Hello everyone, and happy Monday! I posted my May Goals Update and my June Goals yesterday—I split those into two separate posts, so be sure to check them out. This update is a long one, so grab a cup of coffee before you dive in.
May was another strong month for side income. I don’t think anyone could complain about earning roughly $7,641 from side hustles, especially when the work is enjoyable.
I still haven’t passed the $8,000 mark in monthly extra income (this figure is after expenses). May’s total was slightly lower than April’s, but only by a small margin.
I plan to grow my side income further, since it feels like progress has slowed. That plateau is normal—I’ve chosen not to sacrifice enjoying life just to chase higher earnings. Instead, I’m streamlining tasks to improve work-life balance and have added a few new side projects that should boost future income. One immediate improvement I need to make is collections: I currently have a few invoices outstanding for more than $1,000 that have been overdue for over 30 days, which is frustrating.
In May, I earned $7,859 in extra income after most expenses. If you’re new here, “extra income” refers to earnings outside my full-time office job in the financial services industry. It also excludes any earnings from my partner, W—he just started a new venture last week so there hasn’t been profit yet, and his primary income is commission-based and varies month to month.
I’m honest about the effort required: none of this is effortless. My side hustles take enough time to be a full-time job in addition to my regular full-time work. Fortunately, I enjoy what I do and our financial goals—paying off student loans and buying a new house next year—keep me motivated. For more details on my extra income activities, see the Extra Income page.
These figures reflect May and are shown after most fees and expenses (expenses were a little more than $900 and include payments for staff writers on my blog, work with FITnancials, PayPal fees, etc.). The May total includes a rent payment from my sister.
Blog
I’m no longer private about the blog—many people know about it now, though not everyone in my industry or workplace. Being open has been freeing, but it also means I need to think carefully about how public I am with aspects of my life. I haven’t shared our primary-job incomes publicly, which feels right for now.
My sister’s blog, FITnancials, continues to do well. She recently earned her personal trainer certification and began working as a trainer while starting college—she’s making great progress. If you haven’t yet, consider subscribing to her blog.
If you’re thinking of starting a blog, read my step-by-step post on How To Start a Blog. Another popular post from this month was How To Make Money Blogging, which covers several monetization strategies I’ve used.
Staff Writing
My staff writing workload has tapered since last fall; I turned down some opportunities and one gig was affected by a PageRank change. This reduction has been positive overall because it freed up time to pursue other projects. Currently I write for one personal finance site and one hotel travel blog.
Last month I earned about $700 from staff writing. I’m considering ramping this back up to diversify income, so I may pursue new assignments soon. If you need a staff writer, feel free to contact me. I’ve also written a post titled So You Want to Be a Freelance Writer? that covers this topic in more detail.
New side hustles – Blog Management and Consulting
Several readers have asked about my new side hustle: I recently began managing another blog after being contacted by its owner. I’m excited to see how this grows.
I’ve also started offering consulting services—helping new bloggers, managing small blog tasks, and providing guidance. Consulting grew organically from requests, and I’ve come to enjoy it. Additionally, I bought a domain for a new blog focused on diversifying income and financial independence; I’m eager to launch it and think W is excited too.
With these new ventures, I expect my extra income to increase again, which will make transitioning toward self-employment easier. Several readers suggested I write an e-book; once I have more time I’d like to explore that. Possible topics could include freelance writing, blogging, or other practical guides—feedback is welcome.
If you’re curious about becoming a virtual assistant, I’ve written resources explaining that role and what it entails.
How much time I spend
Readers often ask how much time I dedicate to side hustles. It’s hard to measure precisely: I enjoy reading blog posts and sometimes don’t count that as “working,” and I multitask often, which can make time tracking misleading.
I typically spend 30 minutes to an hour on each article I write—sometimes less, sometimes much more when ideas don’t come easily. My longer, in-depth posts take hours and often span several days because I aim for high quality.
Remember that I have a full-time analyst job in financial services, so my side hustle schedule fits around that. I usually work on my blog most weekends and estimate I spend at least 40 hours per week on side projects overall.
Here is my typical weekday schedule:
- 6:15 am – Wake up and get ready for work
- 6:45 am – Check emails, moderate blog comments, read blogs
- 7:45 am – Leave for work
- During my hour-long lunch break – Check and reply to emails, moderate comments, read more blogs
- 6:00 pm – Return home and continue working on side hustles; some evenings are light, others are heavy
Extra Monthly Income in May
- Staff writing – $700
- Blog (consulting, blog management, direct advertising, and AdSense, after expenses) – $5,416
- Affiliate income – $1,200
- Virtual assistant tasks – $0
- Selling clothes – $0
- Miscellaneous (non-blogging online income) – $0
- Rent (we rent a room to my sister) – $325
Comparisons and 2013 Extra Income Total
- Total extra income for May: $7,641
- Income in April: $7,859
- Difference: -218
- Total so far in 2013: $35,868 (AWESOME!)
How did you do in May? What are your extra income goals?
If you have updates or goals to share, I’d love to hear how your side hustles performed and what targets you’re working toward.