It’s autumn and you know what that means? Time to increase your budget as the holidays get closer. Before you know it Thanksgiving will be here and then, of course, there’s Christmas.
Holidays are not cheap and you may have to start stashing more money into your savings account – starting right now.
While creating a budget for holiday spending will help you build up a cash reserve, there’s yet another key way to generate extra money: Get a side hustle. Indeed, holiday season side hustling is the new “in” thing.
Want to learn more about how a side hustle can help you pay for your holiday expenses and achieve your money goals? Read on to learn more.
How Popular is the Holiday Side Hustle?
Holiday temporary jobs are nothing new. Many families need to increase their income as this time of year approaches. Taking on a part-time weekend or evening job to help out is a common solution. During the fall season, side hustles tend to pick up, especially when it comes to flexible gigs like driving for a ride service, walking dogs or mystery shopping.
In 2017, about 44 million Americans reported that they had a side hustle or second job during the holidays, and that number is increasing every year. In fact, by 2020, about 43% of the U.S. workforce will be freelancers.
So, how can a side hustle during the holidays help you? Take a look:
You’ll Have More Cash Flow
Eighty-one percent of people who side hustle do so to earn more money and the average monthly income from a side hustle is about $686. While there are many side hustles that can be done around the holidays, including working retail or selling items online, the best side hustle for you is a gig you enjoy that helps you earn extra cash.
You’ll Have Financial Security
With nearly four in 10 Americans side hustling, it’s safe to say that secondary sources of income are going to continue growing. In fact, Gen Xers and Millennials are leading the pack with more than seven out of 10 of them side hustling. The reason? A side gig offers financial security, especially around the holidays when expenses start rising.
In recent years, some companies have even resorted to layoffs during the holiday season, sometimes just a few weeks before or after Thanksgiving and Christmas. With the fear and anticipation of not being fully secure in 9-to-5 jobs, Americans are now ramping up their side hustles.
Indeed, by taking on a second gig over the holiday season, this gives you an opportunity to save more money, readily pay for holiday gifts, and not worry about whether you’ll have enough cash to pay your bills on time.
You Can Avoid Accumulating Debt
Did you know that the average American will rack up about $1,000 or more during the holidays? In the age of instant gratification and expensive technology, more people are turning to credit cards and personal loans just to have enough money to buy Christmas presents.
However, if you have a side hustle, you can avoid this debt trap. Budgeting and saving can only do so much, especially when the average household has over $5,000 in credit card debt. So, maybe this is the year you should try out that side hustle you’ve been considering. It sure beats staring at an exorbitant credit card bill come January.
You Can Put Your Skills to Use
Regardless of what type of side hustle you choose, try to find something you’re good at.
For example, are you a skilled handyman? Maybe you can pick up some side gigs fixing things for your neighbors or assembling furniture. Or, are you a talented graphic artist? Maybe you can take on some clients on the side and help them redesign their logos or brochures.
By doing something you love, your side hustle will help you in more ways than one: You’ll have renewed job satisfaction and you’ll earn enough dough to buy your holiday gifts without stressing about how you’ll pay for them.
Should you join the hype?
With side hustles offering the freedom and the ability to earn extra cash, it comes as no surprise that they are becoming increasingly common.
Starting a side hustle to earn extra dough is a great idea any time of the year, but especially leading up to the holiday season. Are you ready to do the holiday side hustle and start saving more money today?