Many people are on the fence about getting a side hustle, and it’s easy to see why. Working a second job can be challenging when you already have a full-time job to tackle. You may have kids or other responsibilities that make the idea of taking on a side gig seem overwhelming.
But working a side hustle could really help alleviate a lot of the financial concerns you may be harboring. Here are a few worries that extra income could help address.
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1. Not having enough emergency savings
Ideally, you should have enough money in your savings account to pay for three to six months of essential bills. If you’re short on meeting that target, a side hustle could help you boost your cash reserves quickly. And that could give you peace of mind in the face of unplanned expenses.
2. Carrying too much bad debt
It’s one thing to have a mortgage to pay every month that will, in time, allow you to own your home outright. But it’s another thing to carry a series of credit card balances that keep racking up expensive interest. If it’s the latter scenario you’re worried about, a side hustle could be your ticket to shedding that debt sooner. Not only might that save you money on interest, but it could also help protect your credit score.
3. Being behind on retirement savings
It’s a good idea to set money aside for retirement on a regular basis. If you’ve struggled to carve out room in your paycheck for 401(k) or IRA contributions, then a side hustle could make it possible to fund a long-term savings plan consistently. That way, you can use your paycheck from your main job to pay your immediate expenses, and then use your side earnings to save for the future.
4. Paying for your kids’ college
College is expensive across the board. If you’re worried about paying for it, working a second job …….