If you’re among the 80% of Americans who are struggling with debt, your monthly loan payments are most likely some of your largest expenses. Some Americans are paying up to $300 a month for just their student loans, which is a major figure considering millennials earn less than the median national income.
High debt and low income can make loan payments difficult to rely on with your salary alone, especially when you’re a parent. To supplement their incomes, at least 25% of Americans are using a side hustle to earn a little extra money.
With some Girl Boss spirit, you can find your own side hustle that can help you repay your debt and student loans. After all, there are 28 million small businesses in the U.S. and that number’s growing every year. So where do you make your own entrepreneurial start?
How do I find my side hustle?
Side hustles are part-time jobs that help you earn the money you need on your own schedule. When you’re considering what kind of side hustle take on, it’s worth considering what skills you have and what jobs you’re willing to take on.
It should be noted that it’s not a good idea to make a side hustle out of something that brings you joy or relieves stress. You need to have some type of separation between work and play or you’ll end up suffering from burnout.
Instead, choose a hustle that’s related to your work skills or to items you don’t need. For instance, it’s one thing to knit as a side hustle and another to sell the hats you knit as a side hustle.
What kind of side hustles are there?
There are many different side hustles to choose from when you’ve decided to take on a part-time gig. To keep you from getting overwhelmed with them all and to give you a better idea of your potential options, we’ve compiled a list of some of the top side hustles for paying off debt.
- Freelance wordsmithing. Freelance editing, proofreading, and blogging are popular gigs because they come with versatile clientele. From marketing agencies to your average Joe, there isn’t a shortage of clients who need help with their websites, articles, or resumes. Considering over 3.5 billion people use the internet, it shouldn’t be tough to find a gig that fits.
- Freelance resume writing. Up to 50% of job applicants embellish their resume, which can keep them from finding the job they want. As a resume writer, you can help job applicants compile their experience into an organized and factual list that will help them be recognized by employers.
- Preparing taxes. Everyone needs to do their taxes, but not everyone loves to do or knows how to do their own. If you’re a wiz with your tax documents and you’re good with numbers, it may be worth becoming a freelance tax professional when tax season comes around.
- Freelance auditing. When you think of a side hustle, internal auditing may not be the first thing that comes to mind. But internal auditing involves the objective examination of evidence to provide an assessment on risk management and more for an organization or business. Freelancing gives you that objective outlook that some businesses may be looking for.
- Renting or selling your stuff. There’s a reason why Airbnb took off as a business and it’s because renting is a popular side hustle. Homeowners can rent out their space for a night for people who are traveling. You can also rent out equipment you may have or sell them on a variety of buying-selling apps.
Today’s economy has been called the gig economy because of how many people are working with a side hustle to earn more income. With the side hustles above, you may find it easier to make your debt and loan payments every month. But if you’re still looking for other ways to reduce costs, consider finding another gig that works for you.