Managing time and money effectively in your side hustle is essential for its success and personal fulfilment. Time management involves setting clear priorities, creating a structured schedule, and minimising distractions. By planning and allocating specific time blocks for your side hustle, you can ensure consistent progress without sacrificing your primary responsibilities. On the financial front, budgeting and tracking expenses are crucial. Keep a close eye on your earnings and expenses, reinvesting profits wisely to fuel growth. Striking a balance between time and money management enables you to navigate the challenges of your side hustle while achieving both personal and financial goals.
Join your host, Emma Edwards, in episode four of the Side Hustle school mini-series as she shares more about managing time and money in your side hustle. Time is money, and we need to be very strategic to maximise our time and money in our side hustle to ensure we are getting a return on the work we put in.
[00:01] Episode intro and what’s in for you today
[01:31] How to be strategic with your time upfront in your side hustle
[02:44] Treating yourself like a resource and booking yourself out for your side hustle
[11:13] Ensuring the extra money you earned from side hustles is not leaking out
[13:47] How keeping your side hustle income separate can be a game changer
[15:29] How the money from your side hustle is taxed and treated
[20:31] Setting aside your tax first in a separate savings environment
[21:04] How to manage your side hustle expenses and maximise your returns
[25:11] A quick recap on what you need to manage time and money in your side hustle
[27:02] Wrap up and end the show
“Time management and prioritisation is important in determining not only the success of your side hustle but also your happiness, fulfilment and achievement of your Why.” – Emma [02:13]
“The outcome might be the same, but the intention you are going in with can determine how you feel about it and therefore the longevity of the outcome ” – Emma [10:19]
“Unless we change our money beliefs and our thought patterns around Money, More Money won’t always help.” – Emma [13:33]
“Keep your income and your expenses for your side hustle separate; this not only gives you clarity and makes things so much easier when it comes to paying taxes and understanding how much money you have made, but it also helps you see the extra money you got and be intentional with it.” – Emma [14:09]
“Having your expenses organised in a side hustle is an important part of your success, but it is a big mindset to undergo, especially if you have been an employee or you are currently an employee.” – Emma [22:17]
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