PAGE A16, KEIZERTIMES, APRIL 08, 2022
Five personal finance tips for Keizer’s gig
economy, self-employed workforce
By JOSE ARENAS
While the gig economy job structure
is ideal for many, it can also create some
unique financial challenges. This is
particularly true when it comes to sav-
ing for things like retirement or a down
payment on a mortgage. This doesn’t
mean you’re out of luck if you belong to
the ever-growing group of gig economy
earners, though (or plan to transition
to an independent career in the future).
There are a number of key steps you
can take to meet your financial goals
and stay on track, especially if you plan
to buy a home in the future:
Set a budget
If you are a gig economy employee,
though, budgets can be tricky. That’s
because your income can vary wildly
from one month to the next, and you
probably don’t have a set pay schedule,
either. This makes a strong budget even
more important. Whether you set a sav-
ings goal of a set dollar amount or a
share of your income (i.e.: putting aside
25% each month), knowing how much
you can realistically afford to save is an
imperative first step.
Automate the process
While some self-employed folks may
get a regular and reliable paycheck,
many in the gig economy get paid on an
irregular basis. This can make it chal-
lenging, and even confusing, to save. By
automating monthly savings, you can
take a hands-off approach that allows
you to always meet your goals, regard-
less of how chaotic the month may get.
Salaried workers can ask their
employer to direct some of their pay-
check into a savings account. While
most gig economy employees don’t
have this option, you can still automate
less tempted (and able) to spend it.
Know Your Options
There are many benefits to working
in the gig economy, including the flex-
ibility and freedom that this lifestyle
provides. However, if you’re trying to
build a down payment for a new home,
the fluctuating pay structure involved
can make saving more difficult. By set-
ting specific goals and “paying your-
self first,” you can enjoy both the gig
life and homeownership, in less time
than you think!
Not to mention, be in the know on
what options exist out there for the
self-employed and don’t be afraid to ask
about what companies offer. For exam-
ple, there are nontraditional home loans
out there that will qualify you to become
a borrower by require bank statements
vs. paystubs, so knowing about similar
financial programs and options tailored
to you is key to empowering your finan-
cial decisions.
(Submitted by Caliber Home Loans.)
the process by scheduling transfers.
You
could
schedule
weekly,
bi-weekly, or monthly automatic trans-
fers to savings. If you aren’t sure when
you’ll be paid each month, spreading
these into multiple small transactions
can ease the pinch… and you’ll still meet
your overall savings goals.
Stick to your goals
The first rule of saving is to pay your-
self first. If you’re trying to save a down
payment for a home, for example, this
practice is even more important. Stay
disciplined and on-track by saving each
and every time you get paid for a gig.
The moment your deposit hits or you
cash that check, transfer a percentage of
the funds into savings. By doing so,
you’ll minimize the chances that you
overspend and miss your savings goal
for the month.
Maximize your savings
Want to squirrel away as much as
possible? Then make sure that your sav-
ings work for you by putting funds in an
interest-bearing account. Online banks
typically offer rates that are 15-20x
higher than savings accounts offered
at your local bank. When you’re talking
about tens of thousands of dollars saved
for a down payment, the interest earned
can be significant. The other perk of an
online account? It puts your savings
ever-so-slightly out of reach, so you’re
Consumers warned to avoid
raw oysters from BC
The
Oregon
Department
of
Agriculture (ODA) and Oregon Health
Authority (OHA) advise residents not
to serve or eat raw oysters harvested
from British Columbia (BC), Canada,
until further notice. Health Canada and
the US Centers for Disease Control and
Prevention have linked harvest areas in
BC to norovirus-like illnesses reported
in multiple states and provinces sicken-
ing more than 300 people. OHA officials
say no confirmed norovirus illnesses
associated with the BC oysters have been
reported in Oregon.
The US Food and Drug Administration
(FDA) confirms that oysters from BC
have been shipped to retail and wholesale
customers in the state. Only BC, Canada,
oysters are affected. All oysters grown in
Oregon and the US are unaffected by this
advisory and remain safe to eat.
Consuming raw shellfish may increase
your risk of food-borne illness. Immune-
compromised people, such as those
treated for cancer, pregnant women, and
individuals with other chronic health
conditions, should not eat raw shellfish.
Until further notice:
Do not eat raw oysters labeled har-
vested in British Columbia (BC), Canada.
If you order raw shellfish from a
restaurant, ask the server to ensure they
were not harvested in British Columbia
(BC), Canada.
The ODA advises the public and
restaurants to thoroughly cook all shell-
fish harvested from BC to an internal
temperature of 145°F for 15 seconds to kill
potential norovirus.
Advice on handling and cooking
oysters is available on line at the CDC
website.
Always wash and sanitize any surface
that comes in contact with raw shellfish.
People with norovirus infection can
spread the disease easily to others. To
prevent others from getting sick:
-Do not work while sick.
-Always wash hands carefully with
soap and warm water after using the
bathroom or changing diapers.
-Clean toilets or other areas that may
be soiled with stool or vomit with soap
and water. Then disinfect hard surfaces
with 1/3 cup household bleach mixed
with one gallon of water (wear gloves).
-Wash soiled clothing and bedding in
hot water and detergent.
-Soft surfaces that cannot be laun-
dered can be steam cleaned.
Symptoms of norovirus infection may
include vomiting and/or diarrhea, nau-
sea, muscle aches, fever, and headache.
Symptoms typically start 12 to 48 hours
after and can last for one to three days.
Most people recover without treatment.
of the Week
presented by
Do you know
someone who should
be recognized for
their volunteerism in
Keizer?
Submit their name
to be considered
as Volunteer of the
Week,sponsored by
Capitol Auto Group.
Email to: publisher@
keizertimes.com
Deadline: Friday,
April 15, 2022