- It's common for people to take on a second job during the holiday season.
- Holding onto that job beyond the holidays could work to your benefit.
- You can keep paying down debt and adding to your savings, and you'll have a backup source of income if you get laid off from your main job.
It pays to see if that gig has staying power.
If you're in the market for a side hustle right now, you're no doubt in good company. A lot of people like taking on extra work during the holidays to help cover expenses like gifts and travel. Plus, it's often easier to find a second gig during the holiday season because that's when more businesses need extra help.
Of course, it's one thing to push yourself to hold down a second job for a limited period of time -- say, the six-week period between late November and early January, which is generally considered the holiday rush. It's another thing to commit to a side hustle you do all the time. But if the option exists to extend your side hustle beyond the holiday season, it makes sense to consider holding onto it in 2023. Here's why.
1. You can continue growing your savings
Maybe you're using some of your side hustle earnings to boost your savings account balance. If you keep that second job next year, you can continue those efforts -- and build yourself a really nice money cushion that bails you out when things like home repairs or medical bills pop up.
2. You can keep chipping away at debt
Have a credit card balance hanging over your head? That specific type of debt can be costly due to the high interest rates credit cards commonly charge, and due to the fact that interest tends to accrue at a rapid pace. If you hold onto your side hustle, you can use your earnings to keep whittling down your balance until it's gone for good.
3. You'll have an easier time managing your bills
Maybe you're content with your savings and don't have debt to worry about. Even so, a side hustle could make it so you're not as cash-strapped. That means you won't have to worry if you have a month with higher utility or grocery bills.
4. You'll have more cash on hand for leisure spending
We all have things we enjoy doing in our spare time. Maybe you like to travel or see concerts with friends. Or maybe you're interested in signing up for a cooking class at a local restaurant in town. Working a side hustle could give you the flexibility to pay for these types of activities without having to worry about racking up debt in the process.
5. You'll have a backup income source in case unemployment levels pick up
Many financial experts are worried a recession will strike in 2023. And that could lead to widespread unemployment. If you keep your side hustle, you'll have a backup income source in case you're laid off from your main job. And that could make an otherwise stressful situation more manageable.
Working a side hustle year-round has many benefits. So even if your initial plan was to sign up for a seasonal gig, it pays to see if you can keep at it during the year. And if not, you can always find a different side hustle that isn't just seasonal in nature.
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