At Boost My Budget, I’m all about the side hustle. If you’re into personal finance or making money online, you’ve probably heard this term. But when I mentioned it to some friends offline, they had no idea what I was talking about. So, I decided to explain what a side hustle is, why you need one, and why I’m so passionate about it. By the end, I hope you’ll be inspired to start your own hustle!
**What is a Side Hustle?**
A side hustle is anything you do in addition to your main job to earn extra money. It’s also known as a side job, side gig, or second job. While the term might be new, the concept isn’t. People have always taken on extra work like bartending, babysitting, dog walking, cleaning, or delivering pizzas to make ends meet.
What’s new is the internet, which has made it easier than ever to earn a second income from home, on your own schedule. The sharing economy, with companies like Uber and Airbnb, also offers new ways to make money by sharing your services or resources. So, there’s really no excuse not to start a side hustle, even if you only have an hour a week.
**Why You Need a Side Hustle**
First, I want to acknowledge that some people have no choice but to work a second job to pay the bills. Huge respect to them. But even if you’re comfortable with your day job income, a side hustle can offer surprising benefits.
**Money**
This is the main reason most people start a side hustle. I initially aimed to earn an extra £100-200 a month to ease financial pressure and have a bit more to save or spend. A side hustle is great if you have a financial goal, like paying off debt, saving for a big purchase, or investing. It can even help you retire early if you put your earnings into a retirement fund.
**Safety Net**
A side hustle is an effective safety net against life’s uncertainties. Research shows many people are just one paycheck away from financial trouble. If you lose your job, a side hustle can provide essential income. This is especially important for women, who may be more vulnerable in the workplace.
**Confidence**
One unexpected benefit of a side hustle is the confidence it gives you in your earning power. Knowing you can make money independently of your job helps you handle setbacks at work better.
**Become an Entrepreneur**
Many successful businesses started as side hustles. If you want to build real wealth, consider becoming an entrepreneur. A side hustle can be a low-risk first step.
**It Gives You Options**
A side hustle offers freedom and flexibility. Whether you want to work from home, travel more, or have a flexible schedule for your kids, multiple income streams make it easier to seize new opportunities.
**Fun**
If you don’t rely on your side hustle to make ends meet, use it to follow your passion. It’s a great way to express creativity or indulge an interest. Whether it’s writing, crafting, or teaching yoga, find ways to make money doing what you love.
**New Skills**
You’ll learn a lot of new skills with a side hustle, some of which might even lead to a new career. For example, blogging has taught me about SEO, social media management, creating graphics, and basic HTML.
**How Do I Get Started?**
I have several side hustles, and I started Boost My Budget to test different ones until I find the perfect fit. Some of my favorites include:
– **Matched Betting:** Making guaranteed profit from bookmakers’ offers.
– **Selling on Amazon:** Using Print on Demand companies to sell products with no upfront costs.
– **Website Testing:** Earning $10 for 20 minutes of work.
– **Money-Making Apps:** Using apps like OnePulse and CitizenMe to make money in spare time.
– **Blogging:** It takes time, but it can eventually become a full-time income.
– **20 Cogs:** Earning quick cash, though not a long-term solution.
There are hundreds of other ways to earn extra cash, like freelancing, reselling second-hand books, renting out your driveway, teaching English online, selling goods on eBay or Etsy, filling out surveys, becoming a virtual assistant, pet sitting, mystery shopping, tutoring, consulting, driving for Uber, or riding for Deliveroo.
Think about your talents, interests, and available time, then brainstorm ideas that fit. Check out my money-making Pinterest board for more inspiration. Do you have any side hustles? I’d love to hear how you make extra cash. Let me know in the comments!