When it comes to managing your money, there’s a lot of talk about saving money by reducing expenses like: cutting back on lattes, nixing cable, and ditching the gym membership.
I totally get it. I think that if you are trying to pay off debt and build a solid financial foundation, those things can help. But I also know from personal experience that there is only so much you can cut back on before you are left without any options.
What’s that, you say? You already have a job? Luckily, there’s another way to strengthen your financial foundation. Enter the side hustle, which can help you make extra money. I’ve had dozens over the years, and I’ve made up to $50 per hour (and even more in some cases).
Not familiar with the side hustle? Here’s an explanation along with ideas for how to make extra money.
What is a Side Hustle?
Side hustling is a term that refers to work you perform outside of your regular job. So if you work full-time, but you babysit on the weekends, that’s a side hustle.
A side hustle can refer to anything you do on the side to make extra money. Some examples of typical side hustles include babysitting, pet sitting, tutoring, but can also include more specialized things like being a writer, a consultant, or a coach.
Side hustling is a great way to boost your income and reach your financial goals. Instead of focusing on penny-pinching, you are focusing your energy on earning more.
Personally, I find this to be a lot more motivating in helping me reach my financial goals. Want to pay off your student loans faster? Side hustling is where it’s at.
Need to save up some spending money for an upcoming trip? A side hustle can help you do just that.
Not only that, but side hustling can help diversify your income streams and strengthen your financial foundation. Through side hustling, you no longer have to rely on one source of income to get by — which can be a lifesaver in the case of layoffs and downsizing.
Side hustling has been a game changer in my own life as I’ve worked to increase my income and pay off more debt. Through side hustling, I was able to pay off $30,000 of debt in 3 years on a non-profit salary while still enjoying the more fun things in life, like traveling and happy hour with friends.
How to Get Started with Side Hustling
I believe that anyone can earn more through side hustling. We all have skills and abilities that are valuable, and in today’s digital age, there are more resources than ever to get started.
If you want to get started with side hustling, ask yourself the following questions:
- What do I bring to the table?
- What are my unique skills? Is there anything others routinely tell me I’m good at or have a gift for?
- What will people pay me for? Or what do people already pay me for?
- How much time am I willing to devote to side hustling?
- What is the minimum pay I’m willing to work for?
These questions will help shape what type of side hustles you should try. The good thing about side hustling is that you can try a variety of things and see what works best for you. There’s no need to quit your job or make any long-term decisions out of the gate. Side-hustles are generally low-risk and low overhead options.
I’ve dabbled in many different side hustles, including:
- house cleaner
- pet sitter
- brand ambassador
- event assistant
- focus group participant
- and more
From these side hustles I’ve been able to make anywhere from $10-$50 per hour. Because of side hustling, I have increased my income and have been able to add to my vault of experiences, while also boosting my social network. It’s a win-win situation.
To get started with side hustling, let your friends and family know about your desire for more work. Your network is your net worth in this regard, and can play a powerful role in helping you secure more gigs. It can be surprising how much your network can propel things further simply by asking. But you have to take the first step and ask! Send out personalized emails and post on social media.
In addition to reaching out to your personal network, look into a variety of resources and platforms to help yourself get started.
For example, to make extra money, you can:
- Work as a TaskRabbit. Typically, I’ve made $15-$30 per hour as a TaskRabbit
- Teach others as a tutor using Tutor.com. The rate depends on the subject matter
- Become a babysitter or pet sitter with Care.com
- Use your internet skills and make $10 per test as a web tester with UserTesting.com
- Become an Uber or Lyft driver
- Work as a writer or editor using oDesk and Elance
- Use Fiverr to get paid for your creative skills (while many gigs are offered at $5, you can make more than that)
- Sell your art, clothes, and creative wares on Etsy.com
- Join Facebook groups related to your side hustle (for example, I am part of the Brand Ambassadors of Portland Facebook group, which posts upcoming gigs)
- Become a consultant or coach, and set your own rates
- Pitch a company and offer to do their social media
- Get paid for sitting as a portrait model at your local art school and make $20-$25 per hour
- Sell your old items on eBay, Amazon, or Craigslist
- Become a caterer
- Be a mystery shopper
- Participate in medical studies at your local university. Rate depends on the study, but I’ve made $30-$100 per hour
- Become a Postmate and deliver food and make up to $25 per hour
- Work holiday themed events or parties — you can make more during the holidays and make $20-$25 per hour
As you can see, there are a variety of ways to make extra money in your free time. The best thing about side hustling is that it is all on your own terms, when your schedule permits.
So instead of wondering how you can save five cents on your next purchase, think of the big picture and think about how you can earn more. Earning more can help you pay down debt, save for emergencies, and fund your passions.
Do you currently side hustle? Do you have any questions on how to get started?
Interested in refinancing student loans?Here are the top 6 lenders of 2020!
|Lender||Variable APR||Eligible Degrees|
|1.99% – 5.64%1||Undergrad & Graduate|
|1.89% – 5.90%2||Undergrad & Graduate|
|2.25% – 6.09%3||Undergrad & Graduate|
|1.89% – 6.77%4||Undergrad & Graduate|
|2.39% – 6.01%||Undergrad |
|1.99% – 5.41%5||Undergrad & Graduate|
|Check out the testimonials and our in-depth reviews! |
1 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 2.98% APR (with Auto Pay) to 5.79% APR (with Auto Pay). Variable rate loan rates range from 1.99% APR (with Auto Pay) to 5.64% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of July 31, 2020, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 7/31/2020. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.
© 2020 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.
Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.
Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.
Interest Rate: A simple annual rate that is applied to an unpaid balance.
Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.
KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE.
This information is current as of September 9, 2020. Information and rates are subject to change without notice.
3 Important Disclosures for SoFi.
4 Important Disclosures for Splash Financial.
Splash Financial Disclosures
Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount.
The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.
To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of September 10, 2020.
5 Important Disclosures for CommonBond.
Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.16% effective August 10, 2020.