Side hustling is hands down one of the best ways to make extra money if you have the free time and energy. While I will always support side hustles and share relevant and creative opportunities on this blog, it’s also important to address the alternative for those who are unable to side hustle.
According to Zapier, 1 in 3 Americans have a side hustle. Thirty-three percent of side hustles want to diversify their income while 25% say they want to save up for a big goal. Meanwhile, 44% of Americans say they need a side hustle to make ends meet. I think this is the part that gets me.
Many of Us Need Extra Money, But…
Let’s face it, most of us could use some extra money. With inflation raising the prices of everyday goods, and many families still recovering from financial losses due to the pandemic, money is getting tighter.
While the opportunity to make extra money sounds great, it’s not always the best option for everyone. Maybe you can’t pick up another job due to a disability or time or family constraints. Perhaps you don’t have the mental bandwidth to side hustle right now. That’s perfectly okay.
I started side seriously hustling back in 2014. But before that, I was picking up side gigs on and off in 2012 and 2013. Side hustling can definitely be a season of your life and it’s okay to take breaks and pivot when things change.
The events of 2020 also made many of us think carefully about our qualify to life and what we want our future to look like. If you’re in a period of resting from side hustles, but still need financial help, here are some actionable things you can do.
Lower Your Expenses Immediately
When you start to notice your money get tighter, one of the first things you should do is lower your expenses. Start monitoring your transactions and prioritizing your spending. See if there’s anything you do can without even if it’s just temporary.
Most people hesitate to do this because it often means cutting out wants like dining out, subscriptions, and other activities. However, committing to a simpler life can reduce your financial stress and you can always find free or cheaper alternatives to save money.
Related: How to Come Up With a Bare Bones Budget
50 Everyday Expenses You Need to Stop Spending Money On
Ask For/Negotiate a Raise
It may be time to ask for a raise at your current job. If you’ve been working there for at least 6 months, request a performance review or flat out ask for a raise. The worst your employer can say is no or not right now. Either way, they will have to explain their reasoning. On the other hand, you may be pleasantly surprised by the bump in pay.
Many companies are struggling to keep employees right now. If you’ve been committed and consistently show up and perform at work, this is grounds to be rewarded with higher pay or better benefits.
Another option would be to see if there are any internal positions or promotions you could qualify for that could bump up your pay. Check sites like Indeed and Payscale to compare your wages to others in similar positions. This will give you a realistic impression of how much you should be earning per industry standards.
Pick Up a Few Extra Hours
If you’re unable to side hustle right now due to lack of time or energy, your best option is to pick up a few extra hours at your current job. This may not sound too far off side hustling especially if you don’t care to spend extra time at work. However, it’s a quick and easy way to make money money without having to apply for another job, learn a new skill, or accommodate another schedule.
Plus, a few extra hours may put you into overtime. Remember, this is a temporary solution that can help you meet your current financial needs until you can find another solution.
Related: How to Make Your Paycheck Last Two Weeks
Consider Investing in Your Skillset and Career
It may be time to pick up a new skill that can help you in the workforce. See if there’s a gap you can fill at work or in your career field. Perhaps your employer can even pay for your training or certification. For example, if you work in marketing, you may want to get Google Adwords Certified as this can help you get higher paying opportunities.
Or maybe you want to learn Salesforce or bookkeeping. Consider any hobbies or interests that you’d love to monetize whether it’s learning Photoshop and designing printables or editing podcasts or videos.
Keep in mind, these skills can turn into a side hustle or thriving side business later down the line. For now though, just focus on learning the skill and having fun with it. It could really pay off in the future.
Sell a Few Things Online
One quick way to put money into your pocket without committing to a regular side hustle is selling a few things online. We try not to keep a lot of clutter these days. Still, there is almost always something lying around my home that can be sold. Sort through clothes, gadgets, tools, toys, furniture, home decor, and anything else of value.
Start listing items on the Facebook Marketplace or sites like Offer Up. You’d be surprised at how much old stuff you can get rid of that people would actually pay for your items.
Practice Self Care
It’s important to realize that improving your financial state is not solely about money. It’s also more about your mindset and mental health. Don’t forget to practice self care during your time of resting from side hustles. Self care has a different meaning for everyone.
For me, it means prioritizing myself mentally, physically, and emotionally. It also means giving myself the rest I need and taking time to do deep work and reflect. Sometimes, I work on improving my morning routine whether it’s moving my body more or picking up a book for 15 minutes. Then, there are weeks where it involves slowing down in life and saying no to extra activities and responsibilities.
Determine what self care means for you and know that practicing self care doesn’t have to be expensive. Also, prioritizing yourself could place you in a better mental and physical state to do the necessary work on your finances.
Related: Self-Care: My New Not So Guilty Pleasure to Spend Money On
Realize That Life Has Seasons
Life has seasons and nothing ever hardly stays the same. There have been seasons of my life where my husband and I hustled hard, stayed up late, and worked tirelessly to fulfill all our goals. Then, there were seasons where we took a break from side hustling, said no to certain opportunities, and went to bed at 9 pm. Well, at least I went to bed around 9.
Identify which season of life you’re in and know that you can also purpose to limit your seasons to a fixed timeframe. Regardless of how you decide to work, focus on developing healthy financial habits. This includes setting up a budget and prioritizing building an emergency fund.
Related: Why Do You Need a Full Emergency Fund?
The 50-30-20 Budget Plan: What Is It and How Does It Work?
Stop Worrying About Money and Regain Control
Ready to regain control of your money? Take the first step with this free starter pack which includes:
- 2 Monthly Bill Calendar templates
- 1 ‘Start Paying Off Your Debt’ Checklist
- 1 ‘Drastically Cut Your Expenses’ Checklist
