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How can I save money if I don't have a permanent job?

Are side hustles your main source of income? Source: AAP

Finance journalist Michelle Baltazar gives tips on how people working the gig economy can save despite not having the assumed security of a permanent job.

'May PERAan' is SBS Filipino's new podcast series which features financial experts seeking to answer the most common questions about money and finances.


While saving money working gigs can be more challenging than when having a permanent job, finance journalist Michelle Baltazar shares that there are strategies you can undertake to have more dollars in the bank.


  • Have the intention to save.
  • Expand your network.
  • Pay yourself first.

1. Have the intention to save.

In order to be able to save more, you have to spend less. 

While the strategy seems commonsensical, the only effective way to know if you're saving enough is if it hurts a bit and puts a dent on your typical spending.

Michelle shares to also have a think about whether or not you need insurance as a self-employed worker. While the cost can be significant, the upside of having insurance is that you are covered just in case something unfortunate occurs.

2. Expand your network.

Relying on side hustles can be risky. Michelle shares that in order to reduce the uncertainty of when the next job will be, connect with your community. 

"Filipinos - especially those who have been living in Australia for a while - are more than willing to help those looking for work."

3. Pay yourself first. 

Superannuation is unique to Australia; and while it is automatically deducted from the salary of those who are employed, self-employed individuals are responsible for doing this deduction by themselves.

Michelle encourages the self-employed to pay themselves first - that is, to first deduct and save 9% from their earnings before they pay bills or spend.



Disclaimer: This article is for general information only. For specific financial advice, you should consider seeking independent legal, financial, taxation or other advice to check how the information here relates to your unique circumstances.

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