How To Gain Financial Control With A Side-Hustle

gain financial control side hustle revenue stream second job income

In uncertain times, the ‘side hustle’ - a second income stream, can be a massive benefit and safety net which makes rainy days far less intimidating. In fact, in the UK, the side hustle economy is positively flourishing. Henley Business School revealed about 25% of British people working full-time have taken on at least one side hustle - contributing approximately £72bn to the UK economy. 

In practical terms, taking on a second job inevitably will claim more of your time and energy, and, as a rule of thumb, your full-time job and larger income shouldn’t be impacted by taking on more work. Therefore, it’s key to be tactical in the sort of work you’re doing, how long for and ensuring the added income is worth the extra work. 

Side hustles are a form of financial control, being able to top up your income on a monthly basis. Alongside them, you can also try and get yourself a better deal on some of your outgoing costs too. As Brits are savvier than ever at building wealth in new ways, let’s look at some of the best things you could be doing to supercharge your finances.

how to gain financial control side hustle second job

Taking Charge 

Simply put, there’s a huge amount you can do to put yourself in the driving seat behind your own money. Firstly, look at your spending on a monthly basis. Mortgages, rent, and essentials almost always make up the bulk of our budget. Picking up an Open Banking budgeting app like Yolt, Mint or Goodbudget is a start - now you’ll have a holistic picture of your spending. Signing up to a micro-investing app like Moneybox or Wealthify which can invest small amounts of money, rounded up to the nearest pound each time you spend. Without noticing, you’ll be able to build a small growth portfolio on the side.

side hustle second income stream

Raise The Roof 

Cast a critical eye over your housing situation. If you’re mortgaging, it’s well worth visiting a platform offering mortgage advice like Trussle to see if you aren’t due a more flexible rate or fairer deal. While you’re there, the educational aspect is key to being a savvy spender in property. For renters, services like Movebubble easily allow you to weigh up rental opportunities from your phone. Side hustles are great, but being able to reduce your bills is a side hustle in itself, freeing up disposable income. If your house isn’t in order before you start earning on the side, you’ll find yourself paying a lot more - earning less - in the long run. 

side hustle new revenue streams

More To Give 

If you’re looking to start a side job, a good place to start is online. Fiverr and Upwork lead the way in the UK, allowing you to advertise yourself and your skills or portfolio to countless businesses in need of help. On average, a side job might take 10-20 hours of your week - once you have your finances under control, you can throw yourself into those hours. Many people, as a result, might try to find something that reflects personal passions. Instrument tutoring, creative writing, and crafts are some of the most popular pursuits of side-hustlers. 

Hustle Hard

On the face of it, we may not realise just how much more we can do to help ourselves become more financially independent. Managing income, outgoings, side-jobs, and investments might all sound like a lot of work. It isn’t easy, but using the right services, many of which are free, can offer you the access and education to make these practices habitual to you - and then, it’s business as usual.

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