22% of Americans Started a Side Hustle Over the Past 6 Months. Here Are 5 Reasons to Do the Same
- Many people are turning to second jobs in the wake of rampant inflation.
- If you can swing a side gig, it could benefit you financially and mentally.
A side gig could work wonders for you. Here's how.
Side hustles were popular well before living costs started soaring due to inflation. But over the past half-year, 22% of Americans have taken on a second job in an effort to better keep up with their bills, according to a recent FinanceBuzz survey.
Now, the reality is that holding down a side hustle isn't always easy. If you already work full-time and have other responsibilities, like children to care for and a household to maintain, then you might struggle to find the time to fit in a side gig. But if you are able to make a second job work, here are some of the ways it might benefit you.
1. You can give your savings a boost with that extra money
A lot of people have been forced to dip into their savings to cover their bills over the past six months. If you're looking to replenish those funds, a side hustle could make that possible. After all, your earnings from that gig won't be earmarked for an existing bill, so you can take that cash and stick it into the bank.
2. You can pay off costly debt
If you've racked up a larger balance on your credit cards over the past few months to cope with rising living expenses, you're in good company. But the sooner you're able to shed that debt, the less interest you'll accrue on it. A side hustle could be your ticket to whittling down your existing credit card balance -- and avoiding having to rack up more debt.
3. You can work toward a big goal and get there sooner
Maybe you're saving to buy your first car. Or maybe you're tired of renting a home and are eager to own one of your own. A side hustle could make it possible to achieve major goals like these sooner. And buying a home or car could easily improve your quality of life.
4. You can open the door to more leisure spending
Many people have cut back on non-essential spending over the past number of months to carve out money for essential bills, like food and medications. A side hustle could make it possible to reintroduce some of those fun expenses, like streaming services, cable, and takeout so you're able to enjoy your life more.
5. You can lower your financial stress load
Having to pinch pennies at every corner can be overwhelmingly stressful. If you pick up a side job, it might give you the leeway to spend a little more freely and not have to worry as much about going over budget on things like food and apparel. And you definitely shouldn't underestimate the benefit of easing your mental load.
Although holding down a side hustle can be a challenge, if you're up for it, you might benefit in more ways than one. It pays to explore different options for a side gig, because you may find one that not only fits nicely into your schedule, but is actually a pretty enjoyable way to spend your time.
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