How to thrive in your side hustle

Got a weekend baking biz? Selling thrifted fits on Carousell? Doing tuition after school? Side hustles are no longer just extra pocket money. For many of us, they’re the start of something bigger. But juggling your hustle on top of studies, NS, or a full-time job isn’t easy. To really thrive (not just survive), you need to treat it like more than a hobby: with goals, structure, and a game plan.

How to win at side hustling:

1. Pick the right side hustle: Choose side hustles that match your skills or schedule. If you’re creative, try Fiverr. Have patience with kids? Tutoring pays well if you can find the right assignment.
2. Time is money: Know your best working hours. Late nights? Weekends? Track what earns you the most and, where possible, schedule your life around those hours.
3. Expenses count too: Don’t forget things like petrol, data plans, or gear. Net income matters more than gross pay. You may be earning $500 a month through gig work, but if miscellaneous expenses eat up ¼ of your earnings, you might need to think about whether this gig is worth your time and energy.
4. Save regularly: It’s tempting to spend every single cent of gig money. However, with gig income being inconsistent, it’s all the more important that you build the habit of saving.

Example:

Amanda, a poly student, earns $400 a month delivering food after school. With smart scheduling, she only delivers food during mealtime surges. She tracks every trip on a spreadsheet to know if it’s really worth the time. Then, she saves 20% of her earnings every month and puts it towards a new laptop fund.

Tax Tips!

The side hustle income that you earned are taxable and you need to report such income in your income tax return as ‘Self-Employment Income’ even if it was:

• Carried out on a part-time/ casual basis; and/or
• Used to supplement your full-time/ main income

For details, refer to IRAS website on gig workers.

To find out if you need to file an income tax return and report such taxable self-employment income, login to IRAS’ myTax Portal and check your filing status.