Consider Side Income
The gig economy has brought more opportunities for a side hustle than ever before. In addition to your temporary job, could you deliver groceries or take-out food, work as an Uber or Lyft driver? Maybe you could walk dogs or make crafts and sell them online. Or perhaps now is the time to clean out your garage and sell off those items you’ve been holding onto “just in case.” Again, keeping in close contact with your temp agency allows them to know your interest and availability. If your new to temp work, read our Guide to Working with Temp Agencies.
Make Every Dollar Count
The workday is often packed with opportunities to spend money, from going out to lunch to grabbing a snack from the vending machine. But all those small expenses add up. To get on top of your finances, put yourself on a daily spending limit. You can always pack your lunch or bring your own snacks, spending your daily allotment only on the things you really want.
Money management is challenging for many people. When you’re working a temp job, it can feel even harder, since you don’t have the security of a permanent position. But following the tips above can help you stay on track financially throughout your temporary contracts.
Ready for a new job?
Searching for your next temporary assignment? Start your search with SURESTAFF today! Surestaff is one of the largest temp agencies in Chicago. We have thousands of jobs – logistics, manufacturing, food processing, warehouse, and more. We can help you find a light industrial position in Illinois, Indiana, Texas, or Wisconsin.