Side-hustles aren’t just an additional source of income; they can be a gateway to financial freedom. As someone who has leveraged side hustles for many years, I’ve learned how valuable supplementary earnings can be if done correctly. Here are seven habits you can put in place to make the most of your side-hustle income.
1. Define Your Purpose
Every successful entrepreneurial side hustler begins with clarity of purpose. Saving for a dream vacation? Or wanting to invest in your future? Are you paying off debt to take that load off your shoulders? Defining your goals increases the joy of side-hustling as you are driving forwards something important. For many Amazon Flex delivery partners, this purpose-driven approach translates into tangible milestones like using their supplementary earnings to fund a holiday or pay for an engagement ring, or even buy a house.
2. Allocate Your Earnings Wisely
One of the biggest challenges of side hustling is resisting the temptation to splurge. By designating a separate savings account for your extra earnings, you create a financial buffer that not only shields your hard-earned money from impulsive spending but also allows you to week by week watch your progress grow. Amazon Flex makes this process seamless by offering delivery partners the option to choose their preferred payment account.
3. Take Immediate Action
Procrastination is the enemy of progress, especially when it comes to managing side hustle earnings. You may want to make it a habit to transfer your supplementary earnings towards your goals as soon as possible. Whether it's building your emergency fund, saving for a holiday or investing in stocks, taking immediate action reinforces your commitment and accelerates your journey towards financial success. Amazon Flex pay delivery partners weekly and through their app you can see how much you are about to be paid, before you are paid, helping make that immediate transfer a non-negotiable.
4. Build Financial Resilience
While the additional income from side-hustles can provide a boost to your finances, it's essential to prioritise financial resilience. You may want to set aside a portion of your earnings as emergency funds, ensuring you have a safety net to fall back on. By separating your side-hustle earnings from your emergency savings, you can create a sense of financial security that allows you to pursue your goals with confidence.
5. Plan for the Future
As your side-hustle gains momentum, it's important to consider the long-term implications, including retirement planning. You may want to consult with a financial planner to explore how your extra earnings can complement your superannuation strategy, maximising your retirement savings and potential tax benefits along the way. If you haven’t already done so, it’s a good idea to consider getting tax advice, especially when it comes to setting up bank accounts, managing your business’s and your personal tax obligations and having a good administration process for documenting possible deductions for your business. You may also need to show a logbook, so find out what the requirements are so that you can enjoy feeling organised and efficient.
6. Embrace Balance
While the idea of earning extra money can be tempting, it's essential find that sweet spot between hustling and making time for self-care. Recognise when you need to take a break to recharge your batteries. Amazon Flex offers the flexibility to choose the blocks that suit you best and cancel these within the cancellation window if your circumstances change. This allows you to manage Amazon Flex blocks alongside your other commitments.
7. Evolve and Adapt
A successful side hustle is not just a means to an end but a journey of continuous growth and evolution. As you achieve your initial goals, set new challenges for yourself and embrace opportunities for learning and development. Whether it's expanding your skill set, exploring new ventures, or scaling your existing hustle, the possibilities are endless.
A successful side hustle is not just a means to an end, but a journey of continuous growth and evolution. As you achieve your initial goals, you may want to set new challenges for yourself and embrace opportunities for learning and development. Whether it's expanding your skill set, exploring new ventures, or scaling your existing hustle, the possibilities are endless.
Find out more about Amazon Flex here.
About the Author:
Canna Campbell is a financial planner, best-selling author, podcaster, keynote speaker and founder of financial literacy platform, SugarMummaTV. With more than 20 years’ experience, Canna has guided countless individuals towards realistic and sustainable financial freedom.
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