Last updated on October 8th, 2022 at 08:39 am
Do you worry about how you will pay the bills if your car breaks down or do you live paycheck to paycheck and can’t build an emergency fun? Or are you a SAHM that would love to have something fun that can help you make new friends?
These are all great reasons to start a side hustle!
I am a big believer that everyone should have a side source of income whether you are a college student, stay-at-home-mom, or currently employed. It can be a fun hobby, something to bring in extra side income, or even a small business to grow over time.
Here are 7 reasons why everyone should have a side hustle!
Emergency Money
Before I met my husband, I was a single girl working as a nurse not really knowing where my life was headed. What I did know for sure was I needed a safety net in case I was unable to work for whatever reason, such as illness, injury, loss of job, etc. I didn’t have another person there to support me if I wasn’t able to work for a period of time. After paying off my car, I made it a priority to build up a small emergency fund of 6 months’ worth of expenses. Then once I was married, my husband and I needed to expand that amount to fit the two of us.
Starting a side hustle can be a great way to generate extra funds to start an emergency fund if your current budget does not allow. Even just starting with $50 to $100 a month can build over time and protect you should anything happen.
Hobby
Making money on the side doesn’t have to be boring! Pick a hobby or skill you have always wanted to try. Or maybe there is a hobby that you already have that can be monetized in some way. Do you like to craft? Maybe you should open an Etsy shop! Or do you love reading? Find a side job online proofreading books or writing reviews. Or maybe you have a passion for cooking. Start a small in-home bake shop and sell yummy goodies to your neighbors. How every you do it, make sure that your side hustle is fun!
For me I already loved thrift shopping and finding the best deals! When it came to starting my small reselling business, it never felt like a chore. I always waited for my days off when I could peruse the make shelves or go try a new store I hadn’t been to. I also really enjoyed the details in the packaging and interacting with my costumers. Had I not loved what I was doing, I would not have been able to stick to it and have much success.
Reach Your Goals Sooner
What financial goals do you have? Do you want to pay off your student loan debt? Credit card debt? Save a down payment for a home? Or maybe start investing? These are all fantastic goals that can set you and your family up better for the future. The problem is you only have so much money to go around. And with your current salary, these goals could take years to reach.
By starting a side hustle, you could earn $100, $500, $1000, or maybe more every month. That money can help expedite paying off debt, investments, or other savings goals. Just starting small and devoting a few hours a week will make a difference over time.
And by reaching whatever your goal may be faster, you can start working on the next. Soon you will be in a more secure financial place than had you stuck to your regular household income. What could a little extra money in your pockets each month do for you?
Meet New People
If there is one thing I have learned as an adult, is it can be more difficult to meet people that share your same interests in comparison to my college years. Starting a side hustle and joining communities around your niche gives you a great way to connect with other adults. This can be especially helpful for SAHMs who can get lonely and want an excuse to get out of the house. I have met some amazing people through social media that have helped cheer me on throughout my side hustle journey! Once you pick the path that is right for you find others around you to support you along the way.
Money For Splurging
It is so important to find a way to reward yourself now and then, regardless of your income. At first most of my extra income went towards our house down payment and emergency fund. Now that we are in our home and our savings are in a comfortable position, we like to use a little bit of our side hustle money to have some fun! Save up for that family vacation you’ve always wanted to take, or concert tickets to your favorite band, or even treat your family to an extra special holiday season. Whatever you choose to do with your extra income, make sure to reward yourself for all the hard work you have put in.
Back Up Plan
While it likely is not your plan when you start for your side hustles to become full-time income, life happens! You never know when a loss of job or family emergency could leave you without a way to pay your bills.
So, whether this income helps out until your spouse finds other work or turns into a full-time business, leaving yourself and family OPTIONS is important. My side hustles are in no way enough to pay for my living expenses right now, but if necessary, I could definitely scale them to a place where they could. And that is plenty of peace of mind for me!
This was great – excellent ideas ! I started my side hustle and love it!