Rebecca Sowden

Recently I’ve noticed that although my side income has increased, side income being money I receive from places that are not my 9-5 career, I have no clue where that money is ending up. I’ve somehow spent it! Why? Because I could not be bothered to actually track it. It had been being deposited directly into my Ready-to-Save/Discretionary Spending fund, which as the name indicates, is where my unregulated shopping money comes from. This hadn’t been something I considered to be an issue until I realized I was reaching a profit level that was subject to income tax. As a result, I made a money flow update, moving the automatic deposits to a different bank (one just for my side hustle income), and created this template to make the entire organizational process far less intimidating and way more interesting.

This is the Cover page, general instructions and explanation.

Next we have the expenses tab. This tab is where we do the boring part and then we get to move on with our lives. The top table is for the essential information: Business Name, Taxes, and Expenses for the side hustles that regularly have expenses not limited to website fees. The Business Name is most important, because this is pretty much what the formulas hinge on. Even if the Business does not have expenses, you still need to enter the name and Tax percent up top. If you don’t want to set aside money for taxes, you can forgo this tab, but I wouldn’t recommend ignoring taxes (usually 15-30% is sufficient to set aside). I filled in an example shown below.

The last tab is the fun part! Entering what you received and moving it into different accounts. The Taxes and Expenses will be calculated off of the information entered on the “Step 1: Expenses” tab, hinging on the Business name. If you don’t want to use the amounts calculated, just type in your own amount instead. The Personal Checking column is also a formula and will show you how much money you have left to distribute across the categories if you’d like. Once you’re satisfied where its all set to go you can schedule the money transfers and checkoff the orange box at the end.

This template is 100% something you can make for yourself, but if you’d like to just use mine here is the link to purchase it: My Side Hustles