I have been asked this question more times than I can count and the answers are so very individual. Every individual and every person are different so some reasons might stand out more to you than your neighbor, but let’s just talk about some of the financial reasons that you should have a side hustle:
Pad the Family Budget
Let’s face it, times are tough and people are struggling financially. Adding income to your family’s budget is the most popular reason for having a side hustle. While I have been blessed through my company’s opportunity, being full-time with Scentsy was not my intention. I hoped to make an extra hundred bucks a month. That’s it. But we all know that a hundred dollars every single month can be life-changing for many people. I know it was for me when I got started. An extra hundred dollars, or even better, a few hundred dollars, every month, can help relieve some financial stress that many people are facing right now. Whether that extra money goes to bills or to put food on the table, even small amounts of extra income are so powerful when things get tough.
Build Multiple Streams of Income
Things happen. Businesses close and people get laid off. Companies go through restructuring and positions are eliminated. Service industry jobs are often unreliable streams of employment. All of these things could be detrimental to an individual or family budget if that is the only stream of income being relied upon. For this reason alone, you should have a side hustle. That way when tragedy strikes your avenue of employment, you aren’t completely high and dry because you have already built a secondary or tertiary stream of income that can supplement or help sustain you while replacing current employment.
Buy extra things not in the Family Budget
This is the exact reason that I started my side hustle with Scentsy. I wanted to buy some new shoes or maybe a new outfit every once in a while. I was a public school teacher and my husband was on staff at a church. We had 2 kids and home and our budget was stretched as tight as it could be, not allowing for any extras, especially not for Mom or Dad. I decided to give a side hustle a try and boy was I glad I did. I was able to make that little bit of extra money each week that I could spend on an outfit or accessories that otherwise weren’t affordable. So you should have a side hustle to fund for those little extras.
Pay Down Debt Faster
Being in debt is stressful. I know. I have been there. What’s even worse is the feeling that you will never get out from under the heaviness of it all. Maybe it is lingering credit card debt from way back at college. (You needed that free t-shirt, didn’t you?) Perhaps you had to charge a large appliance when yours when out. Maybe a medical tragedy affected your family. Debt can take on many forms and all of it is, well, icky. If any of this describes you, you should consider starting a side hustle. That little (or big) amount of extra income can be socked away at that huge mound of debt that is lingering over your head.
Save Up For Down Payments
We are currently in an economy where people are struggling with daily finances, let alone have extra to save up for bigger items like a new car or down payment on a house. But I have had team members start their side hustle for that reason alone-to save up for a down payment on a car and a house. Having large savings of money for those big purchases is so helpful to get better interest rates and lower monthly payments. One team member in particular had been trying to save for quite some time for the down payment on a house, yet was unsuccessful until she decided to try a side hustle. After jumping on the opportunity that Scentsy offered, she had enough for that down payment within a few short years, which never would have happened before.
Fund Extra-Curricular Activities for your Kids
I hear so many parents that are stressed out because they know their kids want to do extra things outside of school hours like sports, dance, vocal lessons, etc. Some of those parents have found a way to afford the entry fees but things like uniforms or costumes are a huge burden. Having a side hustle can help to fund those extra things like tournament fees, equipment, and required uniforms and costumes.
Take a Family Vacation
When was the last time your entire family took a well-deserved vacation? I know many family miss out on all the fun things that a good vacation can bring simply because they can’t afford it. Many of my team members started their side hustle with Scentsy just for family vacations. While one of the perks of having a successful Scentsy business is the opportunity to earn free trips, many people who are just hobbyists simply save up their commissions to vacations of their own. Whether you are earning free vacations or saving up to fund vacations, it is a great reason to consider a side hustle.
Build an Emergency Fund
Earlier we talked about debt. I know that many instances of debt happen because people aren’t prepared for the inevitable unexpected. When tragedy, whether big or small, hits us we often are not financially prepared for the expenses that come along with it. You should have a side hustle to build up an Emergency Fund. That way when the washer stops spinning or the clothes dryer goes cold, you don’t have to open a credit account to replace those items, you will have already built up enough savings to fund the financial burden of the unexpected.
As stated earlier, not all of these reasons will speak to every person the same. But hopefully this has caused you to stop and think about the financial reasons that you should have a side hustle.