5 Tips To Manage Your Side Hustle

5 Tips To Manage Your Side HustleJust one year ago, I had several side hustles. I was working 100 hours a week. 50 hours each week were spent at my day job and 50 hours each week were spent on my side hustles.

I continued this for a few years, and my side hustles are now my full-time freelancing income. I was constantly asked how I was able to manage it all, and for as long as I did.

Well, I am here today to help all of you manage your side hustles along with your day job. My five tips are below.

1. How determined are you?

It is possible to work both a day job and a side hustle. It just depends on how determined you are. If you really have a good reason to have a side hustle, then you will find a way to make it work if it is meaningful to you.

This is important because managing a side hustle and a day job can be a lot of work. If you are not determined to manage both, then I personally think it would be very difficult to manage it all both mentally and physically.

2. Carefully schedule your time.

Managing both a side hustle and a day job means that you will have to schedule your time as carefully as you can. Every minute and every hour counts, so you will want to be careful with your time.

For me, I scheduled my side job into any time slot I could find. I would wake up early in the morning and I would freelance for around an hour. I would then go to work and use my lunch hour for my side hustle as well. Then, I would come home and side hustle some more. I had a strict schedule and if I didn’t stick to it then where I am right now probably wouldn’t have been possible.

3. Use time off strategically.

I also used my time off strategically. I would take vacation days off so I could work on my side hustles. I also used holidays and weekends to work on my side hustle as well. For a few years I didn’t have an “off day” where I wasn’t working at least a little bit.

Every little bit counted if it meant I could grow my business!

4. Automate as much as you can.

One thing I have done that has really helped me out is automating as much work as I can. I write several articles each week, and I always try to write as much as I can ahead of time and then I schedule them to go live later.

The same goes for tweets and statuses on social media networks. It saves me a ton of time just in case I can’t get to it later.

5. Still find time to enjoy life.

Even though it can be hard to manage a side hustle and a day job, it is possible. You also still need to find time to enjoy life, no matter how hard it may be. I didn’t have a ton of free time when I was working 100 hours a week, but I still made sure to see my friends at least once or twice a week.

Even just a quick lunch can be fun and relaxing.

Do you have a side hustle? How do you manage it all?

 

 

Increased Costs Since Switching To Self-Employment

Increased Costs Since Switching To Self-EmploymentSelf-employment has been pretty great these past 9 months.

I’m having fun, I love my flexible schedule, being location independent is absolutely amazing, I love the work I’m doing, and everything overall is good right now.

One thing many people don’t think about is that even though you work from home, your expenses might actually increase. Working from home and self-employment does not automatically mean that you will be saving hoards of money.

Before I get to the part about how certain things have become more expensive I do want to say that for the most part my expenses have decreased in many areas:

  • Clothing. I’m not sure if this is good or bad (does this mean I’ve let myself go? haha), but I definitely spend a lot less money on clothing than I used to. I think it helps a lot that I don’t need much when it comes to professional clothing anymore and that’s where a lot of my clothing spending used to go.
  • Transportation. I spend a lot less in transportation than I used to. I don’t have to drive to work 5 days a week anymore.
  • Food. I don’t spend anywhere near the amount I used to spend on food. Now, we mainly eat at home and it’s cheaper and much tastier.

 

Below are different areas in which my expenses have increased:

Electricity, Gas, and water.

During this past winter, our gas bill was a little bit higher. The same goes for during the summer months so far.

This is because I am home all the time now and I want my home to stay at a comfortable temperature all day long pretty much, and also because I am using more electricity (charging electronics, lights, etc.) than we were when no one was home during the day.

We are also using more water as well. But that could also be attributed to the fact that my sister lives with us and has been at home more.

The electric, gas, and water bills haven’t significantly increased, but I believe I am spending around $30 to $50 more each month in these areas altogether.

Taxes.

I am paying much more in taxes now, and I think it hurts a little more because they aren’t automatically taken out of my paychecks before I can actually see it in an account.

I also have to pay self-employment tax now.

Health Insurance.

Wes and I each used to have health insurance through our employers.

Now, we pay $200 a month for super horrible health insurance. I believe our deductible is somewhere around $12,000, so I know that before our health insurance will even kick in, one of us will have to be seriously ill.

We plan on looking for better health insurance when we plan on having children though. However, I have heard of other self-employed people paying over $1,000 a month for their family’s health insurance, which is a scary number!

Home office.

I’m not completely done with my home office, but I do have almost everything gathered. I have been scouring Pinterest to get an idea of what I want.

A home office costs money. Yes, you can make a home office for cheap, but I am wanting it to be a place where I can get inspired and actually get work done. Luckily, I did get a lot of great gifts at our wedding specifically for my home office, so that will make it cheaper as well.

What other costs do you think would increase if you were to switch to self-employment?

Anything above surprise you?

 

Why I’d Rather Have A Side Hustle Than A Part-Time Job

Why I'd Rather Have A Side Hustle Than A Part-Time JobA few years ago, I decided I wanted/needed a way to make extra money.

I was working full-time as a financial analyst after I graduated from college, but I wasn’t making as much money as I hoped for.

I had a large pile of student loans and the small payments that I was able to make each month just didn’t seem like they were bringing my overall student loan payment down at all.

I believe my student loan minimum payments were around $500 each month, which was a good deal of money when you also added in the fact that I had a mortgage to pay for, food, pets, utilities and more.

It didn’t seem like there was much leftover, and we were hardly saving any money.

One thing I knew that I had though was time. Even though I was working full-time and I was going to classes full-time for my Finance MBA, I knew I still had some extra time where I could work towards making extra money.

The next thing I had to think about was whether or not I wanted a part-time job. I didn’t really know much about side hustling at this time, as it was still a whole new world to me. I had my blog, but I didn’t start it to make money so I was still stuck in the “get a part-time job” mindset.

Below are the reasons for why I knew I needed a side hustle instead of a part-time job:

I needed something with a flexible schedule.

Since I was working around 50 hours at my day job and attending MBA classes around 14 hours each week, I knew I didn’t have much time to fit in a realistic part-time job.

Between commuting, my day job and my classes, I was busy around 75 hours each week. I would leave for work at 7 a.m., get off around 5:30 p.m., then drive straight to my night classes until 10 p.m. each day.

Finding a part-time job that would have been very difficult. I would have only been able to work on the weekends, and I knew that I didn’t want to work 7 days a week for months or years into the future. I still wanted to keep at least somewhat of a normal life.

This meant that I needed to find something with a flexible schedule.

I decided that online side hustling was something that I wanted to try. Working online was a big positive for me because I would be able to work from home, and I would also be able to create my own schedule.

I could work in the mornings before work, on my lunch break, after I got home from my night classes, and on the weekends.

Having a flexible side job was the best solution for me.

I didn’t want to work for someone else.

Since I was already working for someone else during the day, I knew I didn’t want to continue that with my side hustle. I wanted something that I could have to myself.

I wanted to be my own boss. Also, I wanted something that I could maybe one day grow into a larger business and have it become my career. I didn’t have a game plan in the beginning, but luckily everything turned out exactly how I would have wanted it to.

I didn’t want my income to be limited.

With a part-time job, there is really only so much money you can make. You are usually limited to an hourly rate, and there are only so many hours that you can realistically work.

I knew that if I had a part-time job, there was realistically only two days where I could work – Saturday and Sunday – since I had my day job and my MBA classes usually Monday through Friday. So that would mean that even with the best part-time schedule, I could probably only work 16 hours a week at a part-time job, and it probably would have been at or close to minimum wage

However, with a side hustle, your income isn’t as limited. You can create a product or a service that is valuable to potential customers. You may even be able to create something that is passive that continually earns you money.

The options are endless with a side hustle. There are just so many different ways to make money!

Would you rather have a side hustle or a part-time job? Why?