Tips for working in the gig economy

October 05, 2022

Whether you gig full-time or just side-hustle, there are steps you should take to make the most of your gig, and to protect yourself.

If recent studies are any indication, the gig economy is not only here to stay – it’s growing.

Gallup’s 2018 look at the gig economy found that 36% of the American workforce works a “gig” – which can range from a steady, full-time contract work to app-based jobs like driving for a ride share or delivering groceries.

No matter why, or how, you gig, there are steps you can and should take to make sure you are protected and making the most of your gig income.

1. Take advantage of P2P payments.

No need to worry about exchanging a check or cash with your client. Ask for payment via a P2P app like Zelle^®, which is not only fast, but safe. Payments can be deposited directly to your account.¹ (If you do get a check, it can still be very easy to deposit with the U.S. Bank app and mobile check deposit!²

2. Do NOT forget tax time.

We repeat, don’t forget about taxes! If you don’t work with an agency or service that takes care of the taxes that come along with your earnings, you will be responsible for making sure taxes are paid. Whether you are making extra income or working a steady gig, you should report your income. (Note: That doesn’t mean you’ll be taxed.) Consult a tax professional to understand expectations around your income.

3. Make a plan to save.

If you are working without an employer-sponsored 401K or retirement plan, it can be difficult to make saving a priority. But there are still ways to save in both the short-term and long-term. First, if you don’t have any type of savings account, start one. If your gig doesn’t come with a steady income, a savings account can be a key way to bridge the gap between payments. Then schedule an appointment with a banker to understand options for long-term saving options.

4. Put yourself first.

It can be hard to say “no” to pushy clients or less-than-ideal work when working gigs, but don’t be afraid to turn down work that doesn’t seem like it’s the best fit. Ask for references for new clients and make sure your rates are clear up front. You deserve to get paid a fair wage for the work you complete!

Learn more about how work is changing with our Gig Economy series.

¹ Member FDIC

² Requests for money with Zelle (including Split requests) sent to a U.S. mobile number require that the mobile number first be enrolled with Zelle. Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

³ Eligibility requirements and restrictions apply. Please refer to the Digital Services Agreement for more information.

Learn about U.S. Bank

Visit usbank.com

800-872-2657

Related content

Tips for handling rising costs from an Operation HOPE Financial Wellbeing coach

Building a financial legacy for your family and community

Common pitfalls to avoid in the equipment financing process

Finance or operating lease? Deciphering the legalese of equipment finance

Buying or leasing? Questions to ask before signing a contract

Insource or outsource? 10 considerations

The secret to successful service provider integration

Webinar: ESG for Corporations: Building an all-weather, long-lasting strategy

Unexpected cost savings may be hiding in your payment strategy

Safeguarding the payment experience through contactless

COVID-19 safety recommendations: Are you ready to reopen?

ABCs of ARP: Answers to American Rescue Plan questions for counties

How to sell your business without emotions getting in the way

5 steps to take before transitioning your business

10 tips on how to run a successful family business

Talent acquisition 101: Building a small business dream team

Make your business legit

7 tips to help grow your business after launch

How I did it: Turned my side hustle into a full-time job

Costs to consider when starting a business

How to test new business ideas

How to get started creating your business plan

How to establish your business credit score

How to redefine challenges with business collaboration

The costs of hiring a new employee

How to expand your business: Does a new location make sense?

How to choose the right business savings account

Does your side business need a separate bank account?

How to build a content team

Multigenerational household financial planning strategies

LGBTQ+ financial planning tips

Key components of a financial plan

Do I need a financial advisor?

Should rising interest rates change your financial priorities?

5 financial goals for the new year

How to track your spending patterns

How to manage your finances when you're self-employed

Year-end financial checklist

Good debt vs. bad debt: Know the difference

Good money habits: 6 common money mistakes to avoid

Reviewing your beneficiaries: A 5-step guide

Estate planning documents: Living trusts vs. will vs. living will

4 reasons estate planning is important

How to talk about money with your family

Financial steps to take after the death of a spouse

6 tips for trust fund distribution to beneficiaries

How to protect your digital assets in your estate plan

Retirement expectations quiz

How to build wealth at any age

Retirement planning in the gig economy

5 unexpected retirement expenses

How to retire happy

Key milestone ages as you near and start retirement

Retirement income planning: 4 steps to take

4 tips to help you save for retirement in your 20s

Preparing for retirement: 8 steps to take

LGBTQ+ retirement planning: What you need to know

Healthcare costs in retirement: Are you prepared?

The connection between your health and financial well-being

8 steps to choosing a health insurance plan

What is Medicare? Understanding your coverage options

3 types of insurance you shouldn’t ignore

7 things to know about long-term care insurance

Is a Health Savings Account missing from your retirement plan?

Transitioning from the military to the civilian workforce

Working after retirement: Factors to consider

4 steps to finding a charity to support

How to be prepared for tax season as a gig worker

7 year-end tax planning tips

Should I itemize my taxes?

Saving vs. investing: What's the difference?

Do your investments match your financial goals?

Investment strategies by age

A beginner's guide to investing

Can fantasy football make you a better investor?

How to Adult: 5 ways to track your spending

Tips for navigating a medical hardship when you’re unable to work

3 steps to prepare for a medical emergency

Family planning for the LGBTQ+ community

11 essential things to do before baby comes

Webinar: Uncover the cost: Starting a family

Preparing for adoption and IVF

How to plan and save for adoption and in vitro fertility treatment costs

Checklist: 10 questions to ask your home inspector

Closing on a house checklist for buyers

Resources for managing financial matters after an unexpected death

What you need to know as the executor of an estate

What documents do you need after a loved one dies?

How to prepare for a natural disaster

College budgeting: When to save and splurge

Student checklist: Preparing for college

Webinar: Uncover the cost: College diploma

How to save money in college: easy ways to spend less

How to gain financial independence from your parents

Practical money skills and financial tips for college students

How I did it: Paid off student loans

Webinar: Bank Notes: College cost comparison

Annual insurance review checklist

From LLC to S-corp: Choosing a small business entity

3 financial tools to help automate your finances

3 ways to keep costs down at the grocery store (and make meal planning fun)

5 tips for creating (and sticking to) a holiday budget

Should you buy now, pay later?

Financial checklist: Preparing for military deployment

Friction: How it can help achieve money goals

5 things to consider when deciding to take an unplanned trip

6 pandemic money habits to keep for the long term

Webinar: Smart habits and behaviors to achieve financial wellness

How I kicked my online shopping habit and got my spending under control

Growing your savings by going on a ‘money hunt’

Working with an accountability partner can help you reach your goals

The mobile app to download before summer vacation

How to decide when to shop local and when to shop online

A who’s who at your local bank

Webinar: 5 myths about emergency funds

How I did it: Learned to budget as a single mom

Your 4-step guide to financial planning

5 myths about emergency funds

Webinar: Common budget mistakes (and how to avoid them)

Does your savings plan match your lifestyle?

Webinar: Uncover the cost: Wedding

Webinar: Uncover the cost: International trip

What military service taught me about money management

Are savings bonds still a thing?

Tips to overcome three common savings hurdles

Booming in the gig economy: A new chapter leveraging 45 years of experience

Adulting 101: How to make a budget plan

How having savings gives you peace of mind

Helpful tips for safe and smart charitable giving

Personal loans first-timer's guide: 7 questions to ask

3 awkward situations Zelle can help avoid

Allowance basics for parents and kids

Webinar: Mindset Matters: How to practice mindful spending

How to save money while helping the environment

How can I help my student manage money?

How to manage money in the military: A veteran weighs in

You can take these 18 budgeting tips straight to the bank

3 tips for saving money easily

Save time and money with automatic bill pay

How to best handle unexpected expenses

Common unexpected expenses and three ways to pay for them

Stay on budget — and on the go — with a mobile banking app

Which is better: Combining bank accounts before marriage — or after?

Do you and your fiancé have compatible financial goals?

U.S. Bank asks: Transitioning out of college life? What’s next?

U.S. Bank asks: Do you know your finances?

U.S. Bank asks: Do you know what an overdraft is?

Personal finance for teens can empower your child

Multiple accounts can make it easier to follow a monthly budget

Is it time to get a shared bank account with your partner?

It's possible: 7 tips for breaking the spending cycle

How to save for a wedding

Here’s how to create a budget for yourself

Don’t underestimate the importance of balancing your checking account

9 simple ways to save

7 steps: How couples and single parents can prepare for child care costs

A passion for fashion: How this student works the gig economy

Earning in the gig economy: Gladys shares her story

By the numbers: The gig economy

Tips for working in the gig economy

How compound interest works

Dear Money Mentor: How do I set and track financial goals?

5 tips for parents opening a bank account for kids

5 reasons why couples may have separate bank accounts

Checking and savings smarts: Make your accounts work harder for you

Lost job finance tips: What to do when you lose your job

Money Moments: 3 smart financial strategies when caring for aging parents

Tips to raise financially healthy kids at every age

Money management guide to financial independence

First-timer’s guide to savings account alternatives

Money Moments: 8 dos and don’ts for saving money in your 30s

7 financial questions to consider when changing jobs

Myths vs. facts about savings account interest rates

30-day adulting challenge: Financial wellness tasks to complete in a month

Travel for less: Smart (not cheap) ways to spend less on your next trip

Money Moments: How to manage your finances after a divorce

What’s in your emergency fund?

Certificates of deposit: How they work to grow your money

What you need to know about renting

Dear Money Mentor: How do I pick a savings or checking account?

How to stop living paycheck to paycheck post-pay increase

Practical money tips we've learned from our dads

6 ways to spring clean your finances and save money year-round

What I learned from my mom about money

How to cut mindless spending: real tips from real people

Understanding guardianship and power of attorney in banking

How to increase your savings

Bank from home with these digital features

Financial gifts can be a valuable – and fun – choice for the holidays

What financial advice would you give your younger self?

How grandparents can contribute to college funds instead of buying gifts

How to open and invest in a 529 plan

Using 529 plans for K-12 tuition

Your financial aid guide: What are your options?

Parent checklist: Preparing for college

How to apply for federal student aid through the FAFSA

Be careful when taking out student loans

Consolidating debts: Pros and cons to keep in mind

How to use debt to build wealth

7 steps to keep your personal and business finances separate

How to use your unexpected windfall to reach financial goals

For today's homebuyers, time and money are everything

Crypto + Homebuying: Impacts on the real estate market

Should you buy a house that’s still under construction?

House Hacks: How buying an investment property worked as my first home

Spring cleaning checklist for your home: 5 budget-boosting tasks

Saving for a down payment: Where should I keep my money?

Your guide to breaking the rental cycle

Military homeownership: Your guide to resources, financing and more

Webinar: Uncover the cost: Building a home

How I did it: Bought a home without a 20 percent down payment

Home buying myths: Realities of owning a home

4 ways to free up your budget (and your life) with a smaller home

Money Moments: Tips for selling your home

Are professional movers worth the cost?

Beyond the mortgage: Other costs for homeowners

10 ways to increase your home’s curb appeal

10 questions to ask when hiring a contractor

5 things to avoid that can devalue your home

Webinar: Uncover the cost: Home renovation

Improving your credit score: Truth and myths revealed

U.S. Bank asks: What do you know about credit?

I own two electric vehicles. Here’s what I’ve learned about buying and driving EVs.

How I did it: Deciding whether to buy an RV

Car shopping: Buying versus leasing your next vehicle

Take the stress out of buying your teen a car

How to winterize your vehicle

Questions to ask before buying a car

What you should know about buying a car

Equal Housing Lender

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.