BAKERSFIELD, Calif. (KERO) — Figuring out ways to make more money can be hard. Younger people are not able to qualify for benefits like Social Security, and older people are at a disadvantage when it comes to starting new careers. Because of this, the popularity of picking up side jobs has grown.
However, according to consumer and money saving expert Andrea Woroch, hanging onto that money can be a challenge. Woroch shares advice with people who are looking for more ways to save money while taking on side jobs.
"Be really savvy with how you spend that money, and definitely, depending on where you're at with your retirement savings and your progress and your goals, I would put as much of it away towards your retirement," said Woroch.
One current popular side hustle is working as an Uber driver. The job allows people to work when they want and for how long each day, which contributes to the flexibility of the work. In fact, a survey done by Benenson Strategy Group in 2022 found that 69 percent of drivers have full or part-time jobs in addition to working for Uber.
Another study, done by Gridwise, says 29 percent of Uber drivers are over the age of 50. In the same report, 23 percent of drivers also don't keep track of their earnings and financial goals.
Woroch says one easy way to track your money is to put more emphasis on your savings account.
"Treat savings like a bill. In fact, it should be your most important bill that you never skimp out on. Pay yourself first," said Woroch. "If you pay your savings first and then your other bills, now you only have a certain amount of money let to spend on the things that maybe don't matter as much."
Woroch adds that using budgeting apps are also a great way to track your income. However, for those who may not be as tech savvy, printing out a budget sheet for each month can also be a beneficial tool.
"That'll give you line items to enter, so that could be your regular income, your secondary income from a side hustle, and so forth," said Woroch. "This can be really helpful in seeing where your money's going and starting to make the changes necessary to save more of it."
Starting to save money can be overwhelming, but Woroch says it's important to write down all of your expenses and highlight the things that aren't necessities. This is key to seeing what you're overspending on in order to narrow that list down and create a budget built for savings.
