22% of Americans have started a side hustle in the last 6 months. Here are 5 reasons to do the same

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A side gig could do wonders for you. Here’s how.

Key points

  • Many people are turning to a second job in the wake of runaway inflation.
  • If you can organize a side concert, it could benefit you financially and mentally.

Side hustles were popular long before the cost of living began to skyrocket due to inflation. But in the past half year, 22% of Americans have taken on second jobs in a bid to better meet their bills, according to a recent report. FinanceBuzz survey.

Now, the reality is that maintaining a sideways hustle isn’t always easy. If you’re already working full-time and have other responsibilities, such as dependent children and a household to maintain, you may find it difficult to find the time to fit into a side gig. But if you are able to make a second job work, here are some of the ways it could benefit you.

Many people have been forced to dip into their savings to cover their bills over the past six months. If you’re looking to replenish those funds, a side hustle could make that possible. After all, your earnings from this gig won’t be applied to an existing bill, so you can take that money and stick it in the bank.

2. You can pay off expensive debts

If you’ve built up a bigger balance on your credit cards over the past few months to help keep up with rising living expenses, you’re in good company. But the sooner you can get rid of this debt, the less interest you will earn. A side hustle could be your ticket to reducing your existing credit card balance — and avoiding having to rack up more debt.

3. You can work towards a big goal and get there sooner

Maybe you’re saving up to buy your first car. Or maybe you’re tired of renting a house and want to own your own. A side hustle could help achieve major goals like these sooner. And buying a house or a car could easily improve your quality of life.

4. You can open the door to more leisure spending

Many people have cut back on non-essential spending in recent months to save money for essential bills, like food and medicine. A secondary hustle could reintroduce some of those fun expenses, like streaming services, cable, and takeout so you can enjoy your life more.

5. You can reduce your financial stress

Having to pinch pennies around every corner can be extremely stressful. If you land a side job, it might give you the leeway to spend a little more freely and not have to worry as much about going over budget for things like food and clothing. And you certainly shouldn’t underestimate the benefit of lightening your mental load.

While maintaining a sideways hustle can be a challenge, if you’re willing to do so, you could benefit in more ways than one. It pays to explore different options for a side gig because you might find one that not only fits well into your schedule, but is actually quite an enjoyable way to spend your time.

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