23 Jan

How to Create Additional Streams of Income

woman holding cash deciding how to create Additional Streams of Income

Money. We all could use a little more of it, especially with talks of an impending recession. Whether you’re putting some money aside for a rainy day, saving for a down payment, or trying to pay down debt, a little bit of additional income can go a long way.

Your full-time job will help you pay for the necessities, but the game-changer is having a side hustle. This will make a difference in your pocket and give you the financial independence you’ve always wanted.

How to Choose an Additional Source of Income

We could all go out and get a second job at a restaurant or retail store to earn some extra income. But that’s usually not plausible for busy adults. That’s where side hustles come in. Consider these aspects when determining how you can produce additional streams of income:

  • Flexible: An ideal source of extra income will enable you to call the shots when it comes to your time. Especially if you have a full-time job, the last thing you want is being committed to working a set number of hours at a second job every week.
  • Enjoyable: Generating additional revenue streams is a lot of work, so you might as well enjoy it.
  • Inexpensive: Stay away from income-generating ideas that require a big financial investment.

Tips to Look Out For

  1. Make a list of what you are interested in
    You need to enjoy what you are doing to make it a successful side hustle. Since it will be done on your own time, it’ll take a lot of energy and motivation for you to work on it, especially if you have a day job. When you’re passionate about something, you’ll have that motivation to drive you. Brainstorm some ideas about your passions and hobbies for your side hustle.
  2. Schedule time for your side hustle
    A side hustle takes time out of your every-day life, so make sure everything goes well. Setting up your website, arranging your content, and forgetting about everything until next month will cause difficulties. Set aside time for your side hustle and set actionable goals in your planner regularly so you know what you’re doing is worthwhile.
  3. Don’t forget about your day job
    If you set up a side hustle while having a full-time job, remember to put 100% of your energy into your day job when you are there. A side hustle is going to give you some money, but you’re relying on a check from your day job to pay the bills. Don’t try to juggle your daytime job and side hustle within 9-5 hours. This is a recipe for disaster.

Ideas for Additional Income

  1. Sell Your Clothes
    Selling clothes you don’t wear anymore is a quick way to make money. Start with local consignment stores like Plato’s Closet or use sites such as ThredUp and Poshmark to find buyers online. If you are going the online route, be sure to take clear, well-lit pictures of your clothing and research similar items to price them correctly.
  2. Love Dogs? Walk Them or Pet Sit!
    Do you love dogs or like to get active? Get your fix by caring for other people’s pups and get paid for it! If your home is not dog-friendly, consider becoming a dog walker. Apps like Wag and Rover offer dog walking and pet sitting jobs. It’s flexible so you can schedule a walk whenever you have time! You can also pet sit at the owner’s homes or have the dogs come and stay with you for a while.
  3. Take Surveys
    Taking online surveys can produce a small side income— but don’t expect to be rolling in money. Survey sites usually don’t offer a big payout unless you invest a lot of time. Some of the more popular survey sites include Swagbucks and Global Test Market.

Talks of a recession are scary, but RMLEFCU is here to help you through any financial situation. Follow the RMLEFCU blog for more recession preparation tips. Give us a call at 303-458-6660 if you have any questions!