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Talk about a nice payday.
Image source: Getty Images
If you’ve been tempted to take on a side hustle, you’re no doubt in good company. And if you’ve decided not to take that leap, well, that’s understandable also.
The reality is that working a side hustle could mean making a pretty big commitment. And when you already have a full-time job, finding the hours can be a challenge.
You might also be hesitant to take on a side hustle because you’re not convinced it will pay off. And the reality is that some gigs aren’t as lucrative as others.
But in a recent Neighbor.com survey, two-thirds of Americans who have a side hustle earn up to $500 a month from it. And that’s not a small amount of money. So before you write off the idea of a side gig because you’re convinced there won’t be enough financial upside, you may want to reconsider.
A side hustle could work wonders for your finance
You may not manage to earn $500 a month from your side hustle. But what if right now, you’re struggling to pay your bills and are adding $100 a month to an already growing credit card balance? Even if you only earn $200 a month from your side hustle, it could be enough to help you avoid racking up debt and start digging out of the hole you’re in.
Plus, a side hustle could make it possible to pump more money into your savings account. That could buy you some protection in case unplanned bills pop up when you’re not in a good place to handle them.
Even if you’re doing reasonably well financially, wouldn’t it be nice to be able to take a vacation or spring for concert tickets on a whim? Your regular paycheck may not allow for that. But your side hustle could make it possible to spend money on the things you love without worry.
How to earn more from a side hustle
Earning a decent income from a side hustle could boil down to a few things:
Choosing the right gigPutting in enough hoursGetting really good and efficient at what you do
So, let’s say you decide to make jewelry as your side hustle. If you’re only able to make about $5 per piece, and it takes you an hour to make each piece, then you’re not going to earn a lot of money. But if you choose a gig like digital editing, where you can command, say, $25 an hour, you’ll boost your income a lot more.
Meanwhile, some gigs become more lucrative if you put in the time. Driving two hours for a week for a ride-hailing service may not do much for you financially. But if you ramp up to 10 hours a week, that’s a different story.
Finally, it’ll help to find something you’re good at. If you charge $300 for a small business website update and you’re able to do that work in three hours, well, that’s a nice hourly rate you’ll be looking at.
All told, there is money to be made in the world of side hustles. You just have to adopt the right approach to get it.
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