8 tips for balancing your side hustle and full-time job

Managing my finances

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In today's dynamic economy, having a side hustle has become the new normal, as more people embrace the opportunity to turn a hobby or passion into an additional income stream amid rising living costs. In fact, recent data suggests that 61% of Australians manage side businesses alongside their full-time jobs, reflecting a notable increase due to rising living costs.

Having a side hustle can certainly be rewarding, but balancing it with a full-time job can pose its own challenges. This might include things like how you manage your time and avoiding burnout.

This article looks at different strategies you can try to balance your side hustle and full-time job.

1. Prioritise your primary job

Your full-time job likely provides the financial stability and benefits you rely on, so it’s important to keep it your top priority. Avoid letting your side hustle interfere with your primary work responsibilities by scheduling your hustle around your main job’s commitments.

For example, you might do this by allocating your evenings or weekends to your side hustle and communicate clear boundaries to clients or collaborators. This can help you keep your focus for both ventures, without causing disruptions to your primary job.

2. Set clear boundaries

Clear boundaries not only protect your time but also help you stay organised and focused on your different work responsibilities, while simultaneously creating a healthier work-life balance.

Letting your side hustle clients know your availability and stick to the schedule helps prevent your commitments from overlapping, and supports you with ensuring you don’t overextend yourself.

Avoid working on your side hustle during your full-time work hours, as it can lead to stress or even conflict with your employer.

3. Plan your time wisely

We only have so many hours in the day! Having a well-structured schedule can make all the difference in helping you work effectively and efficiently.

One strategy you can try is time-blocking. Use a tool like Google Calendar or Notion to assign specific time slots for your full-time job, side hustle, and personal life. This will also help you maintain a balanced lifestyle!

4. Set realistic goals

By setting clear goals and tracking them consistently, you can ensure your side hustle aligns with your broader financial objectives without adding unnecessary stress.

Start by identifying what you want to accomplish—whether it’s earning an extra $500 a month, building your portfolio, or saving for a specific goal like a holiday or an emergency fund. Then break these goals into smaller, actionable steps.

For example, if your goal is to make $500 a month, determine how many products you need to sell or services you need to complete each week to reach that target.

You can use a simple tracking method like a spreadsheet or a task management app like Trello to monitor your progress!

5. Automate and streamline

Don’t be afraid to use technology to help speed up some of your side hustle processes. Especially as a small (usually one-person) team, being able to automate repetitive tasks like invoicing, scheduling or social media posts can help free up some time for you to spend on the more creative and strategic aspects of your business.

Some tools you could consider are:

Invoicing and bookkeeping: You could use QuickBooks, Xero or Wave to quickly and easily create professional invoices, track expenses and manage your cash flow. This also makes for easy tax-time tracking!

Social media scheduling: Platforms like Buffer, Hootsuite or Later allow you to schedule posts in advance, across multiple channels, so you can plan ahead in one go.

Email marketing: If your side hustle is bigger and you manage a mailing list, you could use Mailchimp or Klaviyo to automate your email campaigns.

E-commerce management: If your side hustle involves selling products online, platforms like Shopify or Etsy make it easy to track inventory, process orders and manage customer notifications.

6. Leverage transferable skills

Identify skills from your full-time job that can benefit your side hustle and vice versa. Leveraging these overlapping skills can improve efficiency and performance in both roles. For example, strong communication skills can enhance client interactions in your side business.

7. Stay informed about legal and financial obligations

When managing a side hustle alongside your full-time job, it’s important to check your obligations as both an employer and an entrepreneur.

Some employers have policies around side hustles and conflicts of interest, so it may be a good idea to check your employment contract and, if necessary, have a conversation with your boss to ensure you’re not breaching any policies unknowingly.

Additionally, side hustle income must be declared on your tax return. Check the Australian Taxation Office (ATO) for clear guidelines on starting your own business and reporting your side hustle income at tax time.

8. Ask for help

Juggling two jobs can take a toll on your mental and physical health. Recognise the signs of burnout, such as feeling constantly tired, irritable, or overwhelmed, and take steps to address them.

Incorporate self-care into your routine by prioritising sleep, regular exercise, and downtime. You might also consider taking a day off from your side hustle periodically to reset and recharge.

Don't hesitate to ask for help from family, friends, or professionals. A support system can provide encouragement and practical assistance, making it easier to manage multiple responsibilities. Networking with others who juggle similar commitments can also offer valuable insights and strategies. You could consider joining online forums like Reddit or Facebook Community Groups to exchange tips and strategies with other like-minded people balancing a side hustle and full-time job as well!

Balancing a full-time job with a side hustle is undoubtedly challenging but achievable with deliberate planning and discipline. By setting clear boundaries, managing your time effectively, and prioritising self-care, you can successfully navigate both roles. Remember, the goal is to enhance your financial situation and personal fulfillment without compromising your well-being.

Looking to start a side hustle? See our list of side hustle ideas for some inspiration!

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