3 Side Hustlers Share Their Best Money Management Tips
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2_budgetirregularincome_masha2The Stockpiling Contractor

Masha Vishnevsky, 33, school psychologist, in Los Angeles, Calif.

“I’m employed on a contract basis as a school psychologist. Because I’m an independent contractor, I’m paid hourly and my monthly income can be anywhere from $3,000 to $4,400. (Last year I made $61,000 before taxes.) As long as I work 31 hours a week, which I do when the work is available, I receive employee benefits.

Given the nature of my income, I keep my basic expenses as low as possible—usually $2,500 a month. I have a tenant that helps me with the mortgage and HOA fees on my condo and I eat at home as much as possible.

My biggest priority is socking away $500 to $1,000 a month to cover me during the summer, when I’m unemployed. My goal is to save $15,000, which I hope to have by the beginning of next summer. Right now, I’m a third of the way there. If I end up exceeding my goal, I’ll use some of the excess cash to travel and splurge on roller derby equipment and events, which is one of my favorite hobbies.

Once the summer hits, I’ll still be on the lookout for ways to boost my budget. Last year, I filed for unemployment, which netted $3,600. I used that to pay basic bills and my mortgage. This year, I plan to do the same, as well as find another roommate and apply to be a rideshare driver.

While it’s definitely more challenging to budget as a contractor, I prefer it over working a full-time job. I get to make my own schedule and even work from home two days a week.”

November 10, 2016

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