Start a Side Hustle – It Will Be One of The Best Things You Ever Do
If you aren’t familiar with the term ‘side hustle’ – it basically means a way that you are earning extra money on the side; in addition to your main job. I hadn’t heard of this term myself until probably last year when I started gorging on personal finance blogs. And now? I am completely in love with side hustles.
I had always thought that I was stuck earning the tiny amount that I was earning because I couldn’t (/wouldn’t) pay for childcare and could not find things to fit around her. HOW WRONG I WAS!! Yep – that needs to be in shouty capital letters, sorry. I am still incredibly annoyed with myself for not doing more research into earning more money – don’t get me wrong,
I did a lot of looking into earning extra, but I could not find anything that would fit around being a stay at home mum. One of the reasons that I started this blog was to share the knowledge I gained of all of the ways that you can make money on the side that pretty much anyone can do, generally speaking, because I had found it so hard to find this kind of information I wanted it to be easily accessible for others who were in a similar situation.
Once I had stumbled upon the idea of a side hustle and some potential ones, my mind whirred into action and I was incredibly excited about all of the opportunities presented to me. I dived into research and tried to think of the things that I could start without spending any money.
I realise – and I will tell people – you generally need to spend money to make money. However, I was deep into the frugal trenches and was determined to only make money and spend nothing – I think it was a comfort thing. Before I start rambling on too much, here are the reasons that I believe you should start a side hustle:
To Pay Off Debt
The more money you have, the more money that you are able to put towards your debt. It sounds pretty simple, but as you will know if you are on a debt pay-off journey, it is not as easy as it sounds. The most important parts in my opinion, in paying off debt, are to reduce your outgoings and increase your incomings. There tends to be people in either camp, but I truly believe that you have to be in both. After all, it’s a no brainer, right?
The more money you have, the quicker the debt will go away. And then the great thing is that you have a ton of extra money that can be used for much more important things such as building the life you desire.
Unfortunately we currently live in a society where it is quite normal to have debt – car payments, credit cards, loans etc. They pay the minimum and think it’s absolutely fine – without really thinking about the future implications this may have.
The best time to pay off debt is now. It’s not just the debt amount that you are paying back, but tons of interest too. Your future self is kicking you, because they want to use the debt repayment and interest money for something more important.
To Put Into Savings
One of the best things that you can do for yourself is to start saving. It doesn’t matter how old you are now, how little you have to save…just start. Once your debt is paid off, you are free to save that money for much better parts of your life – such as for early retirement. Or if you aren’t into the idea of early retirement, then just for normal retirement.
Or so that you can start up your own business where you can work from home in your pyjamas, for yourself.I don’t know about you, but I am a great boss to myself – always pushing myself to do more, and actively encourage multiple snack breaks, as well as nap-times if needed.
By invest, I mean actual investing. If you invest your money sensibly and properly, you can get an excellent return on your money that can grow and support you in the future. There are lots of different ways that you can invest your money, and I recommend doing lots of research before you go for it.
If you look at very wealthy business people, you can see that they will be investors. The rates if you put your money in a savings account are incredibly small, so you are not doing the best that you can with your money.
To Pursue Your Passions
Most people have something that they are incredibly passionate about, even if they don’t know it yet. Once you start thinking of side hustle ideas, some will spark your interest more than others and once you get started, you can discover a passion that you never knew you had.
For myself personally, it is blogging. I have a variety of side hustles now, but my absolute favourite is blogging. I have always loved writing and helping people, but I was never aware that blogging could make money, and even when I became aware of this, I had no idea how much it was possible to earn. I haven’t earned thousands yet through my blog, but I have earned a little bit, and it makes me really happy.
To Become An Entrepreneur
There are 2 ways in which starting a side hustle can help you to become an entrepreneur. One is that you can grow your side hustle into becoming a business for you, and the other is that you can earn so much on the side, that you are able to leave your job and create another entrepreneurial vocation.
To Create Multiple Income Streams
I am a huge advocate of having multiple income streams. It makes me incredibly nervous to think of all of the people that I know who only have one stream of income and would be in a sticky situation if anything were to happen to it.
Take the example of my brother, he lost his job and could not afford to pay his bills. Instead of telling anyone (?!!?) he started applying for loans and credit cards. It all came to a head when his landlord was about to kick him out because he could not afford to pay any more rent. I found out on the day he was leaving, and he has been living with us since. In case you are wondering, he got a new job pretty quickly and I was put in charge of his finances. He has now paid off his debt and he is saving up for a flat deposit.
But back to the multiple income streams – as my brother had only one source of income which he then lost (and no savings) he was immediately unable to pay his bills. If you lost your job today, would you be ok? Losing your job is not a nice thought, but unfortunately it is something that happens on a regular basis, and often without any prior warning. If you have a profitable side business, this could be your saving grace if ever you lost your job, because you would still have money coming in to tide you over.
To Achieve Financial Freedom
Financial freedom is a hot topic within the personal finance community, and it feels as though everyone is striving to achieve it – which is amazing – but we need to spread the word! Financial freedom basically means where you have enough money coming in/saved to support your lifestyle without needing to work 100 hours a week.
When some people achieve financial freedom, they are able to retire early – and when I say early, I mean 30 years old. Creating a side hustle creates more money to accomplish this goal much faster, and once you achieve financial freedom, you are able to pursue the things that you really want to – such as travelling the world, or starting a passion project.
To Expand Your Bubble
I had to get in one that wasn’t completely focused on money! By expanding your bubble I mean taking you out of your comfort zone. We all have the habits of talking to the same people, going to the same places over and over – but if you start a side hustle it opens you up to new experiences and meeting new people – forging new friendships and doing things you never dreamed you would have the opportunity to do.
Starting up my side hustles has made a huge difference to my life already – I have more money flowing in which means I have been had so much more to throw at my debt which will be paid off within a couple of months. I am usually quite anxious/stressed about my lack of money but I have relaxed so much now, because I have extra so that if my friends do invite me out, I can say yes without wondering if I will have to skip a meal to pay for it.
During the winter months my usual job is much slower so I don’t get paid much, and I normally panic like crazy – but it has been absolutely fine. I’ve also had to pay for two hen dos which are this year – one is my sister-in-law, one is one of my closest friends – I paid for these with no problem (and before everyone else did too!). The stress that has been relieved from the extra money is incredibly worth it.
Once my debt is paid off, I can then use my extra money generated from the side hustles to achieve my other financial goals. If you have big goals, I urge you to start a side hustle. The ways that I currently make extra cash are:
It’s easy to think of a bunch of reasons why we can’t start something that will make extra money, but the best thing that you can do it just go for it. Pick something and start today. Yes, today. Not later today – right now. It’s one of the best things that you can do for yourself and your family!
If you are stuck for ideas then check out my post where I compiled 100 side hustle business ideas. At least one of them should work for you!
I would love to know what your side hustle/s are? Does anyone want to do one but something is holding you back? Let me know in the comments below.
Blogging is my favourite way to earn extra money. Follow my step-by-step guide on how to start a blog here.