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How to save money in Spain

How to save money in Spain, and how to find ways to save money online. Saving money is something that we are all a bit interested in. Find out how you can stop losing money on foreign exchage and currency rates and save money on foreign exchange rates instead. Find out how you can save money by an expat financial review. Learn more about expat health insurance and how you can save money on every day living expenses in Spain. You may even be able to save money on tax, and make the most out of your UK pension

What is the Gig Economy?How to Save For a Pension When You are Gig Worker
16 February 2018 @ 16:33

What is the Gig Economy? How to Save For a Pension in the Gig Economy
The so-called gig economy is growing faster than the rest of the economy on a year to year basis. You will be excused if you have not heard about the gig economy. It is one of those terms that sprang up from the 2008 financial crisis. Many workers were simply forced out of their jobs as companies could not afford to pay for their salaries. It was not only the financial service sector which was affected. Many other business sectors such as the building and car manufacturing were also affected by the slow down in the economy. Workers were forced to take whatever job the could find, often making the most out of their wits instead of their skills.
What is a Gig Worker?
A gig worker can be a person who drives for Uber, and it can also be someone who works as a writer online. The list of tasks for gig worker is as long as your arm. When you stop and think about it, being a gig worker means that you have effectively have given yourself a zero hours employment contract. In other words, you are only as good as your last paycheck.
Are Gig Workers Self Employed?
Most gig workers are likely to work for themselves, and the vast majority work from home. They pick up their jobs online, or via certain Apps such Uber or delivery company Deliveroo. Gig working is very competitive business, and gig workers often struggle to keep up with day to day bills. Other life essentials such a pensions or savings plans may have to fall by the wayside.
The Gig Worker's Pension Scheme
The average gig worker may think that he or she will manage to stay in control of their life and keep working until their well on their way to old age. That is not true. Life is bound to get in the way, and saving for a rainy day, or a pension plan, is just as important to gig workers. However, so far no banks have come up with suitable saving plans or pensions for gig workers.
Best Financial Advice for Gig Workers
Looking into an employment insurance is one of the first things a gig worker should do. There are no specific products tailored towards the gig economy, but there are still insurances out there which could perhaps be put to good use. The US predicts that at least 40% of its workforce will be made up by gig worker, or independent contractors, by the year 2020. Finding an insurance which pays out when you are sick, or lose all of your gigs, should be on top of your agenda.
The Importance of Health Care Insurance
Health care insurance is another type of insurance that you should be looking into when you are part of the gig economy. Most healthcare insurance companies have some sort of plan for independent contractors, and will even help to set up a payment plan which will suit your pocket.
Pension Plans for Gig Workers
Then we come to the dreaded pension plan – what are we going to do about that? No dedicated schemes are available as yet, but you should aim to save on a regular basis. If you live in the UK, you may want to invest your money in an ISA. There are plenty of ISA schemes out there which will let you save on a monthly basis and some even have instant access options. If you live a foreign country, it could be well worth considering an ex-pats pension's review. 
Savvy Investment Options for Gig Workers
In other countries, it could be a good idea to look at regular savings plans or making smaller investments into options such as gold or jewelry. One savvy gig worker that I know invests in antique gold charms and even buys jewelry when she goes on cruises with her husband. She has immediately gained by buying jewelry on board as she has not paid VAT or Sales Tax. Just one of the many creative pensions options which could be worth looking into when you are a gig worker in need of a pension. 

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