Working On A Side Hustle: How to Make It Worthwhile

Working On A Side Hustle: How to Make It Worthwhile

A woman working on her side hustle while sitting at the library on her computer

The COVID-19 pandemic may have put many of us out of work, but it also showed us the positive side of having a side hustle. Millions of Americans turned to the gig economy to cover their bills.

Having a side hustle is one of the smartest ways to become financially secure. That's why 56% of Americans admit they'll feel more secure working for themselves than relying on traditional jobs.

But as things slowly return to normal, many are wondering what to do with their pandemic gigs, and how to keep them running and profitable. If you're one of them, don't worry.

We have compiled a list of five tips to help you keep your side hustles running and even turn it into a thriving venture.

Learn To Balance Multiple Jobs

When things gradually return to normal, you will probably go back to your main job or get another one. Figuring out how to prioritize your time will be extremely crucial if you're going to keep your side hustle running smoothly.

If you don't learn to balance your multiple sources of income, you can lose one of them or both. Something you can't afford to do, right?

Prepare For Tough Moments

The path of side hustling is rarely smooth, and balancing can be tough. If you're not careful, it can result in burnout and frustration.

So prepare for the tough times. Embrace the fact that you will have to sacrifice to get where you want to be- financial freedom.

Use Organization Tools

With multiple demands, different deadlines, shifting circumstances, and competing priorities, you must find a way to stay on top of it all. Seasoned side hustlers recommend turning to organization tools.

Tools like calendar apps, note apps, spreadsheets, and voice recorders can help you optimize your busy schedule.

Watch Out For Side Hustle Burnout

Taking on two or more jobs is hard. With only so many hours in the day, stress levels can easily mount. If you observe that you're always feeling tired, worried, miserable, or on the verge of snapping, chances are you're suffering from side hustle burnout.

If this happens, admit you're having tough moments. Then, use your passion to propel you through the rough waters. Think about why you started the gig, and what you want to achieve. Also, stop comparing yourself to others and avoid overlapping between side hustles.

Know Your Numbers

When you're dealing with a fluctuating income, it can be difficult to budget. And without a good budget, you can easily mess up your financial situation.

So it's important to figure out what your side hustle must bring in to become worthwhile. Resist the urge to spend more now that you have multiple income streams.

Financial experts recommend reducing your expenses to achieve financial goals sooner. This way, you will feel the impact of the side gig and have more breathing space in your budget. It will also help you set aside money for emergencies.

Plan For Taxes

Once you begin taking on more than one job, your tax obligations may change. For example, working for yourself means automatic tax deductions will no longer be there. That becomes your other job.

Tax in an area that many people with side gigs get it wrong. And it can affect your financial life. So if you're not sure about your new tax obligations, talk to a professional.

As things gradually return to normal, pandemic side hustles are more likely to take a hit. But it doesn't have to be that way. Since your side gig got you through the tough times, it's time to use it to propel you toward having a more financially secure future. We hope these tips come in handy. Good luck!

x

Mustang Advisors believes you don’t have to wait to plan for the future. You just have to be organized. Roll all your unsecured debt into one place: forget all the different credit card statements, interest rates, and due dates. Who can keep track? Mustang Advisors lets you plan ahead by making things easier. Today. One single monthly payment with an interest rate that may be 50% less than what you are currently paying. Your financial future starts today with Mustang Advisors.