Unfortunately, it’s all too common for people to carry debt. It could be from having a home mortgage, a car loan, student debt, or any number of other reasons.
However, if you have debt, no matter the reason, there are only so many things you can do to get out of it. You could consolidate your debts in order to try to pay it off more easily. Or, you could try to cut your expenses to the bare minimum in order to throw more money at your bills.
But what about working another job? Should you side hustle to get out of debt?
Here are a few things to think about before you decide to take on a side hustle to pay off debt.
1. Set Your Own Schedule
Depending on the type of side hustle you decide to do, you might be able to set your own schedule in your side hustle. For example, if you do the bookkeeping for a business you may be able to do it from home and work when you want to.
Of course, there are any number of other side hustles you could do that would allow you this kind of freedom. But the advantage is that you have a flexible schedule which is one thing that makes a side hustle an appealing choice to help you get out of debt.
2. Use Your Skills
The side hustle allows you to use the skills you already have to help you get out of debt. Let’s say you are great at math. You may be able to side hustle tutoring students in math which is a win for you and a win for the students you help.
Or, you could clean houses if you are good at cleaning well and fast. The point is to turn your strengths into a marketable skill you can earn money from to help you get out of debt.
3. Do What You Like
When you like what you do it is easier to stick with it. That is why it’s important that you enjoy whatever you choose to do as a side hustle to get out of debt.
Liking your side hustle can also help you to stay motivated and work harder. You may find that you are more tired and sleep less with a side hustle. But when you like what you do and you see your debts decreasing, it can be worth the sacrifices.
4. Know Where to Draw the Line
When you choose to side hustle to get out of debt you must also know what your limits are. It can be hard on your family when you side hustle because they may see less of you.
In addition, if you are sacrificing some sleep to do your side hustle, it can wear you down and even be hard on your health. You must know where to draw the line. After all, you must sleep and rest sometime.
Obviously having a side hustle that allows your schedule to be flexible can help with this situation. But you must pay attention to the needs of your family and spouse as well as your own when considering a side hustle.
Nobody likes to have outstanding debt. As to whether or not you should side hustle to get out of debt, only you can decide.
This page is for informational purposes only. Chime does not provide financial, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for financial, legal or accounting advice. You should consult your own financial, legal and accounting advisors before engaging in any transaction.