When money gets tight for some people they dodge their bills or file bankruptcy. Others may resort to committing crimes to ease the financial burden. The responsible ones, however, make different choices.
One of the things you could do to ease financial pressure is to cut your bills as much as possible. Another is to take on a side job or side hustle to make ends meet.
But is taking on a side hustle the right choice to make ends meet? After all, there could be reasons why a side hustle may not solve your money problems.
1. Makes Monthly Bills Go Up
In theory, having a side hustle will provide you with greater income and more financial freedom. Managing your money wisely should help you to pay monthly bills and may even give you enough to pay down debt.
Of course, it is possible your bills could go up as a result of your side hustle. For instance, a lack of time to cook may force you and your family to dine out more. This can eat away at your side hustle income giving you less money than you anticipated from the extra job.
When bills go up because of the lack of time a side hustle creates it may not solve your money problems. What I mean is that it could lead you to decide the extra effort a side gig requires just isn’t worth it.
2. Requires the Need for Additional Help
Another way a side hustle may not solve your money problems is that you may need to hire additional help. Being only one person you can’t do everything – there are only 24 hours in a day. Some of the household responsibilities may have to be given to others.
It is possible you might need to hire an evening babysitter for your children. Don’t look now, your childcare bills just went up lowering your take home pay.
If your house is a mess because all you do is work you could find yourself searching for a house keeper. There goes more of your income.
3. Affects Your Main Job
Having another job can cause you to get stressed out, tired, and run down. In turn, these negative effects can affect your main job and put it in jeopardy.
Being fired from your regular job because your side hustle is getting in the way is not going to help you solve your money problems.
4. Causes You to Spend More
Temptation could set in when you have more money in the bank. Seeing an extra couple of hundred dollars or more in your bank account may not inspire you to pay down debt or save.
Instead, for some people, it causes the opposite. More money means more clothes, more eating out, more entertaining and so on.
You get the picture. Some people can’t manage the extra income wisely. They merely spend more and continue the cycle.
5. Doesn’t Pay Enough
Taking on a side hustle may not solve your money problems if the job doesn’t pay enough. Rather than getting paid a few dollars for a time consuming side hustle you may have to let it go. Look for work that pays well to ease your financial strain.
As an example, what if you are answering internet surveys as your side gig? Spending 30 minutes taking a survey to make an extra $5 doesn’t make sense. Give up the surveys and get a different side hustle, or at least look for a survey site that pays well.
6. You Hate it
Whenever possible I try to avoid having a job I can’t stand. It shows up in your attitude, for one thing.
For another, when you hate your job you aren’t going to do your best. Not doing your best could get you fired or passed over for promotions resulting in lost income. This isn’t going to help your financial situation any.
Money gets tight for most of us from time to time. Before you take on a side hustle, consider some of the reasons why a side hustle may not solve your money problems.
Jeanne is a married mother of 2 grown children who works a full time job, has two side hustles, and also helps out occasionally on the farm she and her husband own together. Her background is finance and medical office management, and she hopes to help others improve their finances and change their futures.