There are a lot of benefits to working in a temporary role, like learning new skills, strengthening your CV, and trying different jobs and different industries.
For some, temping is just a stepping-stone to a permanent position. For others, it supplements low income, supports higher education or training, or simply gives them the freedom to fit their job around their lifestyle.
Whatever your reason for temping, managing your finances requires organisation. Often it is difficult to predict how much money you’ll have available every month. In some ways, it’s similar to being self-employed or on commission, where you need to set aside income when you have good months to pay for periods when you don’t.
Itemising monthly expenditures: list all your outgoings to see where the money goes, from grocery and utility bills to funding a car and direct debits for mobiles/TV subscriptions. Once you know what to budget each month, you can pay any surplus into a savings account.
Prioritise expenditures: You and your family need food, a roof over your head and energy so those expenses must come first. If you need a vehicle for work or live in poorly served public transport areas, then travel costs need to be included. In addition to saving as much as you can for lean times, try to prioritise repaying any debts you have - e.g. transferring credit card debts to interest-free cards. Only once you’ve budgeted for essentials you can consider what’s left to spend on leisure and clothing.
Use savings when necessary: If you’re between temporary contracts, use some of the accumulated savings to clear essential bills until you start earning again.
Consider a second income stream: Top up reserves by looking at second jobs, maybe evening work, seasonal positions or businesses run from home.
Look after the pennies – small changes can greatly impact your finances: