These days, it’s all too common to feel like a little extra money could make life easier. People across the country are struggling with the effects of a changing economy, rising inflation, and the inability to afford the things they want, even with a steady paycheck.
Whether you’re saving up for a big purchase, looking to pay off debts, or just trying to make more money to provide for your family, finding a way to make a supplementary income can help you meet your financial goals.
Why You Might Need To Earn More Money
There are endless reasons why someone may want to make a little extra money. Some of the most common ones are:
- To meet financial goals
- Help pay off debts
- Start or increase your savings account
- Unexpected expenses
- Saving toward a specific purchase
- Support your lifestyle
- To have more disposable income
Whatever your reasons, it’s important to know your options for starting a side gig and the implications for things like taxes. Most importantly, it’s essential to understand how to utilize your current skills or find something that works with your current lifestyle, especially if you already have a full-time job.
3 Tips For Picking and Starting a Side Job
In this day and age, the options for a second income are endless. You should keep several things in mind as you search for the best ways to earn extra money.
- The first thing to consider is how much time you must devote to whatever side hustle you decide. If you already have a job, how does this fit your schedule? How will this work with family responsibilities? It’s important to be aware of your own schedule to avoid burnout.
- If you intend for this second job to be more long-term, it’s important to pick something that aligns with your interests. You don’t want burnout to get in the way of the goals you’re trying to meet. Consider factors like whether you’re introverted or extroverted and if your education can help narrow down your side gig options. Finding something you genuinely enjoy will help ensure your second job aligns with your goals and becomes rewarding.
- Make sure you understand the tax implications of any side hustle you’re considering. The last thing you want to lose is your hard-earned money due to unexpected taxes. Many side jobs involve working as independent contractors so that taxes won’t be withheld. You will need to set aside money to cover them yourself.
The Best Kinds of Side Gigs to Earn More Money
Several categories of options exist for earning extra cash. We’re breaking these down so you can explore all your choices.
Freelancing
Websites like Fiverr or Upwork can help you reach potential clients so you can make the extra cash you need using your professional skills. Whether you’re a writer or graphic designer or have another specific skill, tapping into the freelance market can be the best way to earn extra money.
Driving
Rideshare and delivery apps are an integral part of everyday life. You can drive people via Lyft or Uber or deliver their dinner or groceries with Grubhub or Shipt. You’d have the flexibility to make your own schedule. The best part is that there is no shortage of apps for you to choose from.
Services
Consider joining a service like Rover, a pet-sitting or dog-walking site. If you have experience with kids, you could offer childcare through Care.com. These side hustles are perfect for those who have a nurturing side. If providing your services isn’t ideal, listing your car or home for use on places like Turo or VRBO is a good alternative.
Creative Skills
You can utilize your creative skills to make extra money. If you excel at making crafts or artisan goods, you can set up a store on a marketplace website like Etsy. Another option is teaching voice or music lessons for local clients. This allows you to use skills you might not get to regularly.
Of course, there are numerous other second income ideas to consider beyond the ones listed, and figuring out what category of side job you’re interested in is an excellent first step.
The Pros and Cons of a Second Job
The obvious pro of taking on another job is making more money. But it’s important to look at the big picture. There are positives and negatives to remember to ensure you’re doing what is best for you.
The Positives
Depending on what kind of supplementary income source you choose, it might allow you to hone your professional skills or learn new things you can utilize in your day job.
On the flip side, it’s also a good way to diversify your interests. Maybe you have a creative skill you don’t get to use regularly. Finding a creative outlet you can monetize can be an excellent way to express yourself while earning extra cash.
The Negatives
Taking on more work will mean less free time for hobbies and spending time with family and friends. Navigating a busier schedule will require organization and scheduling to ensure your time is well-spent.
The decrease in free time and additional responsibilities may lead to more stress. Even if your side job is something you enjoy, additional factors like taxes and budgeting can create added pressure.
Should You Consider a Loan for Extra Money?
What if you don’t have the time or resources to take on a second job? If that’s the case, then perhaps it’s time to consider alternative options like a personal loan from Balance Credit. It can give you the additional funds you need for any unexpected expenses. You can apply online for a personal loan from Balance Credit, even with bad credit. We also don’t require collateral.
Unlike payday loans, which we don’t offer, personal loans aren’t limited to small amounts or unnecessary fees. The terms of payday loans are often restrictive and can be difficult to pay back before the deadline. Applying for a personal loan from us gives you your funds without worrying about paying it back before your next paycheck. Our loans offer flexible payment plans and you can get your money in as little as 24 hours after approval.
Balance Credit understands that sometimes you need a little more money to reach your goals. Our various personal loan options can help you get the extra cash you need.
*The information contained in this post is for general educational and informational purposes only. It is not an offer of credit, does not fully describe the products that we offer or facilitate, and it is not specific to any individual. These products are an expensive form of credit, and you should ensure that they meet your unique financial needs. We are not a credit repair organization and make no representation that we or any loan will improve or attempt to improve your credit rating. We do not provide financial advice or assistance regarding your credit situation. These educational posts are not a substitute for individualized professional advice.
