How to Make a Budget If You Want to Freelance Full Time
Freelance income is inconsistent and unpredictable — but it’s still possible to manage.
Can this be a full-time gig?
Photographer: Robyn Beck/AFP/Getty Images
The gig economy’s roots began at the start of the 20th century when jazz musicians began referring to performances as gigs. In the mid-century, temporary agencies began to rise in popularity. By the turn of the century, we found ourselves living in the web-connected, digital world with gig and freelance work becoming more accessible and easier to find. Finally, out of the ashes of the Great Recession, the gig economy as we know it today was born.
The size of the freelancer workforce has stayed relatively constant at about 57 million, but what’s changed is that more freelancers are doing it full time — an increase of 11 percentage points from 2014 to 2019, according to the most recent annual survey of freelance workers. It’s reasonable to think the pandemic has pushed more workers to make their side hustle a main hustle. So how are those looking to make the jump supposed to manage the inconsistent and unpredictable income that’s inherent to freelance work?