Welcome back for another chapter of Side Hustle Saturday, our most popular series!
What is a side-hustle without strategy!
Take a look at the following image, what thoughts evoke?
You may think, “that is unrealistic”, “that is impossible for me” or “I should try that”. It okay! Talking about finances can be uncomfortable, but this avoidance leads us into trouble.
Continue reading for simple advice on how saving what you earn, can become a side hustle.
Simple Saving Strategies
- I know, you’re thinking “Save $500 a month? BreeziDeezi has lost her mind…” $500 a month is a lot to save in addition to maintaining living essentials and paying off student debt. Perhaps you feel this way, too. There are so many people who can only plan for the next paycheck and that is a terrible way to live. The anxiety of losing a job at any moment, not having savings or a monetized passion to fall back on – these things have kept me up at night even when my career was skyrocketing. To avoid being in a position where you have worked so hard just to live day-to-day, saving is paramount. So, you can’t transfer $500 from checking to savings with your next check? That is okay. The above graphic breaks contributions down into smaller increments for your success. Can you increase your savings contributions by decreasing major expenses? If you’re blessed enough to do so, do it.
- $115 a week is more manageable, but this also may be unreasonable for some depending on their situation. To put this into perspective, Do you spend $100 on anything weekly? You likely have to purchase gas for your commute or dedicate one day out of the week to eating out. Try to cut back on spending in the arenas that are negotiable. You can’t ask for your rent to be 30% off next month for your birthday trip. You can, however, opt to work a hybrid schedule or carpool to save on gas, and choose to eat out biweekly instead of weekly, for the sake of your monetary goals and financial freedom!
- $16.44 a day is the most feasible to contribute, in my opinion. The average meal and drink at a fast food location average $17. Try this: recount all of the times LAST WEEK, that you grabbed a quick bite to eat on your break or for dinner. Now, Imagine, saving what you spent!
All of the sacrifices you make now WILL pay off in the future, with interest!