What’s a fast way to jump start your savings, increase your income and pay down debt faster? Get a side hustle! I am a big proponent of increasing your income, instead of finding additional ways to cut back. Mainly because there are only so many ways that you can cut back, but the amount that you can increase your income is endless.
Side hustles can also increase your skills at your current position. Talking to others in your side hustle area can help you understand certain terms or common knowledge.
Also, maybe your dream is to eventually make your side hustle your full time job. Having it as a side hustle first can help you decide if this is what you can do, if it’s sustainable and so on.
I have multiple side income, with online income consisting of a majority of is. At first, I dedicated nearly all of my extra income towards my vacation fund, but as it grew I decided that I would use it for other areas, such as fun money and extra debt payments.
What Do You Like To Do?
Determine what you are motivated to do. Look into areas that you’re interested in. Maybe you like to make jewelry, bartend, write or something else? Your side hustle doesn’t always need to be something that you enjoy doing of course, but it does make it easier and time you will go by faster if you enjoy what you’re doing.
Other possible side hustles:
- Sell items online. I know a couple of people who buy items at garage sales and other places and sell them on ebay. You could also create crafts and start your own etsy store.
- Waitressing or bartending. There is quick money available here, if you’re good at your job.
- Mystery shopping. The pay isn’t the greatest, but you can also receive free items in return for you filling out a survey and observing the shop.
- Online assistant. You could answer emails, refresh their site, leave comments, and so on.
- Personal assistant. My friend did this for someone. She would go clothing shopping for them, take clothes to the cleaners, set up appointments and so on. She was also supplied a car (a brand new Hummer).
- Retail. Finding a part time job in retail would be nice also. You might get a decent sized discount on items at the store.
- Blogger. I enjoy bloggingIan’s this is a big side income of mine. The fact that I enjoy it allows me to dedicate more time to it without caring about the amount of money that it brings in.
- Babysit or dog walk. There are probably flyers that you can find around town so that you can find someone to work for.
Determine How Much Time You Want to Dedicate
You could always start your own business or find a part-time job. A part time job usually wouldnyou require you to bring your work home, and might be better for work-life balance. However, a side hustle such as a design business will allow you to have more control money the amount of money you make, but will usually include more time to be dedicated to it.
Be prepared to dedicate a decent amount of time to your side hustle. It most likely won’t be the easiest since it will of course be a “side” income and you are already doing something with that other time. Having a good work life balance is important too, so that you’re not dedicating all your time to making money and nothing else.
Do you have a side hustle? Any tips?