Benefits of a Side Hustle
- Explore your passions: Happiness should be equally as important as making money to pay the bills. However, according to lawyersimmigration.com not everyone has the privilege to quit their job and pursue their passions. Having a manageable side-hustle allows you to keep a stable job while you also get paid for a separate venture related to something you enjoy.
- Financial freedom: Whether it’s just being able to pay off your student loans or you have extra disposable income at the end of the month, more money coming into your account means more freedom. Starting a side hustle offers you this financial freedom. Improving a skill of interest may even make you more employable for other jobs.
- Become a leader: Do you have years of business experience that may help other people who are less experienced? Maybe your side hustle can be being a mentor or consultant for small and inexperienced start-ups. Side hustles are great ways to utilise your current skill set and build your leadership skills when helping smaller businesses in need. Try and think about what you’re good at and how you got to where you are today.
Side-Hustle Tips
- Take it easy: Maybe you’re looking for a more relaxed route. The best part about being in control of a side job you want to prioritize less than your main career pursuits, is that you can sometimes get more by doing less overall. If you’re already walking your dog, why not start a dog walking service for the other furry friends in the neighbourhood? Being a bike courier for home delivery food services is a great way to make money as well as fitting in daily exercise.
- Take on only what you can: There have been correlations made between excess overtime work and depression within workers. Make sure you have the capacity to take on a side hustle before throwing yourself in and stretching yourself too thin. Planning initial steps and resources needed to start your side hustle will not only make operations much easier but it will be easier to manage expectations of commitment for yourself and workload from your current boss.
Other Ways to Save Money
- Pay off any debt: Owing friends money or needing to pay off loans can be a big source of stress. Over a period of time, interest rates will also inhibit your ability to increase savings due to the increasing amount of money you owe. By paying off any outstanding debt, you can stop worrying about money coming in, only to instantly come out, and work on saving for your side-hustle.
- Set your saving goals: Saving money is a long-term process and it’s easy to get distracted with impulse buy purchases or unforeseen emergencies that deter you from your goal. Creating a timeline to manage money coming in allows you to plan where your money should go to reach your goal. Saving a portion of income for a safety blanket will also help you better gauge how much you should be putting away each month.
- Cut down expenses where possible: Although groceries and utilities seem like unavoidable costs, taking the extra steps to see where you can save money is vital if you want to shave off unnecessary expenditure decreasing your savings. Planning a weekly grocery list with recipes that share ingredients will minimize extra cost of picking up forgotten items at overpriced convenience stores and will minimize food wastage. Comparing utility providers and practicing efficient energy saving habits at home can also help you decrease the cost of your Direct Energy bill.
Conclusion
Side hustles don’t always have to take up too much of your time and resources. With a bit of planning, you’ll be able to find a talent or skill which will help you make extra bucks in no time.
