Freelancing is taking center stage this 2020 as it becomes more popular among Filipinos, especially online freelancing. It may be because of the lifestyle choices that are now available to you. Or the money you can get.
But what does freelancing actually look like in the Philippines? Here is the state of freelancing in the Philippines, and what we know so far.
6th Fastest-Growing Market in the World
In the 2019 Global Gig Economy Index by Payoneer, it listed the Philippines as the 6th fastest growing market for freelancers in the world in terms of revenue. We are at 35% growth in freelancing just next to India, another large outsourcing hub, with 29%.
This means that the demand for Filipino talents abroad is rising. The global market recognized what the Filipinos could offer, and we should maximize it.
Higher Income Opportunities and Work-Life Balance
Professionals in the Philippines are paid less compared to our international counterparts. In that regard, foreign companies outsource some of their operations online to cut some costs but still hiring competent talent.
But even with the relatively lower pay, the salaries are still higher compared to what you can get in the Philippines. And the costs associated with working like transportation and food costs are saved when you work-from-home.
More than the money, freelancers can have much needed time with their loved ones or time for their passion projects (or both). The match made freelancing a viable option not only for the jobless but also for high calibre professionals seeking more income and work-life balance.
1.5 Million Filipinos are Currently Freelancing
And this number is growing by the minute. In an editorial by Senator Sonny Angara, he states that 1.5 million Filipinos are currently freelancing, and we have one of the highest freelancers per capita.
It is not only exclusive to the cities but also rural and poverty-stricken areas like Marawi. It can help those without access to the same opportunities in the Metro to live a better life without going abroad.
If other Filipinos can take advantage, why can’t you as well?
The Government Pushes Programs for Freelancing
The government recognizes the potential of freelancing. The Department of Information and Communications Technology (DICT) launched programs and training modules for aspiring freelancers in the Philippines.
Under the initiative Digital Jobs PH, the DICT spearheaded the rural impact sourcing technical training to help our fellow Filipinos get employed in the freelancing industry.
They are also trying to boost the slow internet speed in the Philippines, which will greatly help the community.
75% of Filipino Freelancers are aged 24 to 39 Years Old
According to a Paypal study, 75% of Filipino freelancers are aged 24 to 39 years old. It means that the current workforce now in their prime years are already embracing freelancing. The landscape of work will definitely be a lot different in the decades to come.
Job Instability is a Major Concern for Freelancers
Even with job flexibility, the major concern for freelancers is job flexibility. According to a Paypal survey, 92% of Filipino freelancers feel it’s a significant drawback. You might have contracted clients now, but there are months where you can’t get a client.
But the same survey suggests that having one more client is vital to hedge that uncertainty. And the best way is to build good relationships with different clients because loyal clients will be the lifeblood of your freelancing business.
58% of Filipino Freelancers Use a Freelancer Platform
58% of the Filipino freelancing community uses a freelancing platform to get job orders. It might be for convenience because the marketplace streamlines the process of acquiring clients.
The advantage here is that people haven’t ventured out in directly finding clients in different channels like LinkedIn, which may provide higher income. It’s a room for growth for both aspiring and veteran freelancers.
There you have it! The stats are mostly to our advantage. And it is expected to grow more for the coming months. If you are on the fence, try out remote working and see how it can help you. You’ll never know, it might be that big break you were looking for.
It’s time again for changes for the better this coming new year. And for most, money goals will be a top priority in our lists. How are your finances last year? Did you hit your financial goals? Or do you have money goals in the first place?
If the answer is no, worry not. You don’t need to blame yourself further. It’s the New Year! So there’s a chance to start anew in the days to come. With that, here are the top 8 New Year money goals for freelancers.
Set Up a Budget
Time and time again, the foundation of managing your finances is setting a budget. Yes, it may sound boring, but how can you improve something you don’t measure? If you don’t have a budget yet, this is your first priority for the year.
Firstly, collate all your income sources and separate percentage amounts for the following categories. The general rule is:
- 50% for Necessities
- 30% for Want
- 20% for Savings
The problem with freelancers is that income may not be consistent every month. Some months may rake in a lot of income. But other months might be stale.
Track Your Expenses
If you can’t create an exact budget from recurring income, track your expenses to create your budget.
You can use a spreadsheet or mobile applications. For the longest time, I have been using a simple app Expense Manager (iOS & Android). You can use whatever app you can as long as you can stick with it.
You need to track your expenses so that you can gauge your monthly budget. For example, after tracking and listing your monthly expenses, you found out that:
16,500 Total Necessities
You want to work on your income to hit this minimum amount to survive. And since you don’t know your total revenue for the month, you can have a maximum spend for wants and a target savings amount per month.
Only you can gauge this since it differs from person to person. Take note, though; you don’t want your budget to be restrictive that it’s impossible to follow.
Build Your Emergency Fund
Emergencies are inevitable. You will never know when something terrible will happen. Someone stole your laptop. A family member got sick. You are doing well with your budgeting, but suddenly, you need to pay up with all your savings because of an emergency.
This should not be the case. The next on the list is your Emergency Fund! An emergency fund protects you from sudden significant item expenses that can derail you from your financial journey.
The recommended amount is around 6-months your monthly expenses.
What if you still have debts to pay? How can you build 6-months worth then? Well, you don’t have to build it on the get-go. At least, have 1 month’s worth of emergency funds.
With this, you don’t have to rely on credit cards or personal loans for sudden emergencies.
Life & Health Insurance
And to aid you with those emergencies, another financial goal for the year is life and health insurance.
Life insurance protects your family just in case a disease hits you. And you can’t work anymore, while health insurance is for those immediate health concerns that go your way.
You might have the money for it, but do you really want to spend everything on your health problems? Protect your income by buying the right insurance instruments for you.
Do a Savings Challenge
When you think about savings, it’s quite boring. I mean, who likes to set aside the money you can spend now? And wants likes to keep tabs on numbers? It’s quite painful.
If this is your problem, a savings challenge can be a tool for your goals. Savings challenge is a fun and less painful way to save for your future. Here are the most common ones:
Ask for a Raise
The year is done. And you might have gained knowledge and skills that are valuable for your clients. Especially if you are scarce in time, your per hour might be more expensive now than before.
Have you thought of asking a raise? The new year might be a good time to request one. But make sure to sound of value. List a number of reasons why your employer/client will benefit from giving you more money.
You’ll never know, they might just give you one.
Find New Clients
You don’t have to be at the mercy of one client. For this year, you might want to find new clients to increase your income. As a freelancer, we have the power to find other clients that we can help achieve their goals. We can control our income.
If we help enough people, they can surely help us back financially. It’s a win-win.
By doing the tips above, I hope you reach your financial goals for the coming year! Happy New Year!
It’s the holidays again. And we get to meet a lot of our friends in reunions and parties. With remote working loneliness, these meetings are crucial to our wellbeing. FINALLY, we are interacting with real-life physical human beings!
But our change in careers will surely pique are friends’ curiosities. It’s inevitable to take the hot seat. And sometimes, these questions can be irritating (and borderline offensive). Here are 5 irritating questions you shouldn’t ask your remote working friends!
WOW! How Do You Find Work With Easy Money?
How many times have remote workers been accused of working for easy money? I mean. You are just at home earning so many dollars while your gossip-mongering neighbors (and some friends) toil at their offices.
Whether you are selling drugs or cyber nudity, You must be doing something Illegal online for easy money, right? Before I tell you the answer, let me just get this floor mop to hit you with.
Remote working is not easy money. Remember this; nothing worth it comes easy. In fact, depending on the project, you might take sleepless hours just to finish all your tasks. It’s a legal profession. Even if you are at home, it’s hard work.
Hey, When Will You Find a Real Job?
That’s another cringe-worthy statement deserving to be shoved down your friends’ uninformed throats. If you think a job or a career needs to have a beautiful office space, that luxurious leather office chair, or those constricted cubicles, think again.
Outside our country, more and more innovative companies like Amazon have remote teams! And it allows you to earn first world income in a third world country. Remote work is as real as it gets. OFW 2.0 or Online Filipino Workers is the wave of the future.
If you call getting first-world income in a third world country a fake job, then I would love to have this fake job all day long.
Why Do You Work Remotely? Are You Afraid of People?
Well, this might be true for some people, but surprisingly more and more extroverts are in the remote working industry. In a 2019 survey, 34% of the people identify themselves as extroverts, while 28% are introverts, and 38% are ambiverts.
It doesn’t mean that you work alone is that you are afraid of people. I, for one, love to meet people. I make it a point to meet at least one friend every 2 weeks for my socializing longing. And it’s a perk that we can schedule around our work to meet them.
You Work-from-home. You Must Be Available All the Time?
Out of all the years, we associate our homes with relaxation. Healing. Is that the reason people think we are available?
There are no boundaries anymore. Our friends and relatives think that we are available all the time. Drive me to the mall. Get me the laundry. Have you cooked lunch for 20 people already?
You know what, NO, I can’t!
Yes, our time is flexible, but we need to finish tasks. We schedule our productivity for the whole day. So please don’t ask us if we are available every time BECAUSE WE AREN’T! *end of rage*
The human mind asks so many questions. But the worst I’ve heard is these two words: “How Po?” At first, you’re happy to answer the question with your all. But you wonder, why do they not do anything? Or are they just asking for the sake of asking?
We are willing to help. But make sure to do your part.
There you have it! 5 irritating questions we are asked about almost all the time. What other questions do you get asked when you meet your non-remote working friends and relatives? Comment down below!