{"id":68580,"date":"2019-11-29T14:53:00","date_gmt":"2019-11-29T12:53:00","guid":{"rendered":"https:\/\/www.sage.com\/en-za\/blog\/?p=68580"},"modified":"2026-01-29T15:56:01","modified_gmt":"2026-01-29T13:56:01","slug":"tips-to-manage-side-hustle-finances","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-za\/blog\/tips-to-manage-side-hustle-finances\/","title":{"rendered":"Starting a side hustle? Here are 4 tips to manage your finances"},"content":{"rendered":"
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\n\t\t\t\t\t\tStarting a side hustle? Here are 4 tips to manage your finances\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

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Side hustling is common among young Africans. According to one report<\/a>, 30% of young South Africans have a side hustle, to make extra money. For some, it\u2019s a way to monetise their passions. For others, it\u2019s a way to make ends meet.<\/p>\n\n\n\n

To ensure the success of your side hustle, you need healthy financial habits. Start with a goal. Is this something you hope will one day become your full-time job? Or are you happy to keep doing it on the side of your current job?<\/p>\n\n\n\n

When your finances are well managed, you\u2019ll price your products and services right and accurately record expenses.<\/p>\n\n\n\n

Here are four tips to better manage your side hustle finances.<\/p>\n\n\n\n

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  1. Separate business and personal<\/strong><\/h2>
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    It\u2019s a good idea to keep your personal and business finances separate, even if you haven\u2019t registered your company. With a separate bank account for your side hustle income and expenses, it\u2019s easier to keep track of your cash flow. Doing your monthly finances will also be faster.<\/p>\n\n\n\n

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    1. Be tax savvy<\/strong><\/h2>
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      Maybe you haven\u2019t thought of declaring your extra income with the revenue authority, or maybe you\u2019re trying to avoid it. But SARS is getting stricter, especially with freelancers, side hustlers and informal traders.<\/p>\n\n\n\n

      This is where having a separate bank account will come in handy because you\u2019ll have an accurate view of your income and expenses and, therefore, how much tax you\u2019ll need to pay. You\u2019ll need to complete a self-assessment process to declare your income according to standard tax tables. Keep this in mind when pricing your products and services.<\/p>\n\n\n\n

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      1. Get good at record-keeping<\/strong><\/h2>
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        The key to a successful business is having a good grasp on your finances. This is especially important when you want to deduct legitimate business expenses from your taxable income and stop your business from running at a loss.<\/p>\n\n\n\n

        Keep a record of all expenses, including:<\/p>\n\n\n\n