- Some people start side hustles only to quit after a few months.
- If you've been hammering away at the same gig for a year, it's time to see if you're truly happy with your income and the work at hand.
Congrats on hitting the one-year mark. Now it's time to do some thinking about your side gig.
When you need extra money, whether to boost your savings, pay off your credit cards, or fund your dream vacation, you have a couple of options. You could either cut back on expenses, or you could take on a side hustle and give your income a nice lift.
For many people, working a side hustle is easier than cutting back on spending. Plus, for those who live frugally to begin with, slashing expenses may not even be a reasonable option.
Now some people take on side hustles for a few months at a time to meet specific goals. But if you've reached the one-year anniversary of holding down the same side gig, it means you may be committed to sticking with it for the long haul.
That's not a bad thing at all. But if you've been at your side hustle for a solid year, it pays to make these three key moves sooner rather than later.
1. Assess your profits
Are you happy with your side hustle earnings? Or have you simply settled into a groove where you're willing to accept whatever income your side gig lends to?
It may be that you're doing reasonably well at your side hustle, but you're hoping to grow your income at a faster rate. If so, you might consider trying out a different side gig or raising the rate you charge for your current one. If you have clients who have been with you for a year, they may be more than understanding that in time, your rate is apt to increase.
2. Assess your costs
It often takes money to pull off a side hustle, whether it's paying for gas to get to your babysitting gig or buying supplies to make the crafts you sell online. At this point, it pays to take a deep dive into your expenses and see if there's a way to minimize them.
In the case of buying supplies, seeking out different vendors could be your ticket to spending less -- and banking more profits. And if you provide childcare on the side, you may want to talk to your client about getting reimbursed for fuel -- especially with gas prices being as high as they are today.
3. Assess your level of satisfaction
Your side hustle might help you pay the bills, pad your savings, or go on vacation. But are you actually happy with the work, or is it more of a slog? If you're not thrilled with the work you're doing, you may want to seek out a gig you'll find more fulfilling. It's hard enough to give up downtime as it is -- but to do so for a boring job is pretty painful, and you deserve better.
Reaching the one-year mark for your side hustle is a milestone worth celebrating. But make sure to assess your profits, costs, and happiness before continuing on that same path. It may be time to make some changes to your approach or to ditch your current gig entirely and try a new one out -- one that earns you more cash or leads to more enjoyment.
Our picks for 2024's best credit cards
Our experts carefully review the most popular offers and select those that are worthy of a spot in your wallet. These standout cards come with fantastic benefits like generous sign-up bonuses, long 0% intro APR periods, and robust rewards.
Click here to learn more about our recommended credit cards
Our Research Expert
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 a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 - 2024 The Ascent. All rights reserved.