Black Friday Can Be Gold for Side Hustlers. How to Save on Year-Round Expenses

Black Friday and Cyber Monday sales can be money savers. If you have a side hustle or own a business, it's also a great time to find deals on essentials, like a software subscription, new laptop or ink for your printer. 

I talked to a few entrepreneurs who are taking advantage of business savings this holiday season. Here are their shopping strategies for leveling up their side hustles without busting the bank.

Stock up on the essentials

Will Lau is a 37-year-old real estate professional, and founder of Will and Way Homes. He's making the most of Black Friday and Cyber Monday sales by taking inventory of what he really needs for his business. Lau looks for deals on printers, laptops and recording devices. Lau expects to spend around $500 this year, but he's planning in advance. 

"Just like how you should never go grocery shopping when you're hungry, you shouldn't go into Black Friday without thinking you have these bucket loads of money and splurge on whatever appeals to you," Lau said. 

Think about what you really need for your side hustle and put a plan in place so you don't derail or overspend despite finding deals from holiday sales. To stay on track, Lau suggests going public with how much you want or don't want to spend. 

"Know there's going to be a group of people who will be rooting for you, wanting your best, and pushing you forward," said Lau. "You can feed those energies however your makeup is and use that to stay accountable and focused on your plan."

Don't overlook deals on software, subscriptions and website hosting 

Oz Chen, a 35-year-old Los Angeles financial educator plans to save money on his business essentials by scooping up deals on annual, recurring expenses for his money-coaching business. 

"This gets me the best deals on stuff I'm going to spend on anyway," said Chen. 

Chen takes advantage of Black Friday deals for the best savings on electronics and appliances and shops Cyber Monday for software and online tools. He also looks for deals on annual subscriptions such as software and website hosting starting at the end of November. If you don't see a deal on a subscription you use, Chen has a trick that often helps him uncover additional savings. 

Chen contacts customer service to see if they can match the featured promotion for his existing account. If the company he uses doesn't offer a deal, he'll often switch to a new provider that will offer a lower price.

Whatever you buy, be sure to keep any receipts, as they may be helpful when you file your business taxes next year. 

Try this trick to balance spending and saving goals

Even if you're purchasing necessities for your business, it's still critical to set a budget that doesn't exceed your earnings or other expenses.

Chen says budgets become more accurate when you set a budget with your different goals in mind. It can help you understand what trade-offs you're making. For instance, $1,500 is a round-up international flight. "If I spend $500, that's a third of my rent or a flight," says Chen. "If I feel OK with that, I'd go for that. If not, I try to think if I should save toward my other goals first." 

The same is true for your side hustle. If you're interested in buying a new lens for your freelance photography business that's on sale for $400, but you only budgeted $300 for this piece of equipment, you may see what you can find within your budget or find a cheaper lens.

Use credit and Buy Now, Pay Later with caution 

Business expenses can add up, but it's still best to be mindful of your budget and any debt you take on. You might turn to a business credit card or Buy Now, Pay Later plans to break up larger ticket purchases into four installments. 

Lau is a proponent of BNPL because as a self-employed business owner, he prefers to have cash on hand for opportunities to invest in his business or just to weather the storm. But he always makes sure he can pay off an expense in full and on time before turning to this option. 

"It's a slippery slope when you don't address the BNPL when you have the funds and keep pushing it off," said Lau. "That's when you get in trouble." 

BNPL plans can be appealing, especially if no interest is charged. Just be mindful of the terms. Some BNPL companies charge interest and you may pay late fees if you fall behind on payments. 

The same is true of credit cards, which often charge higher interest rates. While neither is inherently bad, both are risky if you're not sure you can pay off a purchase before the due date.

Chen added that credit options like BNPL plans may encourage you to splurge -- even if the purchase is outside of your budget. If you think you'll be tempted to overspend, stick to your budget and cash only to stay on track.

More money advice 

• Need More Money for the Holidays? Here's How to Get It
• I Asked AI to Help Me Create a Holiday Gift List. I Won't Make That Mistake Again
• Holidays on a Budget: 5 Tips to Save Money This Season