How To Fit Your Side Hustle With Your Day Job
Interest in side hustles like Uber or Postmates has been growing exponentially, and with it the number of men and women who hold both full-time jobs and perform tasks on the side. From driving for services like Lyft to delivering food to hungry neighbors to doing small jobs through Task Rabbit, the opportunities are almost endless.
If you have been tempted to take on a side hustle of your own, it is important to do some planning first. A side hustle is a great way to bring in some extra cash, but you do not want to make a mistake that could put your full-time job, and your main source of income, in jeopardy. Here are some key things to think about when fitting a side hustle into your full-time career.
Clear It With the Boss
The last thing you want is for your small-time side hustle to put your full-time income in jeopardy. It is important to run your proposed gig by your boss first, just to make sure there are no potential problems.
Assuming your side hustle will not interfere with your full-time responsibilities, your boss is unlikely to object. But if you work in an industry similar to your proposed side hustle, the firm you work for may not be cool with you taking on freelance work. But don’t worry, this is a pretty unlikely occurrence.
Plan for Taxes
One of the realities of life as a side hustler is taxes, and the tax bite can be quite high. While recent changes to the tax law have made being self-employed a little less expensive, you will still need to plan for those expenses.
There are a number of ways to pay the taxes you will owe, and the method you use will depend on how much you expect to make and the amount you expect to owe. If you have a full-time job and a side hustle, you can ask your employer to withhold additional taxes, simplifying the process and potentially reducing the amount you will owe later on.
You can also make estimated tax payments to the IRS, and your state if the state has an income tax. You can print these estimated tax payment vouchers off the IRS website or get them from your tax preparation agency.
Work the Side Hustle Into Your Schedule
The beauty of a side hustle is that you can work it into your own schedule. Unlike a part-time job, with its strict schedule, you can work your side hustle into your life any time you want.
Think about your daily schedule, look for gaps in your time and think about how to turn those extra minutes into cash. As you get better at your side hustle, you can maximize your earnings even more by making more efficient use of your time.
If you are looking for a way to bring in some extra cash and supplement your full-time income, a side hustle could be just the thing. More and more people, including career professionals, have been supplementing their incomes with freelance consulting work, home improvement projects and other tasks that let them use their skills. Once you have done your homework and completed the planning, you can join them and start pulling in some extra cash.