Long on motivation and short on time? You may be wondering how to find the hours in the day for a side job to supplement your income. We can help with that.
Find out now: How much do I need to save for retirement?
Taking on a second job can be a great way to sock away some extra money. Maybe you’re planning on putting that money toward your retirement, a vacation, an emergency fund, or a down payment on a home. Whatever your reason for wanting extra income, you should have some tricks up your sleeve to help you find the time for what personal finance bloggers call your “side hustle.”
Let’s talk about the things that are the biggest time-sucks when you have a second job. For each of these three categories, we’ll give you strategies to save time and help you maximize your earnings in minimal time.
1. Time spent finding a second job
Do you currently spend valuable time trawling the internet for appealing side gigs? Consider lining up some regular clients instead. Whether you’re offering lawn services, tutoring, housecleaning, coaching or something else, you’ll save time by establishing relationships with people who want to pay you for your services. That way, you won’t have to hunt around every time you feel like making some extra money.
2. Time spent traveling to your side job
If you already commute for your 9-to-5, you may be unwilling to leave the comfort of your home for your second job. In that case, your best bet is to find things you can do remotely, like freelance writing, editing or web design. Other options include offering video consultations on Helpouts, or letting people come to you for baby sitting, music lessons or any skills you can offer.
3. Time spent on extras
Think of all the time spent on extras associated with having another job. For example, the time you spend mailing packages if you sell things online, or the upkeep on your personal website. Our advice: consider outsourcing these tasks to someone else.
If you can charge more for every hour you spend doing your side job than what you’d pay someone to help you with the little tasks that keep your sideline going, you’ll come out ahead. Here’s an example: If you could be charging $60 an hour for tutoring but instead you spend an hour putting up fliers to get more clients, consider paying someone $15/hour to put those fliers up for you while you meet with a client. Simple, right?
These three pieces of advice all boil down to one big one: remember the opportunity cost. Opportunity cost is what you give up to do something else. If you’re taking on another job, you’re giving up leisure time, family time and “me” time. Try to make your side hustle as efficient as possible, and you can spend less time earning more money.
Photo credit: flickr
