How I Approach My Budgets – Side Hustle Income

A follow up post to “How I Approach My Budgets – Full Time Income

Right now I have a couple side hustles that bring in some additional money, but I am not 100% sure what I want to do with the money.  I will say that 10% of what I earn is donated to my church or another charitable organization.

Let’s look at the side hustles and there potential budgets:

Book Hustle – I published a gimmick book a few years ago and it sells on Amazon. My goal was to publish, not get rich off the book so there is no marketing done. There is a website and facebook page that doesn’t get much of my attention. It is safe to say that this sales have grown organically over time. Monthly, I earn anywhere for $12 to $50 per month in royalties.

Net Royalties
Less 10% Donation
Stays in Checking Account

Military Reservist Hustle – I report for duty one weekend a month and two weeks per year.  The weekend pay is about $204 and the two week pay is about $1028. Both amounts are after taxes & TSP contribution (15%).

Net Pay
Less 10% Donation
Moves to Savings Account or Use for Online Retail Hustle until it generates own income

Roommate Hustle – I am working to get a roommate to share my house. So far I have emailed with 32 people and met 5 or so. Last week I found someone who wants to move-in in July and is willing to pay $700 per month. This is up in the air as I haven’t heard from her in a week.

Net Pay
Less 10% Donation
Less $350 to extra mortgage payment
Less utilities increase
Use for Online Retail Hustle or additional mortgage payment

Online Retail Hustle – This side hustle is in the works. The plan is to launch several Kickstarter Campaigns over the year. The campaigns will be for products targeted to a niche market. I am planning for 4 campaigns this summer.

Net Pay (after all bills paid and money set aside for taxes and reinvesting)
Less 10% Donation
Aggressively pay off mortgage and use for life experiences

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