On Making Sense of Cents, we often discuss ways to earn extra money. While cutting expenses is important (one of our main goals this year), using your spare time to make extra money can be incredibly beneficial.
Thanks to my past side hustles, which have now become my full-time business, I managed to pay off my student loans, travel, quit my job, and start my own business. Side hustles have greatly improved my life, and I believe more people should consider making extra money on their own.
Even if you think you don’t have enough time, you likely have a few hours each week that you could dedicate to earning extra income. Just a few hours a week can make a significant difference.
If you’re curious about how to start, here are some ideas:
– 4 Interesting Ways To Make Side Income Including Sleeping and Selling Your Poop
– 10 Ways To Make Money Online From The Comfort of Your Home
– 10 Things I’ve Done To Make Extra Money
– Ways To Make An Extra $1,000 A Month
– Ways to Earn Extra Income Part 1
– Everything You Need To Know About Selling Your Stuff For Cash
Here are four reasons to consider making extra money:
1. **Extra income can help pay off debt.**
Debt was my main motivator for earning extra money. My salary was decent, but it wasn’t enough to pay off my debt quickly while maintaining my lifestyle. By building up extra income streams, I managed to pay off thousands of dollars each month. Many people have told me they thought it was impossible until they started working on their side hustles. One reader even paid off $25,000 in student loans in less than a year through side hustles.
2. **You can reach financial goals faster.**
Whether you’re saving for a vacation, building an emergency fund, adding to a home down payment, or aiming for early retirement, extra income can help you achieve these goals quicker. While cutting your budget is useful, earning more money can have an even bigger impact since you can only cut so much, but the potential to earn is limitless.
3. **You can test out a business idea.**
If you’re thinking about starting a business, consider beginning it as a side hustle. This allows you to test your idea while still having the security of your full-time job. You can see if you like the business, if it’s viable, and if it can generate income. My side hustles eventually became my full-time business, and starting this way reduced a lot of stress.
4. **Diversifying your income provides security.**
Relying on one source of income can be risky. By building multiple income streams, you don’t have to worry as much about losing your main job or having a bad month. Diversifying your income gives you a backup plan.
Do you make extra money? Why or why not? How much time do you spend on it?