Skip to main content
Advertiser Disclosure
We do receive compensation from some partners whose offers appear on this page. We have not reviewed all available products or offers. Compensation may impact the order in which offers appear on page, but our editorial opinions and ratings are not influenced by compensation.

Ascent-logo

  • Credit Cards
  • Banking
  • Brokerages
  • Loans
  • Mortgages
  • Knowledge
  • Latest Picks
  • Search Icon Click here to search

Credit Cards

Top Picks
  • Best of March 2021
  • Cash Back
  • Balance Transfer
  • Travel
  • 0% APR
  • Rewards
  • Bad Credit
Knowledge
  • Beginners Guide to Credit Cards
  • How to Rebuild Your Credit
  • Maximize Your Credit Card Rewards
  • Learn More About Credit Cards
Credit Card Tools
  • Compare Cards
Looking for a new credit card?

Explore the best credit cards in every category as of March 2021.

Get started!

Banking

Top Picks
  • Best Savings Accounts
  • Best Bank Accounts
  • Best Money Market Accounts
  • Best CDs
  • Best Checking Account Bonuses
Knowledge
  • Beginners Guide to Banking
  • Everything You Need to Know About Savings
  • Money Market Accounts Made Easy
  • Learn More About Banking
Looking for a place to park your cash?

Check out our top picks of the best online savings accounts for March 2021.

Get Started!

Brokerages

Top Picks
  • Best Brokers of March 2021
  • Best Online Brokers for Beginners
  • Best Options Brokers
  • Best IRA Accounts
  • Best Roth IRA Accounts
  • Best Robo Advisors
Knowledge
  • How to Open a Brokerage Account
  • Beginner's Guide to Brokerages
  • Learn More About Brokerage
Just getting started?

Explore our picks of the best brokerage accounts for beginners for March 2021.

Get Started!

Loans

Top Picks
  • Best Loans of March 2021
  • Best Personal Loans for Bad Credit
  • Best Loans for Debt Consolidation
  • Best Low-Interest Personal Loans
  • Best Personal Loans for Good Credit
  • Best Personal Loans for Fair Credit
Knowledge
  • Personal Loans Made Easy
  • Debt Consolidation Guide
  • How to Pay Off Debt
  • Learn More About Loans
Thinking about taking out a loan?

Before you apply for a personal loan, here's what you need to know.

Get Started!

Mortgages

Top Picks
  • Best Mortgage Lenders of March 2021
  • Best Mortgage Lenders for Poor Credit
  • Best Refinance Lenders
  • Best VA Mortgage Lenders
Knowledge
  • First Time Homebuyers Guide
  • Home Loans Made Easy
  • The Complete Guide to Refinancing
  • How to Get a Mortgage with Bad Credit
  • Learn More About Mortgages
Tools & Calculators
  • Mortgage Calculator
Compare Rates
  • Today's Mortgage Rates
  • Refinance Rates
  • 15-Year Mortgage Rates
  • 20-Year Mortgage Rates
  • 30-Year Mortgage Rates
  • Jumbo Mortgage Rates
  • VA Loan Rates
  • 5/1 ARM Rates
  • 7/1 ARM Rates
  • FHA Mortgage Rates

Knowledge

Knowledge Section
  • All Articles
  • Credit Card Articles
  • Banking Articles
  • Brokerage Articles
  • Personal Loan Articles
  • Mortgage Articles
  • Personal Finance Articles
Recent Articles
  • FHFA Extends Multifamily Forbearance Through June 30: What It Means for Property Owners and Renters

    Mortgages

    FHFA Extends Multifamily Forbearance Through June 30: What It Means for Property Owners and Renters
  • Demand for These Jobs Has Plummeted -- and Won't Recover Any Time Soon

    Personal Finance

    Demand for These Jobs Has Plummeted -- and Won't Recover Any Time Soon
  • Stimulus Check Update: Senate Could Vote on Relief Bill This Weekend

    Personal Finance

    Stimulus Check Update: Senate Could Vote on Relief Bill This Weekend
  • My Husband and I Ditched Our Jobs for a Month to Travel. Here's How We Did It

    Personal Finance

    My Husband and I Ditched Our Jobs for a Month to Travel. Here's How We Did It
  • The Ascent
  • Knowledge
  • Banking

5 Reasons to Get a Side Hustle in 2020

by Maurie Backman | March 5, 2020

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

Here's why it pays to boost your earnings with a second gig.

If it seems like every third person you know has a side hustle these days, you're not imagining it. The Ascent recently surveyed over 1,000 people on side hustles, and nearly half had some type of secondary gig. If you've been toying with the idea of taking on work outside your main job, here are a few good reasons to go that route. 

1. You can't keep up with your existing bills

It's never a good idea to take on more expenses than your regular paycheck allows for. But sometimes, you may have no choice. If you can't swing your living costs on your salary alone, then a side hustle is a great way to avoid racking up debt. According to the aforementioned survey, 61% of women and 54% of men who have side hustles would struggle to make ends meet without one, so if that's your situation, you're in good company.

A man building a piece of furniture out of wood in a workshop.

Image source: Getty Images

2. You're in debt

Maybe you lost your job for a while and relied on credit cards to pay your bills. Or maybe you got stuck with a large unplanned home repair, and are now left with a series of home equity loan payments on your hands. No matter the specifics, generating income from a side gig is a great way to eliminate costly debt so you can stop throwing your money away on interest. 

3. You need to boost your savings

Ideally, you should have enough money in your savings account to cover at least three months of essential living costs. That way you won't immediately fall into debt if you lose your job or face a costly emergency. 

If you don't have emergency savings, a side hustle could be your ticket to added financial security. But it's not just near-term savings you should aim for. You should also make an effort to build a retirement nest egg, and your side hustle could provide the income to fund that IRA or 401(k) plan. 

4. There's a big milestone you'll need to pay for soon

Whether it's a new home, a wedding, or a baby, if you're aware of a specific milestone that will require an influx of cash, a side job is a great way to get your hands on it. The same holds true if you're planning to go back to school -- that extra income could help cover your tuition costs and help you avoid student debt. 

5. You want to enjoy life a bit more

Maybe you're doing well financially, don't have debt, and have a decent chunk of cash in the bank and a retirement plan. Well, it still pays to look into getting a side hustle if doing so allows you to live life the way you want to. The money from your second gig can pay for things like travel, entertainment, and day-to-day luxuries like restaurant meals. It can also help you upgrade your lifestyle, whether that means driving a nicer car around town or upsizing to a larger apartment. 

The great thing about side hustles today is that they're largely flexible -- you can find a second job you can do on your own schedule, whether it's mornings, evenings, weekends, or all three. Just as importantly, having a side gig gives you income security. If your main job goes away, you have a fallback option to replace at least some of your paycheck. And that's reason enough to see what opportunities are out there.

These savings accounts are FDIC insured and can earn you 12x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts can earn you more than 12x the national average savings account rate. Click here to uncover the best-in-class picks that landed a spot on our shortlist of the best savings accounts for 2021.

Two top online savings account picks

Rates as of Feb. 15, 2021 Ratings Methodology
Logo for CIT Bank Savings Builder
Logo for American Express® High Yield Savings Account
CIT Bank Savings Builder American Express® High Yield Savings Account
Member, FDIC Member, FDIC
Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best
= Excellent
= Good
= Fair
= Poor
Open Account

On CIT's Secure Website.

Open Account

On American Express' Secure Website.

Read Review Read Review

APY: Up to 0.40%

APY: 0.50%

Best For: No monthly maintenance fee

Best For: High APY

Min. to earn APY: $25k or $100 monthly deposit for highest tier

Min. to earn APY: $0

About the Author

Maurie Backman
Maurie Backman icon-button-linkedin-2x

Maurie Backman is a personal finance writer who covers everything from savings to retirement to healthcare. Her articles have appeared broadly on major outlets such as CNBC, MSN, and Yahoo.

Share This Page
Facebook Icon This icon shares the page you are on via Facebook
Blue Twitter Icon Share this website with Twitter
LinkedIn Icon This image links to share the page over LinkedIn.
Email Icon Share this website with email

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

Featured Offer

Amex_Savings_BlueBox_Double_Line_226x142.png

High APY and low fees

Open Account

Related Articles

Piggy bank surround by cash stacks image for Best Online Savings Accounts for 2021

Best Online Savings Accounts for 2021

Interest spelled out on a calculator image for Best CD Rates

Best CD Rates

Man holding credit card and looking at computer screen laughing with woman image for What is APY and What Does it Mean for Your Savings Account?

What is APY and What Does it Mean for Your Savings Account?

Couple looking at a paper bill together at a table worried image for Is it Time to Switch Banks?

Is it Time to Switch Banks?

Featured Articles

Best Online Savings Accounts for 2021

Best CD Rates

What is APY and What Does it Mean for Your Savings Account?

Is it Time to Switch Banks?


The Ascent Logo

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

btn_facebook-yellow btn_twitter-yellow btn_instagram-yellow

Copyright © 2018 - 2021 The Ascent. All rights reserved.

About The Ascent
About Us Contact Us Newsroom How We Make Money Editorial Integrity Ratings Methodology
Legal
Terms of Use Privacy Policy Accessibility Policy Terms and Conditions Copyright, Trademark and Patent Information
Learn
Credit Cards Banking Brokerage Loans Recent Articles

By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.

Back to The Motley Fool