How To Make Money On The Side
Generating income on the side-or having a side hustle, has actually ended up being a market in its own right.
With debt levels at all-time highs and an increasingly competitive job market, bringing in a little additional bacon with a side job is a fantastic way to stay on top of bills, or if you’re fortunate, save for some of your dreams, like a trip, or a down payment on your first house.
If you have an interest in making some cash on the side, here’s some ideas on how to make money on the side:
1. Come up with an estimated amount you want to make
Keep in mind that not all side jobs are the exact same, and some will make you more money than others. Prior to you choosing an actual side gig, it helps to know just how much money you’d like to make on the side. This might determine where you actually begin looking for a side job.
2. Consider your time
If you currently have a full-time job or stay at home with your kids, time might be a real issue when it comes to discovering a rewarding side job. You’ll likely want to find something that pays you a specific amount of dollars per hour, even if your total payment is in a lump sum.
You may not know exactly how long it will take to complete a side job until you’ve started. However it helps to do some initial math ahead of time and find out exactly how much your time is worth. Especially when this time is most likely removed from other things, like hanging out with family or good friends or focusing on self-improvement.
3. Think of what the job will need
Your time is one thing a side job will require, but what about additional resources? If your side job requires driving, you’ll need to take into account the range (and therefore time) to and from the job, as well as gas and wear and tear on your car.
4. Consider your skill set
The easiest way to make the most money on the side, is to dig into a need that’s not being fulfilled within your present job or industry. Tapping into the skill set you currently have through your job implies you will not need to spend time or money finding out how to do a brand-new job. You might even currently have the resources available to discover people trying to find freelance or contract work within your field.
5. Take advantage of resources
If you decide to divert from your regular occupation for your side job, that does not mean you need to recreate the wheel. Plenty of sites permit you to look for tasks that would make great side jobs. Many even vet out any possibilities of fraudulent opportunities, so you don’t need to worry about that. Beast and Flexjobs are all good places to start. You may also want to consider task-related jobs that are usually really versatile, like becoming a driver with Lyft, completing chores for TaskRabbit, or walking pets with Rover.
6. Make yourself vital
When you decide to get a side job, the only way to actually end up profitable is to commit. Simply like with your regular job, make yourself indispensable to your side job clients. You’ll be ensuring a consistent stream of work for the foreseeable future. Ways to do this is to making due dates and exceeding expectations.
7. Keep track of your income and expenses
Working a side job doesn’t have to be overwhelming if you stay organized. Be sure to keep track of the hours you’re working and your earnings. Follow up with any amounts due to you that aren’t paid when they are supposed to be.
Discuss with an accountant you’re requirement to make quarterly tax payments. You also need to know how much to set aside for additional taxes you will owe due to the additional income. Discuss any expenses that can be written off as well. Things like devices you need to purchase, or any classes you take to increase your abilities maybe a deduction.
8. Be purposeful with your new income
There’s most likely a reason that you wanted to utilize your spare time to make some additional cash. Whether that reason is; making more payments towards your student loans, other financial obligations; or saving up for a deposit on a house, or a trip. Put actions into place to make sure you do not spend that hard-earned money somewhere else. It’s simple to do so, if you established direct deposits or automated payments.
9. Set a time frame to reassess
It will take some time to get used to the demands of any side job. But make sure you reassess in 6 or 12 months to see how things are going. Are you making as much as you’d hoped? Is working two jobs stressing you out? Have you become so wildly effective at your side job that you could think about making it full-time? Whenever you’re dealing with your monetary goals; it’s always an excellent idea to reassess periodically and to make any required modifications to fulfill your goals while staying sane in the process.
Here is a great article I wrote a few weeks ago