Millions of Americans are bringing in hundreds of extra dollars every month through side hustles.
A Bankrate report released this year shows that 37 percent of adults have a side job. For many side hustlers, the extra effort is lucrative. Bankrate found that the average person earns an extra $686 a month thanks to their side hustle. That amounts to an additional $8,232 a year.
Bankrate found that 59 percent of people who make extra money on the side use it as disposable income, and 38 percent use the money to help pay for expenses.
Finding the best side hustle for you
Thanks to the internet, the gig economy is flourishing. There are probably more ways than ever to bring in extra money, and you can read all about them in Money Talks News stories.
Just to name a few examples, we’ve detailed how you can make money by:
- Renting out all or part of your home to travelers
- Watching videos
- Taking surveys online from the comfort of your couch
For plenty of other options, check out the articles in our “Make” category.
Putting the money to work in the best way
There are great ways to use the extra income from a side job to improve your financial situation.
You can pay off debts. We’ve got some ideas for how to do that in our story “7 New Ways to Destroy Your Debt.”
Using extra income to pay down interest-bearing debt like credit card debt or car loans reduces not only your debt, but also the amount of additional money you pay in interest over the life of the debts.
Or, if you don’t have debt, use the money as savings in an interest-bearing account.
Putting extra income in an interest-bearing account like a high-yield savings account allows your extra money to generate even more cash for you in the form of interest. Additionally, you’ll have savings to fall back on in the case of an emergency, which will decrease the chances of you going into debt to cover an unexpected expense.
Have you ever made extra money with a side hustle? Tell us about your experience below or on our Facebook page.