Making extra money on the side has become the norm in a lot of people’s life recently for various reasons. Whether it’s to make some additional income to fund a vacation, pay down debt, or work toward long-term financial goals like owning your own home or feeling secure in retire, having a side hustle can help you on your path to financial freedom.
My own initial reason for starting my own side hustles happened when I returned home from living overseas for a number of years. I decided to sit down one day and calculate my net worth (if you’re not sure how to do this, it’s basically taking all of your assets and subtracting all of your debts to find out your overall worth in monetary terms). The number shocked me. I have always been on time paying bills, keeping up with minimum payments, and have never been to collections, but I realized that I didn’t really know how to manage my money.
Once I was over the initial shock of just how much debt I was in and had all of the numbers in front of me, I felt inspired to start the journey of being better with my money. I wasn’t aware at the time but I started what is known as the ‘debt snowball’ which essentially means paying my debts smallest to largest. Once I paid off one debt it fueled my passion to keep going. Side hustles have enabled me to propel my debt snowball quicker and I’m now on my last debt, which is beyond exciting!
I’m excited to share some of the side hustles that I have found fruitful and fun, and have helped me to edge closer to my long-term financial goals. Continue reading to find out some options that can help you in your own journey.
First off, let’s define what it means to have a side hustle. Generally, this word is associated with having an active or passive form of income alongside your main income source. Side hustles can involve activities you are passionate about or have a previous skill you have mastered, or a skill that you learn along the way.
Some examples of online side hustles are:
Some examples of in-person side hustles are:
- dog walking
- join forum groups
- working part-time as a barista
Once you decide on a side hustle (you can have more than one, but I suggest starting with one at a time to avoid feeling overwhelmed) make sure you are also focusing on managing your money properly. It can be so empowering to learn how to take charge of your money and make it work for you, rather than slipping into the debt spiral over and over. For myself, I found a few podcasts that were both encouraging and informational, but also gave some tough messages that were so important for me to hear. Check out two of my favourites (both created by some badass women): The Money Nerds Podcast and the Financial Diet.
Some basic money managing skills to learn include creating a budget, finding out exactly how much you spend each month (go through ALL of your expenses and write them down) and ensure that you check no-fee bank accounts and lower any interest payments you’re making. It can be a lot to take in when you’re looking at the big picture. If you need some encouragement and inspiration, check out some online forums and communities that can help you along your financial journey. You can do this!
Finances are Emotional
As a therapist (which is my full-time job) I’m also interested in the connection between finances and emotions that can be super intense. Think about the last time you had a disagreement or argument about money (and if this has never happened to you, then count yourself lucky). Money can cause a lot of turmoil, especially when it’s scarce or those money goals seem far away or even impossible.
Some facts about money & emotional well-being:
- Financial issues are of the biggest predictors of divorce.
- Money is associated with varying levels of stress from mild to extreme.
- Families that consider money a taboo topic experience feelings of discomfort when discussing finances, may lack emotional support, and report symptoms of depression.
- Student loan debt is associated with mental health concerns including anxiety.
- Money worries can cause sleep deprivation that impact overall health and well-being.
Given the fact that money worries are so prevalent in the world, focusing on creating more income, and income streams, can help ease the tensions around finances. Think about how having some extra money in your own life could help. Would it lower stress? Ease tension in yourself or your relationships? Create more opportunities to grow and expand? The benefits are truly endless!
Additional Reading: Surprising Facts About Financial Well-Being & Mental Health
Now that you know what sides are all about and some examples and reasons to expand your income, what’s next? Now is the time to get started! Feel that fire in your belly to reduce your debt, get your financial matters in order, and increase your net worth. If you’re feeling overwhelmed and like you can’t do it alone, that’s totally okay! There is so much support out there to help inspire you or start you on a healthier path with your money. Consider meeting with a certified financial planner or a counsellor to talk about your emotional connection with money.
Whatever your first step is, do it! Don’t delay. You can start expanding your finances and reach your financial dreams by setting the intention to get it done. Trust me.. it’s worth it!
Heather LeGuilloux is a therapist and mental health blogger who shares her knowledge, experience, and passion about all things mental health and wellness through her self-titled website at www.heatherleguilloux.ca. Heather curates articles and resources on a range on mental health and wellness topics and is dedicated to helping others live healthier and happier lives. Heather is very active on Pinterest and Facebook.