Here’s How Your Side Hustle Can Pay For Your Next Holiday
It pays to do business differently with Qantas Business Rewards.
Dreaming of a holiday but find your hard-earned money keeps getting sucked up by pesky necessities like rent (ugh), bills (the worst!) and keeping yourself fed? Yeah, it do be like that.
If your salary stretches only so far, it might be time to add a second income stream to finance actual fun things like going overseas. A side hustle gives you the chance to earn extra cash on your schedule, often by doing something you enjoy and are already good at. Not sure where to start? Here’s how a little after-hours work can pay for your next holiday.
Find your hustle
The first step to building your side hustle holiday fund is, of course, finding your side hustle. If you’re a writer or a designer, for instance, the extra work you should be looking to take on is pretty straightforward. But there’s endless other ways you could earn extra dough. Were you a high school math whiz? Time to start tutoring. Like pets? Become a dog walker. Know how to make cool macramé plant holders? Sell them on Etsy. Just think about what skills you have and how they could be put to use.
Remember, there’s no job too small
For better or worse, we live in the gig economy. That means that if you’ve got a decent car, you’re only ever an online registration away from becoming an Uber driver. It also means that there’s thousands of ads posted on Airtasker every day by people are looking to outsource cleaning their bathroom or assembling their IKEA furniture to someone else and, dear reader, that someone else could be you. Go forth and prosper.
Get an ABN
A small step, but an important one. If you’re going to be invoicing for your work, you’ll need an Australian Business Number (ABN) in order to get paid. They’re free and registering for one only takes a few minutes — head here to get yours.
I know, I know, self-promo can be a little cringey, but advertising yourself is an essential part of the freelancing process. If you want to pick up extra work on the side, people need to know that you’re available for hire.
Getting the word out can mean anything from building yourself a portfolio website to placing an ad on Gumtree or just posting about your new career as a babysitter on Facebook. Depending on your side hustle of choice, you might even be able to sign up with an agency who can sling work your way.
Create a holiday fund account
Once that second income stream is flowing, you’ll want to start funnelling it somewhere separate to your everyday finances. Open a new online savings account – ideally with a different bank, where your holiday fund can be out of sight and out of mind – and, every time an invoice gets paid or a customer coughs up, transfer that money straight there. Look for an account with a lucrative interest rate; Choice has done the maths on the best high interest accounts out there.
…And a savings goal
You’ll be more motivated to hit the metaphorical books if you know what you’re working towards. Figure out how much your dream holiday is going to cost you and break that down into side hustle jobs. For instance, if you need $5000 for your trip and you’re charging $200 per gig, you’ll need to do 25 jobs to get there, which could mean one or two a week, depending on how early you start planning.
Get ready for July 1
If there was only one piece of financial advice I could offer you, it would be this: keep your receipts. Doing freelance work can make you eligible for a range of tax benefits – for instance, you might be able to claim business tools like a laptop or even some of your rent if you work from a home office.
What you can claim depends on the kind of work you do, so get a good accountant, keep those receipts, and if the heavens bless you with a refund, drop it straight into the holiday fund.
Reap the Qantas Business Rewards
But what if you could fund your holiday without even dipping into your savings?
If you run a small business – and if your side hustle is paid through your ABN, that’s you – then you’re eligible to sign up for Qantas Business Rewards. The program allows you to earn Qantas Points on a large range of everyday business expenses – over 50 in fact! (think: fuel or the technology you need to do your job) which, yep, you can then use to jet away on your next holiday. Qantas Points can also be used on hotels and car hire, too. Boom.
(Lead image: Netflix)
It pays to do business differently with Qantas Business Rewards, the program that rewards small business spending. Save on flights and turn your everyday business expenses like fuel, credit card spend and technology into Qantas Points and savings for your business. All you need is an ABN.
Visit Qantas Business Rewards and your business expenses could add up to your next holiday.
Membership, savings and the earning of Qantas Points as a business are subject to Terms and Conditions.