When paying off debt, it can be hard to feel like you have any wiggle room in your budget. A side hustle is an additional job that a person takes on when they’re not working their primary, full-time gig. When you work a side hustle or two, you can raise your income by hundreds of dollars. That’s more money to save or send to debt! Here’s a list of side hustles you can begin today.
What is a side hustle?
A side hustle is a business that you work on the side in addition to your full time gig. Most side hustles are done on the weekdays during the evenings and on the weekends to help bring in an additional income. Grammarist defines a side hustle to be anything that a consumer is willing to pay for. This can range from dog walking, food blogging, jewelry crafting, tutoring, and more. They go onto say that any endeavor where a person earns extra money – even if renting a room out of your home that’s not being used – can be considered a side hustle.
Side hustles typically work best for people who have entrepreneurial and self-starting mindsets. In a sense, a side hustle lets you be your own boss while bringing in a little extra income to help you pay bills, boost credit, and get out of debt faster.
Types of Side Hustles
Side hustles can be in a variety of different industries doing a multitude of different things. Keep reading to learn about some of our top side hustle recommendations, along with how they can get you money quickly or overtime to provide a more stable source of income.
Sell what you don’t use
This is a win for multiple reasons. Not only does selling your unused items help clear your home from clutter, but it also helps you make money on things you weren’t even using anyway. You can use online sites like eBay or Facebook Marketplace to sell your things to people in your own community.
Ridesharing
On your time off, drive for a ridesharing service like Uber or Lyft. You can help tourists get around your city, help locals get to meetings, and more. In addition, you will meet all kinds of new people and make money for just driving them from point A to point B. You make your own hours, and can capitalize on busy days in your town: like when there’s a football game or concert.
Dogsit
If you love pups, this is a great side hustle for you. Not only will you be able to play fetch and pet all breeds and sizes of dogs, but you’ll also get paid for doing so. You can reach out to family and friends who might need a dogsitter when they head out of town, or advertise your services on social media to expand your network.
Youtube or Blogging
If there’s something you are passionate about then talk about it! From YouTubing makeup tutorials or posting blogs on your current fitness routine, you can find a niche audience that comes to you for advice and more. With ads and sponsorships, you can make a sizable income on these outlets. Another perk? You could be sent free things to try!
Tutoring and Lessons
If you’re good at singing, then you might consider giving lessons to those who want to refine their technique. If you’re good at math and like teaching, you could help students who are struggling become more confident in their practicing – and get paid for it. This can be done locally, but you can also do it via Skype or other video-based chatting services.
Cook
If your friends are always telling you that you should become a chef, using a service like HireAChef can help you find customers who are looking for personal chefs to prepare their meals. Get paid for doing what you love!
Rent Your Space
If you’re going to be out of town or if you have an empty room, consider renting it out! This can be done short or long term, and you can use sites like Airbnb to supervise everything.
The Potential with Side Hustles
It’s reported that 51% of millennials have side hustles that they rely on in addition to their full-time source of income, a recent study says. With that, 15% of people earn over $1,000 a month just by participating in a side hustle. These hustles take time to get in the groove of, but eventually, most people work no more than 20 hours a week. Side Hustle Nation suggests keeping the time you spend on a side hustle to a minimum while you get started.
Benefits
In most cases, side hustles won’t get you rich quick. In fact, it could take a good amount of time to make a notable income. However, even bringing in just $100 more a month could be enough to help you get in a better financial standing. Benefits of a side hustle mean bringing in an extra income, making money while doing something you enjoy and that you choose to do, and being apart of something that could become much bigger than just a hobby.
Boosting Credit with a Side Hustle
The same study mentions that 68% of millennials use their side hustle income as disposable income, while 32% rely on their side gigs to pay their rent and for groceries.
A side hustle can help individuals pay off debt faster and make good on any outstanding bills. When you take care of what you owe, you in turn boost your credit. Side hustles can bring in all sorts of additional income into your wallet.
Other tips to boosting your credit include:
- Know your exact credit score so you know how to begin working on it: request a copy of your credit report from Experian, Equifax, or TransUnion, the three nationwide credit reporting bureaus.
- Dispute errors you find on your credit report: make sure all information is current, like where you currently live, old lines of credit you’ve taken out, any bankruptcy information, and any outstanding balances. If you see any errors when reviewing, dispute them. A simple dispute you help you boost your credit score by a number of points.
- Don’t spend more than you make: Look over your budget. Budgeting can help you repair your score if you’re spending less than what you make. If you need additional income, that’s where a side hustle comes in.
- Don’t make late payments on bills: be sure to pay your bills on time to prevent your credit score from dropping. Organize and make note of all due dates you have.
- Quit maxing-out your credit cards: when you stay under your credit limit, you boost your credit. Maxing out credit cards time and time again will show you to be a risky borrower, which affects your credit score.
- Don’t apply for more credit while paying old debts off: there’s no need to take on more debt while you are trying to boost your credit. Even just applying for new credit can make a mark on your credit score.
- Make a commitment to repair your credit – know your plan and stick with it so you can reach financial freedom.
Quit living paycheck-to-paycheck and get a side hustle today to boost your credit along with following these other tips. You’ll find financial health before you know it.
