FREE Side Hustle Finance Trackers Bundle
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Having a side hustle is a great way to earn extra money, but if you want to grow your income as quickly as possible, being organised is key!
There are a whole host of ways to add a bit of extra money to your budget – whether you are looking to make an extra £100 a week or an extra £1000 a month, it’s all doable!
It’s important to keep on top of your side hustle finances, so to help you out, we’ve created this handy bundle of FREE printable Side Hustle Finance Trackers! This set includes an income tracker as well as expenses, invoices and profit and loss trackers that will help keep organised.
Once your hustle starts making good money (or maybe even develops into a small business), you might want to look at implementing some accounting software, but while you are just getting started, you’ll want to make use of the free tools that are available to you to keep your expenses down and profits higher.
The Quick (and Easy!) Way To Manage Your Side Hustle Finances
Let’s take a look at the quickest and easiest way to manage your side hustle finances using your free printables.
Tracking Your Income
It’s essential to track your income no matter how big or small your side hustle is; it’s the best way to see how you are doing and keep you motivated! On the Income Tracker sheet, you have space to note the date you received money, where it came from, the amount and then the running total for the month. Tracking your income monthly also helps you get an idea of how consistent it is, which allows you to gauge how much money you have to help grow your business.
It’s also important to try and keep your side hustle income separate from your regular income; the easiest way to do this is by opening up a separate bank account and/or Paypal account.
Dealing With Expenses
No one likes to have expenses, but they are a necessary evil that comes with running a side hustle or business. The quickest way to grow a sustainable and profitable side hustle is to keep your running costs as low as possible.
Your expense tracker sheet has space to write down the date an expense occurred, what it was for, how much it cost and a notes section. Use the notes section to detail if you have a receipt for the purchase (either in a physical form or as an email receipt), as this will be info you’ll want to have to hand when it comes to tax time – even if you don’t need to pay tax on your side hustle the first year, it’s a good habit to get into keeping track of expense receipts.
Keeping On Top Of Invoices
Invoicing is a part of small business admin that many people dread. Creating and sending invoices isn’t an issue, but making sure they get paid on time can be, so it’s essential to ensure you are keeping good track of them.
There is plenty of accounting software and apps around that can help you to keep track of invoices but if you’re just starting out with your side hustle, and don’t want the expense of having to pay out for software, then tracking them with good old pen and paper is a good solution.
Tracking Your Growth
It’s all well and good tracking the income and the expenses of a side hustle, but the main thing we want to know about is the profit! The profit we make is how we gauge how well we are doing, and it’s another important figure to keep an eye on each month.
To work out your profit, you do the simple sum of taking your income for the month and minus your expenses; the end amount is your total profit.
There is space on your Total Profit sheet to keep track of your growth month on month too. This can be done one of two ways:
Monetary Growth Value – You could track this as monetary value and track the £ difference in profit each month. So, for example, if January’s profit was £200 and February’s profit was £320, you’d do £320 – £200 = £120 growth between January and February.
Percentage Growth Value – You could also track your growth as a percentage. The math is a bit harder for this, so let’s stick with the same example numbers.
January’s profit was £200 and February’s profit was £320. We work out the difference, which is £120, divide the difference by the prior months profits and then times by 100 to give a % amount.
So £120 (the difference) / £200 (Januarys profit) = 0.60 x by 100 = 60% growth between January and February.
FREE Side Hustle Finance Trackers Download
I’ve created a set of free printables to help you keep on top of your side hustle finances – to get your copy all you have to do is click the button below to subscribe to our mailing list (don’t worry we won’t spam you!) and then the files will be available to download!