You got a degree, you got a job, it’s smooth sailing from here, right?
Not so fast.
Side hustles (defined as any for-profit work you do outside your primary employment) are great for two reasons:
- They give you more money
- And less time to spend it
Most people think only about the first half of the equation – sweet, an extra $50 a week! And it is, in fact pretty sweet.
The second half of that equation is actually even more beneficial. If you’re working two nights a week bartending, or babysitting, or whatever your side hustle is, you don’t have time to go out to dinner those nights. Plus, you don’t end up spending money just because you’re bored. If your postgrad life is anything like mine, it’s not that glamorous – many of my evenings are spent chilling with my best pals, wine and Netflix. A week straight of this and I’m itching to do something – anything! – outside of the house.
When I’m spending some of my evenings working (currently, I’m tutoring and have two semi-regular freelance writing gigs), those nights I have to just veg out are absolutely precious, and I have no need to spend money just to entertain myself.
Plus, side hustles are a great chance to practice something that you would like to eventually turn into a career – writing, or music, or coaching, or whatever your dream is.
Just make sure not to fall prey to lifestyle inflation when you have your side hustle – it’s so easy to say, “I made an extra $50 this week, so I can spend it on that new pair of jeans!” Instead, increase your loan payments or savings rate to build wealth for future-you.
Do you have a side hustle? Are you looking for one?