I'm a Money Expert: Here's How To Use Summer Income To Get $1K Ahead This Year
Hopefully, your summer side hustle will be good to you this season, and you'll save a nice little sum of money. Now, you could splurge on one final blowout at the beach. Or you could simply drop it in your piggy bank. But if your goal is to get $1,000 ahead this year, you're better off putting that money to work.
How do you do it? MoneyLion talked to Ralph Estep Jr., a certified public accountant and host of Becoming Financially Confident. With more than 30 years of experience helping people make smart decisions about their money, Estep had a few suggestions for using your summer income to build extra financial security and potentially put yourself $1,000 ahead by year's end.
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Choose Summer Income That Works With Your Real Life
Though you may think a lucrative side hustle means a large and consistent commitment, Estep said the best summer income streams are actually temporary and flexible. Ideally, you'll be able to balance this work with your regular full-time job, with the option to let it go when summer ends.
"The best summer income is the kind you can stop in September without disrupting your actual job," Estep said.
Estep added that he typically guides people toward work they can "turn on and off," which includes:
Seasonal overtime
Weekend gig work
Freelance projects
Babysitting
Pet sitting
Selling unused items
Your goal is to avoid interfering with your primary job, since jeopardizing your main source of income isn't a good way to get $1,000 ahead.
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Decide What the $1,000 Is for Before You Earn It
Additionally, Estep suggested that money, like people, can have a job to do. Summer earnings can disappear — and keep you from growing that money over time — when you don't assign them a purpose.
Before you've earned a single extra dollar, Estep said you should identify exactly where that money will go.
For many people, the smartest priorities are:
Building an emergency fund
Paying off high-interest debt
Catching up on savings goals
Giving your money a job to do reduces the temptation to spend it impulsively, no matter how much you swear you're going to be responsible.
"Direction beats motivation every time," Estep said.
Don't Let Extra Cash Blend Into Everyday Spending
No matter how disciplined you are, you can lose track of summer earnings when they go into the same checking account you use for groceries, gas and other daily expenses. Estep likened this to your summer earnings "dissolving" into everyday spending.
"Money without a destination always finds one, and it's usually the wrong one," Estep said.
Point blank: When you keep your money separate, you can save it or invest it — not use it on your next shopping trip.
Build a Small Emergency Fund Before Tackling Debt
As you earn that extra summer income, you might wonder whether the fastest route to getting $1,000 ahead this year is paying down your debt or building an emergency fund. Estep had a nuanced answer to that question.
"If you have almost no cushion, build the emergency fund first," Estep said. "Debt feels more urgent, but having no savings is exactly what forces you back into debt. Once you've got a small buffer, throw the rest at your highest-interest balance."
Even a modest emergency fund can give you a much-needed financial buffer when you're hit with unexpected expenses, reducing the likelihood that you'll rely on credit cards again.
Automate Your Summer Savings Strategy
Saving becomes much easier when you don't have to do it manually. That's why Estep suggested automatically transferring your summer income into a designated savings account.
"The day your extra income arrives, move a fixed amount straight into a separate savings account you don't carry a card for," Estep said. "Out of sight, out of spending."
A high-yield savings account could be the perfect landing place for your hard-earned summer money.
The Bottom Line
Coming out $1,000 ahead as you head into the rest of the year may seem like a daunting task, but Estep said it can be easier than you think.
"Pick up an extra $250 a month, a few weekend gigs or some overtime, and move all of it into a separate account the day it lands," Estep said. "Four months of summer, and you're $1,000 ahead by fall without touching your everyday budget at all."
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal, or tax advice.