Financial Friday: Side Hustles

I am going to kind of branch off a bit and talk a little more in-depth about one particular factor that can have a variable impact on your financial health. I am referring to the use of a side hustle to help break a few more of those chains of debt that are binding you, weighing you down.

Several years ago, I had my first post-college job as a newspaper journalist. I really, truly loved that opportunity to meet people, share their stories, report on things that were germane to our residents, timely pieces about politics, the local justice system, economics, education. I wrote a whole lot about a wide variety of topics. That job was rich with experiences and connections with people from every walk of life. It was not quite so rich when it came to my paycheck.

Of course, that paycheck would have probably stretched farther had I not had a $500 vehicle payment and $22,000-ish in student loans that I had to start repaying six months into my new job. But, hey, we all make stupid financial mistakes at times because our eyes are bigger than our wallets and we think that because we can make the monthly payments, that means we can afford certain purchases. My truck, as wonderful as it was to own and absolutely fun to drive, was a bad purchase. That combined with my other bills got a little hard to pay each month so I picked up a second job at a local retailer as a cashier.

What made the second job work was that they were flexible with my hours, working around the hours I needed for my primary job. Granted, my secondary job in retail didn’t make as much per hour as my primary job but the extra income was sufficient to provide for a few of my smaller bills. I probably could have brought home more had I not worked in the shoe department. I love a good pair of shoes and when you’re surrounded by shoes of all kinds and you have an employee discount, well, let’s just say my retailer employer got to keep more of my paycheck than they should have.

However, that was because I did not use a budget nor realize just how important my fiscal health was… other than ensuring I kept a roof over my head as a single adult in my first post-college job. Had I been more cognizant about my finances back then, well, the outcomes now might be even better. I just might not appreciate them as well.

Once you are aware of your financial situation and have made goals that you want to achieve, that second job – or side hustle – can come into play and really help you. I have read about a number of side jobs that people suggest as ways to earn quick cash or easy additional funding, which is especially important for those who might be limited by needing childcare or a lack of transportation.

Some side jobs that I have read about involve working in retail environments – especially during holidays when one can pick up a temporary, seasonal job – or in food delivery. Other options one can consider with reliable transportation is Uber or Lyft. I actually got to experience Uber a few months ago and that was definitely a pleasant experience. Certainly, having a driver who’s familiar with a new city is a definite plus to getting somewhere on time. There are also companies out there that hire drivers to run errands for those who might be housebound for one reason or another. Another route to go is by working for yourself in some capacity. Offering your services as a babysitter for date nights or walking dogs or perhaps house sitting or water plants while people are out of town could be options. A quick Internet search for side jobs will net you a variety of sites listing out options like this one on dollarsprout.com (https://www.dollarsprout.com/ways-make-extra-cash-side/) or breakingtheonepercent.com (https://www.breakingtheonepercent.com/make-extra-money-list/), just to name a couple.

The key is to figure out where your skills lie and what side jobs might be applicable to your situation. For myself, my degrees are in English and communications, with a few years in journalism and six years in academic editing. I have honed my editing skills and attention to detail into a marketable side job that allows me to prioritize time with my family while bringing in some additional income. Granted it is not as reliable as a more traditional part-time job like a retail situation but it allows me to work when I have time and I can create my own schedule.

Plus I am one of those weird people who loves words and reading, so much so that I was looking over some lease documents this evening and wondering if I would get flak from the property manager for editing the large collection of grammatical errors she gave us when we moved into our current rental. I read a meme on Facebook a while back that says “I am silently editing your grammar” because editors probably wouldn’t have many – or any – friends if we constantly made comments about other people’s grammatical or punctuation errors. So, with that in mind, I will only point out errors in text when I am paid to do so. I want to keep my friends.

One thing to keep in mind when toying with the idea of a side hustle or second job is to think whether or not this is something you will be doing long term or short-term. If it’s long-term, think about why you need to bring in the extra income. Is it because your necessary expenditures exceed your income or because your total budget – including the fun, fluff line items – are more than your income? If it is because your fluff is too big, then a side hustle may or may not be absolutely necessary. And although it might not be necessary to keep your budget moving, it might make your journey to being debt free go a little faster. That is also something to consider: just how much effort are you willing to put into improving your fiscal health? A little or some serious elbow grease?

However, if you’re looking at a long-term side job because your debt mountain is so large, then perhaps you also need to examine the “why” behind that mountain and fix the cause… while working your side hustle. I know, this is not going to be easy but it can be doable if you are dedicated. By figuring out the “why,” you will help keep that mountain from continuing to grow. Have you heard the Greek story about Sisyphus? He was a king of Corinth punished by Hades by “having repeatedly to roll a huge stone up a hill only to have it roll down again as soon as he had brought it to the summit.” (https://www.britannica.com/topic/Sisyphus)

Debt is kind of like that boulder. You keep pushing it along towards the top (financial freedom) only to discover that the problem is still there and you have to start over because the cause was not addressed. A side job can give you a little extra power to push that boulder up the path but it can only do so much. With a good budget and commitment, that side job could provide you with the extra muscle and traction to pay off debts and bring that mountain down.