Happy Finances Challenge Day 34: Create a Budget for Your Side-Hustle

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Recently in one of my Facebook groups, I read a post from a woman who cursed the day that she left her full-time job to start her business because she ran out of money only after two months.

It’s clear that she didn’t want to use the money from her full-time job to build her side-hustle until it became a full-fledged business, but this really is an excellent practice since making the first dollars from your side-hustle could take weeks or months.

So, for today’s lifework, I need you to start thinking about how much of your full-time income you will invest in your side-hustle—will you invest a percentage of your income (5%? 10%?) or will it be a specific dollar amount?

This is really important for two reasons. It helps you make daily money decisions from the perspective of a business owner instead of a consumer. The $20 bucks that you blow on drinks every Friday can now be $20 that you invest into a virtual assistant. See the difference?

So, looking back at your budget from Week 3, how will you make room in your budget for your business? Remember, this is an investment with long-term returns.

How much will you put aside for your business each month? What will you use that money for? Plan below for the first six months.

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Share your Day 34 side-hustle budget with us in The Happy Finances Community.

That’s it for today’s lifework!

Also, leave a comment below with your “aha” moment or reach out to your accountability partner(s) for questions and insights.

Finally, hit me up and share your insights. I’m cheering you on.

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Onward,

Kara

The Happy Finances Challenge is 42 days of transforming how you “do” money and life. Get a copy of The Happy Finances Challenge book here today!

The Mama Bear Principle: Mama Bears are protective of their cubs and their crew. And that’s exactly how I feel about our community. Throughout the Happy Finances Challenge, I may recommend some products and service and receive some form of compensation. However, I would NEVER suggest them unless I truly believed they were useful or helpful.