Thanks to the recently sluggish economy, as well as the rise of technology, the interest in earning money on the side has been growing. The idea of a little extra cash is appealing — especially for those who have had their hours cut, or lost their jobs. Even if you think that you have a secure job, though, it can still make sense to start a side hustle. Think you don’t need the money? Think again.
Here are 3 reasons to start a side hustle:
1. The Extra Money
It’s pretty obvious that the biggest reason to start a side hustle is to make extra money. Making money can help you improve your financial situation, even if you think that your secure job with “the man” will last a long time. Some of the ways that you can use that extra money include:
- Boost your emergency fund: Put all of the extra money from your side hustle into creating a solid emergency fund.
- Reduce your debt: Super-charge your debt pay down plan with the extra money from your side hustle. You’ll pay less in interest, and you’ll be out of debt sooner.
- Max out your retirement account contributions: Use your side hustle money to max out your retirement account contributions. That money can help you push closer to the maximum contribution for your IRA and even your 401(k). It’s a great use of your extra money.
- Help others: You can even use that extra money to do a little good in the world. If you wish you could do more, your extra cash can help.
Making extra money doesn’t have to lead to lifestyle inflation. You can still live frugally and contentedly, even with the extra money. Use it to secure your future and help others, and your side hustle will have even more meaning.
2. Rely Less on Your “Day Job”
You might feel as though your job is secure, but is it, really? Do you really want to rely on someone else so much…
Read more: Miranda Marquit, Being Frugal