It’s pretty common for most working professionals to also have some sort of side gig – especially in today’s economy. No matter how much you love your main job, making a little extra cash on the side never hurts!
But as cushy as side hustles can seem, they can also cause serious problems. Whether you’re moonlighting as a bartender or walking neighborhood dogs, it’s important to know about common side hustle mistakes so you can work to avoid them.
Read on to learn about the six most common side hustle mistakes that working professionals make!
- Mismanaging Your Money
It’s likely that your main gig provides the majority of your income. Most day jobs do a lot of the financial work for you.
For example, most places will take your taxes out of each paycheck, so you don’t have to keep track of them. But if your side hustle involves any sort of freelancing, it can be easy to overestimate the amount of money you’re making based on the size of the check you receive. If you’re not careful, you can end up with a nasty shock come tax season.
That’s why it’s important to keep track of your side hustle income and factor in how much you’ll need to save in order to pay back Uncle Sam in April.
- Not Setting a Schedule
Most of the time, side hustles are jobs with flexible working hours. This makes them ideal to go along with a 9-to-5 day job, or to accommodate hours that are normally spent in a classroom.
Whether you’re a student or a working professional, it’s easy to lose track of your side hustle schedule. Keeping a separate calendar with important deadlines or dates on it can help, but the best thing you can do for yourself is set up specific hours that you will dedicate to your side hustle each week.
- Working Too Hard
Another advantage of setting up a schedule for your side hustle is to prevent burnout. Keeping two jobs going involves a larger time commitment, more work, and likely more stress.
If your side hustle is the type of gig where you control how much work you do, it can be easy to overload your schedule because you’re afraid of missing out on opportunities. But burnout is a real thing! Make sure that you’re taking time to take care of yourself, too.
- Not Getting Your Priorities Straight
It’s also important to remember your priorities when handling a side hustle.
Your main gig should always come first, and you don’t want to do anything in your side hustle that would jeopardize your main source of employment! That said, if you can make $200 fast with your side gig, there’s nothing wrong with taking on a little extra work.
- Undervaluing Your Work
When starting your first side hustle, it can be easy to undersell yourself, especially in a new field. But remember that time is money, and that the work you do is valuable! Set rates that are fair to yourself to help stay motivated in your side hustle.
Avoiding Side Hustle Mistakes in the Future
As awesome as a second job can be, side hustle mistakes are super easy to fall into, especially when you’re just starting out. Make sure you’re setting yourself up for success in all aspects of life when starting a second job!
For more tips on making money, check out our other blog posts.
