You have definitely seen them zipping through traffic on scooters, coordinating lights at wedding events, shooting reels for a brand, or managing backend operations for a store. This is the real face of India’s gig economy: young, dynamic, and driven by choice.
According to a 2023 NITI Aayog report, India had 7.7 million gig workers, projected to cross 23.5 million by 2030. And it’s not just food delivery or ride-sharing anymore. From freelancing graphic designers in Goa to event hosts at Hyderabad tech events, the gig wave is everywhere.
Like Aarav, 27, who shifted from Surat to Bengaluru. He now juggles part-time UI/UX gigs, does stand-up comedy on weekends, and works backstage for a music event firm once a month.
“Boring 9-to-5s is just not my cup of tea, boss,” he laughs. But his bank account doesn’t find it funny.
“Sometimes I earn 70,000, sometimes 10,000,” he admits.
That’s the thing to focus on. Flexibility, yes. Financial predictability? Not exactly. Most gig workers don’t talk to their families about income instability, either out of embarrassment, due to minimal communication, or just habit. No salary slips, no EPF, no pension.
A quick Insta poll of 160 young gig workers across Mumbai, Pune, and Chennai revealed over 82% don’t maintain a monthly budget, and 91% have no financial emergency fund. Let us accept that whatever the generation gap, the gig economy is a truth that shall prevail.
But here’s the empowering shift: you can make it work, with a few street-smart moves:
1. Set and follow the allocation rule: For instance, keep 60% for basic living (rent, food), 30% for short-term goals and fun, and strictly save 10% as if it’s rent to your future self. But you can build your own structure as per situations, not as per influence. Revisit every 6 months and make changes only when absolutely necessary.
2. Build a gig buffer fund: One month you might earn 80k, the next 20k. Park any income above 40k into a separate buffer account. This becomes your backup plan.
3. Use finance apps or simply pen-and-paper: Thankfully, modern apps now have vernacular UIs and great new experiences. You can even use these to invest in schemes across digital gold or mutual funds. Or simply use a diary to keep track and plan your actions towards savings, investments, and insurance.
4. Have a buddy: Make financial conversations interesting. Do a monthly chai-meet with 2–3 gig friends to discuss gigs done, payments received or stuck, and one money win of the month. That encourages each one to think beyond freedom and lifestyle.
5. Talk to family: Although ideologies keep changing, fundamentals never run out of fashion. Talk to your elders about money management and learn from unbiased sources.
This feature today isn’t a story of struggle. It’s the new reality which is bold, vibrant, and driven by passion. But even the freest bird needs a nest egg. Gig responsibly. Because the hustle deserves a cushion!
(The writer is a Financial Educator with 15-plus years of experience, a published author, a TEDx Speaker who hosts multilingual podcast shows ‘LaxmiGyaan Library’ & ‘A Sip of Finance’)
