Side Hustle & Save
This may be unique to specific individuals in a specific profession but a majority of our society is outsourcing specific skills and this can be the BIGGEST benefit for you and your savings.
If you are in an industry that can be outsourced and companies and individuals are looking for freelance work this is for you!
What is it?
Freelancing is the act of providing skills or work that you are doing while not being a technical employee of the company. This can be something you do on the side, after hours, in addition to your stable income or job or just a way of helping a friend that mutually benefits both of you.
You can be a contracted or 1099 employee where you receive gross pay without taxes taken out and it’s on you to allocate taxes correctly and claim them at the annual tax duration.
The act of freelancing and then saving your money is a great way to keep this income out of sight out of mind and not seen as spending income. You receive a freelance check and allocate taxes correctly and then input the rest into a savings account. This is a great way to save when freelance income is just ADDITIONAL income to your monthly or weekly income.
Who should do it?
This is for anyone! I can guarantee everyone has a skill that you can offer to a company, business or individual that they would see beneficial. Obviously there are more industries that are freelance friendly such as finance, accounting, marketing, graphic design, website design, photographers and more. But I do suggest everyone looks into the opportunity of freelancing.
Why should I do it?
This is a great way to make extra money with a skill that you can provide to a company or business. Not everyone is capable of taking on an extra workload as I said this is unique to individuals but for those who have a few extra hours during the week or weekend this is something you should be doing!
Does it work?
YES! When I receive freelance income I immediately put this money away into my savings. This is actually a way I paid off my student debt so fast, which I will take more about it in the future.
Tip: Almost everyone you know is creating or has side hustles for themselves. I highly suggest thinking about the skills you have to offer, whether it can be freelance, uber, other apps, etc. I can guarantee there’s somewhere you can begin earning extra cash. I know it doesn’t sound fun or more work isn’t ideal but that’s life my friend. Until you feel comfortable and content with your savings account you may need to create a side hustle for yourself.
If you do have a side hustle I suggest every dollar you earn goes into your savings. Unless this side hustle is needed to pay your living expenses and bills then obviously make sure you’re paying what it costs for you to live. Although, if this is just extra cash for you then every paycheck should be going into your savings account.