There are two ways to make more room in your budget for paying off debt and building wealth- spending less and making more. If you have already shaved off everything you can shave off your budget and you still don’t have enough breathing room to make progress on your goals, it might be time to look at your income. This may look like working for a promotion or a different line or work that may pay a bit better, but these are both longer term plays. In the short term, consider a side hustle. And don’t worry, if you don’t know where you would even start to think about this- I got you covered!
- Play to your strengths
When considering a side hustle, think about what you like to do and what you are naturally good at. If you are a teacher, consider tutoring. If you are handy, consider being a handy-man (or woman). If you like long drives in the city, consider Uber or DoorDash. If you like hanging out with children, consider nannying. If you are great at cleaning…. You get the gist. Think about what you are good at and how you can use those strengths to provide a service to others who will pay you for it!
- Think about what you can do right away
Some side hustles take time or training to start. We may consider something like that in the long term, but in the short term we need something that we can start right now. Most people with a car can Uber, DoorDash, Lyft, UberEats, etc right away. If you have a lawn mower you could probably go around your neighborhood and offer to cut the highest yards for much less than a professional service would charge. Companies like Turno link you with hosts who need cleaners for short term rentals and websites like Poplin link you with people who will pay for laundry services.
- Turn your hobby into a side hustle
If you are really crafty and like making things, this is definitely something to consider. You can make money selling homemade quilts, carved bowls, paintings (especially custom pieces), and so many other handmade items. My only warning would be to keep track of all of the expenses related to materials etc. to make sure you are actually making a profit. Other hobby type side hustles include photography, graphic design and writing.
- Consider a part time job
A side hustle doesn’t have to be a solo endeavor like many of the ideas listed above. If you want something more set and steady, there are many places that are looking for employees who will work on weekends or overnight. Whether this is stocking shelves at target overnight or waiting tables for a busy restaurant, you could make pretty good money each month working just one day per week.
- Ask for overtime
If your job allows it, overtime may be a better option than starting something different. This is especially true if you are compensated at time and a half. Look into other roles you may be able to fill within the agency that would pay extra. For instance, one of the best ways for employees at my job to get overtime pay is to assist with on call.
Let’s imagine that a couple has $50,000 in debt and makes a household income of $80,000. They feel stuck because every month they are barely able to make the minimum payments on their debt and keep everything else afloat. They tried budgeting and cutting things out and this only allows them to put an extra $200-$400 on their debt per month. Now let’s imagine that each of them went out and got a side hustle bringing in approximately $1000 per month ($250 per week). This allows them to get debt free in a year and a half! And even better than that, now all that money that used to go to debt payments now goes into their pockets. Hustling and grinding in the short term gave them peace in the long term. This could be you!!
If you feel stuck and need help, let me walk alongside you and help you find hope and a path forward. Reach out today for your free consultation!
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