Jason Leong

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499 appearances 2 recordings 1 series first heard Aug 2021 last heard 29 Jun

Jason Leong’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · How to juggle multiple jobs (and incomes) on a budget · 26 Aug 2021 podcast

And so it gives me that slight additional motivation to make sure that it's recorded.

That's a very good question.

And it is a very tricky situation because variable incomes mean variable savings.

And your goals need to be attainable based on those expected earnings.

So my one key method would be to treat your side hustle like a business, which I think you should side hustle as a business, and pay yourself when you can.

So I think there are three steps you can take to make this happen.

The first one is to budget for your monthly expenses.

So you need to understand how much it costs for you to earn this income.

To your point, you might be sort of spending yourself into a hole.

So understanding the expenses is very important.

And this is effectively your break-even number, which means that you'll need to make more than this to save.

And then add to that a buffer or an emergency fund.

So how much money your household can access if it needs it.

And this means that if you need to reinvest it in something or if you earn less than expected, you've got that spare cash in that account so that your account doesn't go below zero.

Anything beyond this is money that you can use to pay yourself and put into your savings, which should sit in a different account.

So the key idea is to understand when you have a surplus and what it means to have a surplus.

A surplus is obviously, in this case, more than just zero in your bank account.

You need to earmark stuff for your overheads, if there are overheads, and again, that emergency fund.

And then make a plan to bank a proportion of it.

Because again, as with any business, you need to reward yourself.

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