As a part-time blogger of 10 years, I can tell you that blogging is an increasingly popular side hustle for individuals looking to generate additional income streams, especially if you enjoy writing, photography, and sharing your experiences with others. However, while creating content and growing your audience may be the main focus of your blog, it’s important to also keep in mind that there is a financial aspect to your side hustle.
With this in mind, below are some tips for managing your side hustle finances as a part-time blogger.
Don’t forget to download my Side Hustle Income Plan Worksheet from Etsy! I promise you, this will help.
Separate Your Personal and Business Finances
One of the biggest lessons that I have learned over the years is to open a separate bank account for your blog income and expenses. This will make it easier to track your earnings and expenses and ensure that you’re not mixing your personal and business finances. Not only this but when it comes time for tax time, you will have a much easier time navigating earnings and expenses.
Keep Track of Your Expenses
Once you have a separate account for your blog, be sure to keep a detailed record of all the expenses you incur while running your blog. Some expenses for Just Brennon Blog include hosting fees, domain registration fees, SSL certificate fees, Pic Monkey, and an Amazon Prime account, just to name a few. Keep in mind any other tools or software that you use. Doing this will help you keep track of your expenses and ensure that you’re not overspending.
Set Up a Budget
After you have a general idea of your expenses, create a budget. Determine how much money you want to invest in your blog each month, and create a budget that aligns with your financial goals. This will help you stay on track and avoid overspending.
Determine Your Income Sources and Have a Plan for Every Dollar
Identify the various income streams that are available to you as a blogger, such as affiliate marketing, sponsored posts, and advertising revenue. Determine which income sources are most profitable for your blog, and focus your efforts on those.
It’s also a good rule of thumb to have a plan for your money. Assign every dollar a job, whether that is paying for expenses, savings, etc.
Pay Attention to Taxes
Lastly, as a self-employed blogger, you’ll be responsible for paying your own taxes. Make sure to set aside a portion of your income each month for taxes, and consult with a tax professional if you have any questions.
You can also do payroll for your blog as a small business or for yourself if you have the right knowledge, time, and calculator. However, if this seems like a daunting task, you can look into self-employed payroll options and software systems.
Final Thoughts
By following these tips, you’ll be able to manage your side hustle finances effectively and ensure that your blog is a profitable venture. Remember, while creating great content is important, it’s equally important to pay attention to the financial aspect of your side hustle.
This post is in partnership with Get Blogged.
