Having a full-time job brings certain benefits, like financial stability and loan eligibility. However, some jobs aren’t paid enough to ensure a decent living. Others bring a fair income but may not suffice to employees’ needs. Either way, allegedly about 28% of Millennials in the U.S. have a side job. If you’re thinking to follow in their footsteps, it’s good to make good use of good technology. That’s why we’ve prepared ten tech tips for people who are considering a side hustle.
Using expense-tracking apps
Doing an extra job is pointless if you’re going to splurge all the money you make. That’s why we strongly recommend that you start tracking your expenses. That way, you’ll keep an eye on your income and manage it appropriately.
For instance, Millennials are highly likely to make great use of Wally, while YNAB is a fair choice for family guys who want to plan their budget. You can learn more about other practical expense-tracking apps online on NerdWallet.com.
Saving for the future
When you’ve decided to track your expenses, it’s practical to start saving for the future. The point of doing an extra job shouldn’t be just to cover your basic expenses; it’s for long-term security and freedom.
That’s why you should open a separate savings account and keep putting a portion of your side-job earnings there.
A certain percentage of these assets should be kept in your emergency fund, while others should be saved for long-term investments, professional development, house repairs, etc.
Investing in networking
You don’t have to invest money in order to develop a substantial network of business partners. For starters, you can set up a Facebook business page and advertise what you do there.
Furthermore, launching a LinkedIn account is inevitable if you want to be taken seriously in your niche. Even though LinkedIn is most often used by high-tech, white-collar workers, it can bring benefits to workers in other fields as well.
Finally, you can never tell where networking through LinkedIn can take you!
Managing social media accounts
We’ve already discussed the importance of developing a presence in social media. It’s simple, it’s free, and, what’s more, your business can be easily seen by potential customers.
Still, you won’t have too much time to deal with all your social media accounts. That’s why we suggest using social media management apps that make things more efficient for you. They’ll help you publish your posts in a much faster way. Also, these tools will teach you how to improve your visibility in each and every social network.
Launching a website
Although a social media page will get you ahead in the beginning, you’ll soon need a website after a while. Of course, this website should be as simple as it gets, just to inform people what you do.
Millennials will probably know how to create a website with a number of website builders, including Squarespace. Others should consult professionals, like a professional web design company, to see what type of website would work best for their needs.
Registering on freelance platforms
In addition to social media and your own website, you should take advantage of freelance platforms. Of course, they don’t cover all sorts of additional jobs but for some people, they’re quite beneficial. From language teachers and translators to blog writers and graphic designers, many professionals can find some great gigs there.
Also, you may want to have a look at the list of 50 best companies for freelancers, brought to us by Forbes, and check out their terms and conditions. Apart from that, make sure that your NDA, if any, allows to you to collaborate with the company of your choice.
Making use of online banking
It’s tiring to go to your side gig after spending eight hours or so at work. The last thing you need in that condition is going to the bank.
Because of that, starting to use online banking is a practical thing. Most mainstream banks today offer this service so don’t hesitate to activate it as soon as possible. That way, you can pay your bills from your computer or your smartphone. Also, you can accept and make the payments related to your side job via online banking.
Investing in equipment
If you don’t have top-notch equipment, your output will be limited.
No matter if you mow lawns or play the guitar at the local bar as your side hustle, you need to have all the tools to ensure high work quality.
Having new, up-to-date equipment is especially important for online workers. Needless to say, designers and software developers need to have powerful rigs.
As a matter of fact, anybody working online these days should get a suitable business laptop or desktop computer. That way, you’ll be able to be as productive as it gets on the go.
Keeping track of your duties
When you’re between two or more jobs, you can easily start forgetting things.
That’s why you should start making reminders, even if you never used them before. While fridge post-it notes are just fine, there are some handy to-do list apps like Trello that will make your life easier.
You can create special sections for your regular job reminders, side hustle duties, and family errands. That way, you’ll always keep on track with your obligations.
Taking care of the taxes
In most countries, you’re obliged to report your side job earnings to the tax authorities. Therefore, make sure that you don’t forget to include that additional income to your tax returns.
Before you start doing the extra job, talk to an accountant to find out what expenses are tax deductible. That way, part of the taxes you pay will be returned to you at the end of the fiscal period in question.
Also, you could use one or more business apps for self-employed workers. They’ll make all the business and tax calculations easier for you.
When you’re thinking about doing a side hustle, make sure to give that job a special purpose. It would be great if you manage to put one part of that income aside and start saving money.
This entire process will be much simpler if you use some tech tools. From apps and online channels to cutting-edge equipment, modern technology will help you stay productive. As a result, your additional job will enable you to enhance your financial stability and plan your budget in a more efficient way.
Liam Collins is a tech pundit and Web enthusiast working at Tuispace.com. He spends most of his time reading and writing about the current affairs in the world of information technology. When he isn’t working, he likes going for long bike rides and walks in nature.