Extra income from a side hustle is very exciting and can feel like a nice bonus. Discover our tips for making your side income work for you.
For many reasons, side hustles are on the rise. Whether a side business is necessary to make ends meet, or a hobby turns into an extra income stream, it is important to create a budget and set financial goals. A purposeful plan for your finances can help you build savings and invest in yourself, even if you’re starting small.
It can be tempting to treat income earned from a side hustle as extra income on top of a day job with few strings attached. While it’s nice to feel the freedom of extra cash on hand, without a plan, you might miss out on important goals or opportunities. Remember - you worked for that money. It’s worth taking the time to make it work for you.
When starting to earn side income, build a budget for your ongoing expenses, save for taxes and future investments in your business, and set some short- and long-term goals. Start by building a rainy-day fund and make a plan to meet your goals. Financial planning is empowering and provides peace of mind.
It’s easy to fall into the trap of treating a side income as a bonus, but you can turn it into a tool to help achieve your goals with a little bit of planning. Make it count!
For help with managing side income, talk to a wealth advisor or visit your branch today.
