So you’ve decided that it’s time to turn your finances around. To free up some extra cash for debt repayment, you’ve been cutting expenses like a boss: cable’s gone, so are your daily coffee stops. You’ve downgraded to a dumb phone and started buying generic groceries. Good for you!
But after a couple of months of making solid progress, you’re really itching to kick your debt repayment into high gear, so you decide you’re going to take on another job to bring in some extra cash.
Here are five important questions to ask yourself to figure out which side hustle is perfect for you:
1. How much time can I devote?
If you only have a few hours every week to spend on your side hustle, you’ll want to choose something with a pretty high rate of compensation, like tutoring, for example. But if you have twenty or thirty extra hours to play with in your week, taking on a slightly lower paying (and potentially less stressful) position might be ok.
2. Do I want a resume boost?
If you don’t mind making some extra cash in the same industry as your full time gig, it makes sense for your side hustle to be a resume booster, too. So, if you’re a history teacher, teaching economics in summer school will be a nice addition to your work experience.
3. Do I have a special skill I want to start making money from?
Let’s say you’re a really talented jewelry maker. You could start peddling your wares to local boutiques or open an Etsy shop. But are you really sure you want to turn your hobby into a business? It might not be so much fun if you’re stressing over profits all the time. Be sure to consider this before monetizing your passion.
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4. Is it important to get fringe benefits?
If you’re looking to get a little extra bang for the hours you’re putting into your side hustle, shop around to see what kinds of fringe benefits are out there at the stores and services you patronize regularly. For example, Starbucks provides a free pound of coffee every week to its employees. Deals are out there!
5. Is my pride a consideration?
We all like to think of ourselves as “above” worrying about what others think of us, but let’s be real: pride is often a factor where money is concerned. If you don’t like the idea of your neighbors and co-workers knowing that you’re taking on an extra job, then being in a “visible” position – like as a cashier or delivery person, for example – won’t work. There are tons of other ways to make extra cash, though: consider signing up to complete online surveys or working as a secret shopper. No one would know that you’re working a second job in either of those positions.
Now that you’ve narrowed down all the side hustles out there, there’s only one thing left to do: get to hustlin’!