Earnings tracking will help you become a better gig worker
How much did you make last week? How long would that take you to find out?
Sure, if you work on just one app like Uber, Instacart or Bellhops, maybe you can just open the app and find out in the payment section. Maybe you would check your bank account to see the weekly deposit. Or maybe you write this down in booklet that you keep in your car or at home.
But when you start working on multiple apps, it can become challenging to keep track of everything coming in, to understand which platforms are yielding too little, etc... You do gigs to earn money so keeping a close eye on your earnings on a weekly basis should be among the top things you track. Tracking closely and understanding your earnings not only makes you a better gig worker today but also helps you become a more efficient business owner for the future.
Here are 3 reasons why you should stay on top of your earnings on a weekly basis.
1/ Track your earnings to see how you are doing against your goal(s)
We have talked to many gig workers and understand that all of you have very different goals. Some of you want to reach a number of rides of per day, others want to get to a set dollar amount for the weekend or for the week while others plan on working 20 hours a week.
Why you work, where you work, how long you work on platforms is unique to each of you. But one thing that is common to all of you guys: you receive money in exchange for your work. Whether you want to use the money for bills, for your kids or for a fun thing, you need to know where you stand towards achieving that goal.
But we get it. There are so many distractions that keep us from being focused 100% on goal. Family, classes, that horrible boss at your other job, weddings, among so many reasons...
However, the top-performing gig workers we have talked to all seem to follow a similar process. They set an earnings goal for the week, they work towards that goal while keeping a close look at their earnings on a daily basis and once they reach the goal, they just turn off the app and do something else. Sounds simple, right?
2/ Track your earnings to anticipate trends and change your strategy
You may feel you are busy all the time. Great! But are you making enough? Some of these platforms may send you minimum fare delivery or lower paying jobs during the entire day. On a 10-hour job, you may be busy non-stop but how would feel if you made only $100 before expenses? What would you then do?
Once you step away from the gig itself and start tracking your earnings, especially your earnings over time, you may realize that it has declined 20% for the same number of rides or hours compared to 3 months ago while in the meantime, gas prices and your car insurance premium have increased. As a gig worker, you have the flexibility to add another gig, fully replace your current gig with higher-paying one, work different hours if you can, upgrade your vehicle to get higher fares, etc...
Understanding how your earnings evolve over time is becoming even more complex when you already have more than 1 gig. If you can distinguish the gigs that are above average from the ones that are subpar, it will help you focus more of your energy towards the higher-paying platforms. But to get there, again, you need to understand what you make.
3/ Track your earnings to avoid unnecessary expenses
When you work towards a big goal i.e house, car, wedding, etc... it is easy to sometimes lose track of the smaller recurring bills that can generate high fees because there is not enough money in the bank account. You know how these banks love overdraft fees.
But also the fees that credit card and other lending companies may charge you if the available money in your account is not enough to pay the statement balance. They may charge you administrative fees, penalties along with high double-digit interest rates.
As a gig worker, you may not know how much you will make before the due date hence that is why it is important for you to keep track of your earnings so you can anticipate alternatives if you are not expecting to have the money in your account by the deadline.
Bottom line here: please don't make large banks richer and save money by staying on top of your stuff!
Unlocking the new gig earnings tracker on house of gigs!
house of gigs is happy to introduce a new and simple way for you to set your weekly goal and track your weekly earnings over time across all the gig platforms you are working on.
To unlock all these new earnings features, you would need to download the latest version of our app and set your weekly goal.
If you have any comments, questions, feedback or suggestions on what would be helpful for you, we would love to hear from you! Just shoot us an email today at [email protected].
The house of gigs team
We're here for independent workers you.