Do you know anyone who has a side hustle? These days it isn’t that unusual for at least a couple of your friends, family, or co-workers to have one.
Last year alone more than 7.5 million people over 16 years of age held more than one job. The United States Bureau of Labor Statistics showed that the majority of those holding multiple jobs were between 25 and 54 years of age.
Of course, some of those in the work force who choose to take on a side hustle only do so temporarily. They may side hustle for a short time for a variety of reasons. However, there are at least 7 ways a temporary side hustle can benefit you too.
1. Pay for Emergencies
One of the ways a temporary side hustle can benefit you is helping to pay for emergencies that arise. Emergencies will come up in your life no matter how good of a planner you are. It’s just the way life goes sometimes. One that happened to me recently is that my oven quit.
My wonderful husband has fixed lots of things throughout our marriage so far. Vehicles, furniture, computers, and more have all had longer lives as a result of his knowledge and patience.
As a result, my personal Mr. Fix-it has saved us a ton of money in repair bills. Naturally, he tried to fix the oven when it went kaput as well, but this time it didn’t work out. We ended up having to purchase a whole new oven just a couple of months ago.
Fortunately, we had money set aside for this type of emergency due to a temporary side hustle I used to have. Having money set aside when emergencies like this come up eliminates the need to charge up a credit card.
2. Reduce Debt
Another of the ways a temporary side hustle can benefit you is through reducing your debt. Every penny you can put toward debt pays it off quicker. A temporary side hustle can help you get some of that load paid and off your shoulders.
Consolidating your debts doesn’t always help. You may end up with a smaller payment spread out over a longer period of time. If you don’t change your spending habits it doesn’t solve the problem.
Of course, neither does a temporary side hustle. However, it WILL help you pay the debt off faster if you use the money strictly towards debt.
3. Acquire New Skills
Acquiring new skills is another way a temporary side hustle can benefit you. Although this is a less immediate need or reason so have a temporary side hustle, it can make your future better.
For instance, you might pick up new skills to use toward a better paying job in the future. Or, it could help you to eventually start your own business by turning your side hustle into a full time job.
Another reason to learn new things is that it gives you a back-up plan when you need one. If your current employer goes out of business or you leave you job for some reason at least you still have money coming in. In such a situation it can keep you from having to sell a home or take some other type of drastic action due to financial crisis.
4. Reach Investing Goals
A temporary side hustle can benefit you by helping you reach investing goals. Not everyone has the funds on hand to get started investing.
But with the extra money gained from a side hustle investing may not be out of reach. Side hustling temporarily allows you to pay off debt so you can begin investing. Furthermore, it allows you to continue investing even if it is in small amounts in the beginning.
Investing will help you with whatever future goals you may wish to save for. It could be a home, a college education for your children or grandchildren, or a comfortable retirement. Whatever your future goals are, investing now can help you reach them later.
5. Eliminate Boredom
Do you have extra time on your hands? If you do, why not start a side hustle? Even a temporary side hustle can benefit you by ridding you of boredom.
Nobody enjoys doing the same thing all the time. We need a little adventure, change, and deviation from routine to stay excited about our lives. A temporary side hustle can provide that.
Furthermore, you can use the extra money for a weekend getaway, a long vacation, or a spa day for your health and beauty. Use your temporary side hustle to make your life better or get rejuvenated and raring to go again.
6. Start a Business
If you have a great business idea but lack the funds to get it off the ground consider using a temporary side hustle. Once you’ve made a business plan and other preparations you’ll probably have an estimate of how much money you’ll need.
But getting all of the capital together to get started could be tough. That’s where a temporary side hustle can benefit you. It allows you to work a side job just until you have the money needed to get your business off the ground.
7. Make New Friends
An addition way a temporary side hustle can benefit you is to make new friends. If you are young and have just moved to a new city you may not know a lot of people. So, in addition to reducing boredom, having a side hustle can help you meet new people.
It isn’t always easy to make new friends when you are new in town. Working in a job where you talk to a lot of people can help.
Consider working as a barista or in a restaurant. Or, maybe you would rather work in a clothing or shoe store. There are lots of temporary side hustle possibilities that will allow you exposure to many people.
Clearly there are lots of ways having a temporary side hustle can benefit you. If you feel like you need a change in your life, consider using a temporary side hustle to help you get there.
Have you ever side hustled temporarily? If so, what did you do and did you like it?
