Okie Life

With costs constantly on the rise right now, sometimes collecting a paycheck from your 9-5 just isn’t enough. Adding another income source can help you pay bills, save for the future, or even just have some ~fun~ money lying around.

Nowadays, part-time jobs feel like a thing of the past. Instead, many people are finding ways to earn extra cash by taking advantage of freelance opportunities (aka side hustles). But how do you know when it’s time to upgrade those finances from personal to professional?

Don’t worry, we’ve got you covered!

🤷What is a Side Hustle?

There are so many ways to earn extra cash. From opening an Etsy store to mowing lawns or even pet sitting, your options are endless as long as there’s a demand for what you can offer. These gigs are often referred to as a “side hustle.” More than half of Americans report having a side hustle to supplement their income.

The beautiful thing about this type of work is that the money you make from these gigs depends on how much time you put into them. When you want to work and for how long is truly up to you! You’re the boss!

💵Signs to Take Your Side Hustle More Seriously

So, you’ve started raking in cash from your side hustle. That’s awesome! Everyone loves to see their checking account balances grow, but have you considered how to handle two income sources long-term?

It might make sense to start out with your standard checking accounts, but when does it become smarter to add a business checking account into the mix? Here are a few signs that it’s time to open a business account.

📈Your Side Hustle Turns Into a Business

Your side hustle started as a fun little hobby, but maybe it’s starting to take off. If you’re thinking about taking this gig a bit more seriously, it might be time to open a checking account dedicated solely to your business. This type of account can help you keep track of your profit and expenses all in one place.

😓Your Taxes Become Too Complicated

It’s important to remember that this extra money you’re making on the side will have to be accounted for in your annual taxes. Having a separate account where you deposit your money would be an excellent way to easily keep track of your income and make your tax season seamless. Doing your taxes is never fun, and a clear record of expenses will save you money and so, so much time with taxes.

💳You Need a Separate Debit Card for Expenses

Some side gigs may have extra expenses you need to pay for along the way. Having a separate account with a dedicated debit card is a great way to make sure those expenses aren’t coming out of your regular income. You can keep it separate and only use the funds you’ve made from that side gig.

🏦How to Set Up a Business Checking Account

Once you’ve decided it’s time for a separate business checking account, setting one up is way easier than you might think. But first, it’s best to do some research and determine what features are most important to you.

Those account features can be things like a low opening deposit and balance requirement. Also, choosing one that gives you 24/7 access to digital banking features can help you manage your finances wherever your new venture takes you! (*hint: OKCU’s Free Business Checking has all of these helpful features😉)

🔮You’re in Control of Your Future

Today, side hustle culture is more prominent than ever. Taking control of your financial situation, putting in the extra work to make ends meet or saving for a goal is admirable, attainable and well within reach. Just remember you have people Happy to Help make sure you’re maximizing that money for your life.