If it seems like side hustle culture has really taken off in recent years, you’re not imagining it. Rampant inflation has forced many people to take steps to boost their income so they can pay their bills and avoid having to rely on credit cards to stay afloat.
If you feel that you’d be much better off with an extra $100 a month in your pocket, then you may be motivated to find a side hustle. Even if your earnings are limited to $10 or $12 an hour, earning $100 a month is feasible if you’re willing to put in the time.
But juggling a side hustle on top of a full-time job can be a challenge — especially so if you have pets or kids to care for on top of work and a household to run. So while you may be willing to push yourself to do that extra work, it’s not necessarily the best idea for your mental or physical health.
The good news, though, is that there may be a better way to boost your income by $100 a month. And while it may require some initial effort on your part, you might reap the benefits for a long time afterward.
Don’t resign yourself to side hustle mode
Some people will tell you that instead of working a side hustle to earn $100 a month, you could instead try to set yourself up with passive income. It’s a good idea in theory, but a tougher one to pull off in practice.
It takes a surprisingly large amount of money to generate $100 in extra income every month. For example, you might earn 5% interest in a certificate of deposit (CD) based on today’s CD rates. But for that CD to earn $100 per month, you’d need to open a 12-month, 5% CD with $24,000. And chances are, if you’re sitting on $24,000 in savings, you’re not so desperate to earn an extra $100 per month.
That’s why a better solution could be to take steps to land a better job. Whether it’s a promotion within your company or a jump to a new employer, it’s conceivable that a new role could come with a $1,200 annual pay boost. And that way, you’ll only have to worry about a single job instead of struggling to work a second one into your schedule.
How to set yourself up with a better job
There are a number of steps you can take to grow your career and land a better-paying job. First, assess your opportunities at your current employer. Is there room to grow? If not, it’s a sign you should be looking elsewhere.
But if there is room for upward mobility at your current employer, ask those at a higher level than you if you can shadow them occasionally to learn from what they’re doing. Or ask someone to mentor you. You can do this even if your company doesn’t have an official mentorship program (though if it does, signing up is a great idea).
You can also use sites like LinkedIn to network and build connections. Getting to know different people within your field could open the door to different opportunities.
And speaking of LinkedIn, it, along with other job sites, has free online courses you can take to improve upon various skills. You may also decide to invest a little money in a course that teaches specific skills that are likely to help you find a better job. For instance, if you’re in IT and want to move up a level, it could make sense to pay for a course that teaches you a new programming language.
Working a side hustle isn’t your only option for boosting your income. If you have the time and can find work you’ll enjoy doing on the side, then by all means, go for it. But if not, working to grow your career and land a better job could ultimately be a better use of your time.
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