• Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans

Subscribe to Updates

Get the latest finance news and updates directly to your inbox.

Top News

3 Popular Perks That Southwest Airlines Is Ending for Good — and 6 New Upgrades

September 16, 2025

7 Tips for Maximizing Your Social Security Benefits

September 16, 2025

TikTok Deal Is Imminent, President Donald Trump Says

September 15, 2025
Facebook Twitter Instagram
Trending
  • 3 Popular Perks That Southwest Airlines Is Ending for Good — and 6 New Upgrades
  • 7 Tips for Maximizing Your Social Security Benefits
  • TikTok Deal Is Imminent, President Donald Trump Says
  • Google Parent Alphabet Reaches $3T Market Cap
  • The Aging Population is Driving Demand for Quality In-Home Care Services
  • Businesses Are Using AI to Automate Work, Replace Human Jobs
  • Is America’s Retirement System Failing Future Retirees?
  • 16 Things Retirees Should Do Away With Already
Tuesday, September 16
Facebook Twitter Instagram
FintechoPro
Subscribe For Alerts
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans
FintechoPro
Home » How to save money from your side hustle
Savings

How to save money from your side hustle

News RoomBy News RoomAugust 5, 20230 Views0
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email Tumblr Telegram

A recent Bankrate.com survey revealed that 39 % of U.S. adults have a side hustle, and 44% of those with a side hustle believe they will always need one to maintain their lifestyle.

This includes 28% of side gig workers who say they will always need to have an additional source of income to make ends meet. Also, 26% who believe they will always need a side hustle for discretionary expenses, the survey results said.

Specifically, Bankrate reported that younger generations, including 53% of Gen Z (ages 18-26) and 50% of millennials (ages 27-42), are more likely than their older counterparts to have a side hustle (40% of Gen X, ages 43-58, and 24% of boomers, ages (59-77).

“Side hustlers earn $810 per month, on average, with 27% earning more than $500 per month and 15% earning more than $1,000. Male and millennials side hustlers tend to earn the most,” according to Bankrate. 

Approximately 7.4 million borrowers in this generation are resuming student loan payments this fall. How can they make the most out of their side gig earnings?

SUDDEN NEW FEES CHARGED TO MILLIONS OF AMERICANS BY BIG TECH VENDOR TOAST SPARK CONGRESSIONAL QUERY

Jacqueline Howard, senior director of financial health and wellness at Ally, says not to panic if you have student loan payments that are restarting.

“There are steps you can take every day to tackle that debt and feel more in control of your finances,” Howard says. “If you’re earning extra cash from your side hustle, you’re doing great. A great way to manage any financial anxiety you may be having with student loan repayment is to have a plan.”

Here are the steps Howard suggests organizing:

– Gain an understanding of what you owe, the interest rate for the loan and the names of the student loan lenders.  

– Determine the loan with the highest interest rate and prioritize paying that off first to avoid paying back more than you need to. 

– Start making payments. With extra cash from your side hustle, consider bimonthly payments to chip away faster at your outstanding balance and the interest that’s accumulating on your loan. That extra windfall can go a long way toward helping you pay off your student loans. 

-Look to see if your workplace offers any repayment assistance programs. For example, according to Howard, Ally will pay $100 per month toward student loans for an employee up to a $10,000 lifetime benefit.

How can side hustlers allocate this income stream toward savings? 

Child counts coins in glass jars labeled savings, toys and education.

Boost your emergency savings

It’s advisable to have three to six months of living expenses in your emergency savings, experts say.

“The most important thing is to find a number that you feel good about for your specific situation,” says Howard. “When you have earnings from a side gig use it to pad your emergency fund for those unexpected bills that come your way.”

She recommends taking your savings strategy up a notch with a high-yield savings account or money market account where you can earn interest at a competitive rate and make withdrawals at any time. 

Conquer your high-interest debt faster

In the long run, Howard says, reducing your debt puts you in healthy financial standing. After you pay the minimum balances on each debt, put the earnings from your side hustle toward the balance with the highest interest rate. Howard explains that this strategy is often called “the avalanche method.”

“Debt can be daunting, but having the extra income cushion from a side gig and staying focused can make it more manageable,” Howard tells FOX Business.

THE TOP SIDE HUSTLES OF 2023: HOW YOU CAN MAKE A SIX-FIGURE INCOME WITH ‘NO PROBLEM’

Give your future self-financial peace of mind

You can use your side hustle earnings as an opportunity to increase your retirement contributions, says Howard.

“The extra cash can go towards immediate expenses, allowing you to increase the amount taken out of your primary paycheck for retirement,” she continues. “With most employers, this contribution is made before taxes, so your money grows tax-free.”

Why is an emergency savings fund so important?

Howard explains that when you expect the unexpected when it comes to emergencies, you’ll thank yourself later.

“An emergency savings fund can help bail you out of a tough situation, especially when it comes to unplanned expenses,” she says. 

Examples are an unforeseen car repair, a sudden job layoff or unexpected medical expenses.

“Having an emergency fund can also help keep you out of further debt because you won’t have to rely on using your credit card or taking out a high-interest loan to cover your unexpected expenses,” Howard says.

While the goal is to have three to six months of expenses in your emergency savings, that amount can feel overwhelming when you first get started, she points out.

“To make it easier, start with a goal of saving $1,000. Review your budget and make a plan for getting to this number,” she adds.

Here are some strategies to start a path to emergency-fund savings:

Savings jar

Determine how much you will save per day/week

This should be realistic yet challenging. Determine what expenses you can cut or any additional income you can acquire to get to the $1,000, Howard says.

CLICK HERE TO GET THE FOX BUSINESS APP

Keep a written record

Make the savings goal visible by writing it down and keeping it in a convenient place where you’ll see it often, like an index card in your wallet or a Post-it Note on the refrigerator, Howard suggests. 

Create an action plan

“When you reach $1,000, don’t hesitate to celebrate, but then keep going,” Howard says. “Seeing that first $1,000 in your savings account will boost your confidence and help you save the additional money needed for a fully funded emergency account.”

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

Why Aren’t You a Millionaire? 18% of U.S. Households Are

Savings August 24, 2025

Why Are Some Grocery Stores Refusing Senior Discounts Without Warning?

Savings August 22, 2025

Circle K Is Cutting Gas Prices by 40 Cents—Here’s the Catch

Savings August 21, 2025

9 Money-Saving Habits That Are Now Considered Financially Risky

Savings August 12, 2025

10 Silent Budget Killers Hiding in Your Monthly Subscriptions

Savings August 2, 2025

10 Money Saving Challenges to Try

Savings July 30, 2025
Add A Comment

Leave A Reply Cancel Reply

Demo
Top News

7 Tips for Maximizing Your Social Security Benefits

September 16, 20250 Views

TikTok Deal Is Imminent, President Donald Trump Says

September 15, 20250 Views

Google Parent Alphabet Reaches $3T Market Cap

September 15, 20250 Views

The Aging Population is Driving Demand for Quality In-Home Care Services

September 15, 20250 Views
Don't Miss

Businesses Are Using AI to Automate Work, Replace Human Jobs

By News RoomSeptember 15, 2025

AI is mainly automating work instead of enhancing it, which is leading the technology to…

Is America’s Retirement System Failing Future Retirees?

September 15, 2025

16 Things Retirees Should Do Away With Already

September 15, 2025

22 Timeless Money Maxims That Hold up in the Current Economy

September 15, 2025
Facebook Twitter Instagram Pinterest Dribbble
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 FintechoPro. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.