One of my goals for 2021 was to finally get a handle on my (previously woeful) financial literacy. It might be one of the only new years resolutions I’ve ever actually kept.

In the process I’ve read books by financial advisers, become hooked on money podcasts, and even interviewed a handful of finance experts. And while until recently I had broken just about every one of the cash commandments on a daily basis, there’s one that I’ve unknowingly been absolutely nailing for years: having a side hustle.

Whether it’s a passion project or a secondary income source, side hustles are de rigeur in 2021. I’ve had one since I was fresh out of uni, and along the way I’ve learned a thing or two about how to do it sustainably (clue: you can’t work 12 hours a day, 7 days a week, and expect it to last).

So if you’re considering making 2022 the launch year for your very own side hustle, here are my 5 tips:

1.     Know your why

It might seem obvious, but getting clear on the purpose of your side hustle will help you to work it into your life in a way that makes sense. My first side hustle was a retail job that was primarily to pay my rent, but also because I was new to Sydney and needed to meet people. So I put the effort in to attend staff functions, and form relationships. If your side hustle is about honing a skill, then perhaps it’s not as important to you whether it’s highly profitable. Get clear on what you want out of your side hustle and prioritise that.

2.     Don’t ignore the boring stuff

As soon as you step outside the lines of a salaried job, things get complicated. If your side hustle is your own business, or you’re freelancing, you’ll need to make sure you set yourself up with an ABN, and don’t forget to pay yourself super and set aside tax. As someone who put that in the ‘deal with that another day’ pile for years, the result was a financial mess that took a long time to untangle. I’d highly recommend getting a good accountant to help set you up, so you can do it right from the outset.

3.     Be realistic

Just because you can juggle multiple jobs, doesn’t always mean you should. If your physical or mental health starts to suffer, or if you’re neglecting your relationships or other obligations, then you need to consider whether the pay off is worth it. You’ll also want to work out how much time a work hour actually costs you. When I started teaching Pilates outside my regular job, I thought an extra 10 hours a week was completely doable. But factoring in travel time, lesson planning, making playlists, attending other classes to upskill, invoicing, and the time spent chatting to clients pre and post class – the reality was more like 20 extra hours. And that’s a big difference.

4.     Don’t count on it

Let’s be honest: sometimes, side hustles are necessary just to make ends meet. If that’s your situation, I’ve been there – so do what you have to do. But if your side hustle is something you’re doing to boost your savings or dig you out of debt faster, then I have one key piece of advice. If you can, budget as though you don’t have a side hustle. This way all your expenses are accounted for, and any side hustle income is a bonus. Side hustles are by nature unpredictable. If you’re running your own show, you could have a month of unexpected business costs, sales are down, or, you know, a global pandemic comes out of nowhere. If you’re a casual or a contractor, you could get sick – and there’s no sick leave in side hustle land – or have your shifts cut without notice. If you’re relying on that income, it’s incredibly stressful, and adds a layer of anxiety to everyday living. That’s why if possible, I recommend having your steady job do the heavy lifting, so you’ve got a buffer if the hustle hits hard times.

5.     Save your weekends

Especially when your side hustle is a passion, it can be tempting to spread yourself too thin. And while you absolutely will need to make sacrifices if you want to double dip, too much of a good thing will burn you out. So don’t try to get up at 5 am and work till midnight, 7 days a week. If you want your side hustle to last, you need to take care of yourself. That means taking regular time off, getting enough sleep, and still having time to do the things you love, like exercise, or brunch. Personally, I need to have at least one day a week that is 100% certified work free. And while I’m happy to get up early to achieve my goals, my night times are my down time. Whatever works for you, make sure you can sustain it.

Happy hustling!