Smart Moves

9Side hustles

BENEFITS OF A SIDE HUSTLE

A side hustle is a form of additional income from a job you complete outside your main employment. There are a variety of benefits and reasons why you may want to start a side hustle.

BOOST YOUR INCOME

One of the most popular reasons for starting a side hustle is to increase your income. An extra $100 a week adds up to $5200 a year, and if your side hustle brings in $500 each week, that adds up to a cool $26 000 a year. No matter how much money your side hustle brings in each week, it is definitely a boost to your bank account at the end of the year. Starting a side hustle can help you boost your savings, pay off debt faster, build your emergency fund, increase your investments and hit your money goals faster.

HAVE AN EXIT STRATEGY

Another reason why you may want to start a side hustle is to create a pathway out of your current job and into self-employment. Instead of diving straight into running your own business, building it up on the side allows you to maintain your regular pay cheque and create a level of consistency and stability so you feel comfortable making the transition. How do you know when it's the right time to take your side hustle full time? It'll be different for everyone, but having an emergency fund consisting of three to six months of your living expenses will help keep your mind at ease.

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