The pandemic has surely hit thousands of families in the UK as approximately 9.6 million jobs have been furloughed from 1.2 million different employers. The government has already spent billions of pounds on the job retention scheme. If you still have your job, you are fortunate enough. But what about those who have been made redundant? A side hustle would have helped them manage their expenses in case of redundancy. We will delve deeper to understand how a side hustle would be beneficial during these trying times. ⭐Personal Finance ⭐Money Management
Becoming your own boss sounds uber cool but it does take a lot if you are considering to pick up a side hustle to earn more money. Some people considering working after their usual 9 to 5, while some may consider quitting their job altogether to take their passion to the next level. Both ways it requires precise planning and strategic devising of a concrete plan to achieve your goals. Also, there are chances that you may find an alternate career option while continuing your side hustle along with your permanent job. But the question is – is it worth it? Let us find out.
Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52. Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52. Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00 Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00 Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56. Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.Maximise your options: Compare and apply for loans below with LoanTube
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What is a side hustle?
In literal terms, a side hustle is something that you pick up outside your usual and regular job that helps you earn some extra pounds. Although the idea of earning more money is tempting, you should understand that your level of income will vary throughout the year. If you work for limited hours, you are likely to get limited funds. Although there are a lot of side gigs that you can consider picking up, ensure you choose the one that is in alignment with your daily schedule for effective time management. Whether it’s a podcast that you are planning to launch or a blogging website that you can monetize – plan before you finalize.
3 reasons to start a side hustle
For anyone who is new to side hustles, it is quite an intriguing idea to start something of their own. You will have a lot of questions in your mind and all those questions are valid. Starting a side hustle is like the stepping stone towards financial freedom.
Here are 3 reasons to start a side hustle, which will motivate you to grow your business:
1. Personal and professional growth
When you start something of your own, initially you will not have the resources or finance to hire people to help you out. That’s when you start learning new skills and tools that makes you more hirable.
Suppose you start blogging with an aim to promote beauty and skincare products. You will also have to find ways to put this up on your social media pages and reach out to the influencers and brands to help your post gain visibility. So, instead of being a blog writer, you will gain expertise to become a social media manager.
2. Multiple streams of income
Extra money makes us feel empowered. If you budget and plan well, you can go on that vacation you always wanted. You will not have to wait for your paycheque to fulfil dreams that you have. And wouldn’t it be nice to have some extra money in your bank account? It will also act as a safety net in case of emergencies.
So, with a side hustle, you will have a way to attain financial freedom easily without having to trade your time.
3. Pay off your debts fast
If you have accumulated multiple debts that are no longer manageable and it’s impacting your credit score – a side hustle is an easy way to pay them off fast. Streamline your total income and prioritize your debts. Pay the high-interest rates first and then line up the other ones that have comparatively lower rates on interest.
A lot of people start a side hustle to pay down their debt. From developing applications to graphic designing – there are multiple opportunities to help you earn extra cash. And remember that you do not have to leave your regular job if you are not sure how this new set up will work for you.
Define clear goals
One of the most important frameworks for the success of your side hustle is setting SMART goals. Set up goals that are Smart, Measurable, Achievable, Relevant and Time-bound. Start small and take baby steps. If you are aiming for a straight end, then be prepared for surprises as every business has its ups and downs. Don’t quit when you face a setback, rather work on it to find different ways to do the same task. Doing research and implementing your findings will help you achieve efficiency.
In order to achieve your end goal, focus on the smaller goals that will build the ladder to the final goal that you have projected. Stick to your deadlines – and for that, you will have to hold yourself accountable as you are your owner. Never aim for perfection when you are starting off – it will be a disappointment. With time, practice and experience you will learn to be more than perfect in what you are doing.
Assess your financial circumstances before you consider quitting your full-time employment. Most of the self-employed businesses do not work, hence, you need to be careful while choosing a path in which you are going to invest your time and money. Do some research and list out the pros and cons and probable problems that you may face. Keep the solutions handy so that you are prepared to take things under your control. If you have friends who are into side hustles, talk to them and discuss your ideas. Ask them to help you prepare a solid strategy to give your idea a nice start.
Side hustles are not only meant for achieving financial freedom. It’s also beneficial for you as you tend to learn a lot of new things that will also help you in reshaping your career. There is absolutely no harm in going an extra mile for the sake of learning.
