Side Hustler Spending: Who Saves, Who Splurges?

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SideHustles.com Experts

We work with expert side hustlers and gig app users. Our goal is to bring you unique insights into how to best use your time...

Side hustles have become increasingly popular. But how do people manage the extra income they earn? Our recent survey of 1,005 Americans with side gigs offers insights into spending habits, savings goals, and financial management across generations. Whether you’re a seasoned side hustler or considering starting your own gig, this study offers valuable insights into the modern gig economy.

Key takeaways

Nearly 1 in 5 side hustlers spend all their side hustle income immediately, with Gen X (24%) being the most likely to do so.
Gen Z (22%) is the most likely to save all their side hustle earnings.
43% of Gen Z spend their extra income from side hustles on dining out, while 40% of millennials use their extra income to pay off debt.
41% of side hustlers saving their extra income are doing so to build an emergency fund. Nearly 1 in 6 (15%) have saved at least $6,000.
Side hustlers reported saving 44% of their side hustle income each month, with common goals including travel/vacation (28%) and paying off large debts (26%).
Gen Z (52%) are the most likely to report needing help managing their finances, including side hustle income.

01. How side hustlers spend their income

What do you do with your side hustle income?

Nearly 1 in 5 side hustlers spend all their side hustle income immediately, with Gen X (24%) being the most likely to do so.
Gen Z (22%) is the most likely to save all their side hustle earnings.
43% of Gen Z spend their extra income from side hustles on dining out, while 40% of millennials use their extra income to pay off debt.
58% of Gen X and 55% of millennials spend their side hustle income on groceries.
57% of women primarily spend their extra income from side hustles on groceries, compared to 51% of men.
31% of women use their extra income for clothing and accessories, compared to 22% of men.

02. Savings and management

What do you save your side hustle income for?

41% of side hustlers saving their extra income are doing so to build an emergency fund. Nearly 1 in 6 (15%) have saved at least $6,000.
43% of millennials and 35% of Gen Z save money from their side hustles to build an emergency fund.
Average savings from side hustle earnings toward an emergency fund, by generation:
- Gen Z ($3,274)
- Millennials ($3,154)
- Gen X ($2,898)
- Baby boomers ($2,110)

Gen Z (21%) are the most likely to have saved at least $6,000 from their side hustle earnings.
Average savings from side hustle earnings toward an emergency fund, by gender:
- Men ($3,266)
- Women ($2,830)

Side hustlers reported saving 44% of their side hustle income each month, with common goals including travel/vacation (28%) and paying off large debts (26%).
Side hustlers in the finance industry save the highest percentage of their side hustle income each month (56%), while those in hospitality, food, and beverage save the lowest (38%).
29% of Gen Xers and millennials save their side hustle money to pay off large debts.
31% of Gen Z are saving their side hustle money to be able to make a large purchase.
Gen Z (52%) are the most likely to report needing help managing their finances, including side hustle income.

03. Methodology

For this campaign, we surveyed 1,005 Americans with a side hustle on July 23, 2024, to explore how they manage their extra income, including spending habits, emergency fund savings, and financial management needs.

04. About SideHustles.com

SideHustles.com is here to help you start or grow your side hustle. We make sure our advice is realistic and useful, so you can trust what you read. Our fair gig app ratings, based on industry-specific rubrics, help you find the best apps to support your hustle.