Do You Have A Side Hustle? Here’s How To Use The Extra Income
As a kid growing up, I always thought you work towards landing a job that you love, get paid good money to do it, and have fun and rest while you’re not at your job. Turns out I was very naïve. Most people nowadays don’t make enough from their main job and need to go after some extra cash in their spare time.
According to a recent survey, 39% of Americans have a side hustle. 44% believe that they will always need to have one. On average, those with a side gig are pulling in about $810 per month. AND, most of them are relying on their side hustle not to buy fun gadgets or lavish clothes. Nope, Most are using it to just make ends meet because of inflation and fear of an economic downturn.
What’s your actual job? Do you have a side hustle?
Being in the radio business I’m friends with many other on-air DJs and production people and I know a number of them that also have side hustles. Some drive for Uber, some do editing or voiceover work, and one or two even pick up a few hours at a department store on the weekends.
Now, if you are able to use your side hustle money on something other than day-to-day expenses, it could provide a good amount of happiness.
A few ways to use the extra income for something that will provide happiness?
- Build your emergency savings. An emergency savings account with three to six months of household expenses is an important first step to begin saving for the future. Aside from typical savings account through the bank you already use, you can put the funds in a high-yield savings account, which allows you to access your money when needed and build more interest than a regular savings account.
- Pay off debt. Paying off debt sooner can free you up to use your main income on what you care about. Consider paying down your smallest debts first, such as in the debt snowball method, or tackling your debt with the highest interest rate first, such as in the debt avalanche method.
- Reward yourself through discretionary spending. That extra work at your side hustle can be even more rewarding when you use the money for yourself and your loved ones. When money is a major stressor for many Americans, a vacation or night out can remind you that life isn’t just about work.