As I continue on my journey to becoming debt free, I’ve realized that cutting expenses isn’t always the best way to increase the amount of money you can put toward paying off debt. Rather, I think earning more money via side hustles is the way to go. You can only cut your expenses so much, especially without sacrificing your current lifestyle, but you can always earn as much as you want to work.
Starting a side hustle outside of your regular job is a great way to earn extra money to help you reach your financial goals. Here are a few side hustles I’ve tried and how they’ve worked out for me.
Babysitting As A Side Hustle
I haven’t baby sat in quite some time, but back when I did it on a regular basis it was a pretty good way to make some extra cash. If you baby sit in the evenings, typically your dinner is paid for as you will be eating the same thing as the kids you are watching.
After dinner, kids will usually play for a while or watch a movie. Before long it’s time for bed. Coaxing kids into bed can be difficult, especially if you aren’t familiar with them. But once you’ve gotten the kids to bed you have free reign of the TV, or you could use the time to focus on other work.
Home Business/Direct Selling Products As A Side Hustle
Starting a home business of selling products can be a good way to earn some extra money each month. Just make sure you aren’t joining an already saturated market.
Most of the “home business” companies are already over-represented in my small town, so this isn’t necessarily the best option for a lucrative side hustle. Don’t forget to take into account how often you have to order or how much business you have to do to “remain active”. This can be a real drawback. You don’t want to end up spending money you haven’t earned just to stay active with the company you chose.
Side Note from Jenny: I have been working on multiple streams of income (my goal is 5 and I’m half way there!!) and one of my sources of income includes direct sales. I agree with Kayla, you want to make sure you aren’t joining a company that has saturated the market but also know that it can take time to build up your business. As long as you believe in the company and what you are selling, give it a good 3-5 years to see where it takes you!
Part Time Job As A Side Hustle
Finding a part time job for the evenings or weekends is another way to make some extra money. One thing I don’t like about this idea is that your earnings are usually fixed (unless you are in an industry where you earn tips), and your hours and schedule depend on someone else.
I do still have a part time job, but it’s definitely not the most lucrative of my side hustles.
My full time employer approached me about a year and a half ago to see if I’d be interested in cleaning the building for extra money. The pay is very good, especially considering how few hours I’m required to spend cleaning the building.
But I found that I was having a hard time respecting people as they weren’t always respectful of our building and I had to clean up their messes. I think my relationships with my co-workers will be better now that I’m no longer cleaning the building.
Online Freelancing As A Side Hustle
This is my latest idea for making more money on the side, and so far it’s the one I enjoy most and have had the most success at. I love that I can make my own “schedule” as long as I meet my deadlines.
I can work in my pajamas in the comfort of my home. Plus, the sky is the limit as far as much money I can make by freelancing online. You can start freelancing online with almost any skill-set. People are always looking to hire freelance writers, photographers, designers, website managers, and more.
What methods have you tried for making extra money?