A side hustle helps make ends meet in high-cost areas
Packish pulls in a combined income of around $85,000 thanks to her $67,000 full-time ad agency job and an $18,000-a-year side hustle managing and consulting on social media for local businesses, something she started doing in college.
She’s one of almost 40% of Americans with a side hustle, according to a LendingTree survey. Of those, 61% report that they had to get a side gig to make ends meet.
On top of her side hustle, Parkish has another big advantage that helps her stay afloat in the high-cost community.
The 23-year-old has been living with her parents and is currently living rent-free in an apartment her father owns during off-season in Martha’s Vineyard.
For those who live in a high-priced area but don’t have that kind of support, finding a roommate or relocating to a more affordable area — even temporarily — could be a smart financial move.
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Budgeting for the short-term and long-term
Packish isn’t lounging her rent-free lifestyle away. Instead of spending her extra cash on indulgences, she’s building a financial cushion.
“I figured, why not start early?” she says. “And then when there are years where I’m learning how to pay rent and budget and things like that, I don’t have to worry about my retirement or saving.”
In February 2025 alone, Packish contributed $1,583 to a Roth 401(k) and Roth IRA. Last year, she maxed out her IRA at $7,000 and tucked away more than $10,000 into a 401(k).
That’s on top of covering her everyday costs — about $705 a month on discretionary spending like travel, home goods and the occasional eye exam plus around $551 on groceries and dining out.
This summer, she’ll be using some of her financial cushion to advance her career. In August, Packish is planning to move across the country to Los Angeles for her job.
If you’re looking to get your finances in order like Packish, the first step is choosing a budgeting method that feels sustainable.
The 50/30/20 rule. This method may work for people who like some structure with a side of flexibility. You divide your income into three buckets: 50% for essentials, 30% for lifestyle spending and the 20% for savings and debt repayment.
Zero-based budgeting. This approach will appeal to people who want full control over their cash and can work a spreadsheet. In zero-based budgeting, every dollar you earn is assigned a job — whether to pay down bills, build savings or treat yourself to a night out.
As Packish spreads her wings and heads west, she’s doing it with more than just a suitcase — she’s bringing a plan. One that’s built for change, but grounded in stability.
“I could see myself maybe coming back here when I’m older, maybe to raise a family,” she says.
Make your home work harder for you by making the most of your equity.
The average homeowner sits on roughly $311,000 in equity as of the third quarter of 2024, according to CoreLogic. Having access to your home equity could help to cover unexpected expenses, fund a major purchase like a home renovation or supplement income from your retirement nest egg.
Unlock great low rates in minutes by shopping around. You can compare real loan rates offered by different lenders side-by-side through LendingTree.
