Starting a side hustle has become more popular than ever with the digital technology boom. Now thousands of people around the world are able to start a side business from home, putting whatever skills they have to good use. Whether your side hustle involves copywriting, selling handmade goods, or drop shipping, you might be wondering how best to make use of the extra cash you’ve generated. Well, this blog is here to help. Read on for some great ideas on what you could do with your money.
Open a savings account
If the money coming in from your side hustle isn’t essential to your daily life, you might want to consider putting it aside for a rainy day, especially if you don’t have an emergency fund in place. Depending on how much you have to save, what you plan to do with the money and how soon you’re likely to need it, you could put it into a Wealthify ISA. With four different types of ISA to choose from, you’ll be able to save up to £20,000 of your side hustle income in an account that’s right for you – completely tax-free!
Re-invest into your side hustle
Is your side hustle going better than expected? Are you ready to grow your venture into a fully-fledged business? If you dream of being completely self-employed, investing your cash back into your side hustle could be the best thing for you. While it might seem scary to spend your hard-earned money on a new website, better packaging, or even on software to make you more productive, when done in the right way, it could set you on a path of even more success.
Put it towards a big purchase
When we work full-time and have a regular salary coming in each month, it can be really hard to budget for big purchases. Whether that’s a downpayment for a house, essential repairs on your car, or a replacement laptop, big purchases are an inescapable part of life. If you’re lucky enough to have some extra side hustle income, you might be able to comfortably afford bigger purchases without sacrificing your current lifestyle.
It can be tempting to squirrel away all the money you make from your side hustle, but there’s no reason you can’t use it to buy something really fun. When you’re always working, it’s essential to take breaks and do the things you love. You could use your spare cash to go out to dinner or save it up until you can afford an amazing holiday for yourself and your family.
Everyone will have different ideas about what you should do with your money, but at the end of the day, it’s yours to do whatever you want with. After all, you put in the extra hours to earn it, so if you want to put it in the bank for the next five years or blow some of it on that handbag you’ve been eyeing, then go ahead and do it.