How a Side Hustle Can Help You Achieve Your Financial Goals

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Day 15: GOBankingRates wants to help you Live Richer. For a month, we’ll be sharing daily tips for how you can do just that, with advice on budgeting, saving, investing, making the most of your career and managing debt — plus money advice for every phase of your life. Check back each day during our 31 Days of Living Richer to learn everything you need to know to set yourself up for financial success and live the richest life possible.

A side hustle can be an incredible supplement to your full-time income — and more money coming in means you’ll be able to reach your financial goals faster. Whether you want to pay down debt, build an emergency fund, save for retirement or add funds to an investment account, your side hustle enables you the financial wiggle room to meet these milestones while still covering essential expenses with your primary source of income.

Read Day 14: 3 Side Jobs To Consider If You Need Extra Income
Here’s Day 13: How Investing Can Help You Live Richer

Pay Down Debt

If you’re feeling overwhelmed with debt, taking on a side hustle can help you tackle that hurdle and improve your financial future. No matter how much debt you have, it’s possible to slowly but surely pull yourself out of that hole — here are 25 ways to do it.

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Go Back To Day 12 of Living Richer: How To Make Investing Part of Your Long-Term Financial Plan

Build an Emergency Fund

After paying off debts, building an emergency fund with three to six months of living expenses should be your next priority. Start putting away your side hustle income into savings every month and get into the habit of saving money so that you can build up this financial safety cushion.

Check Out Day 11: Top Investing Tips From Mark Cuban and More Money Experts

Save for Retirement

Although you won’t be able to put side hustle income into a work-sponsored retirement plan, you may want to open an IRA specifically for these funds. Your side hustle income can help keep you on track to meet your retirement goals.

Read: What It Means To Live a Truly Rich Life and How To Achieve It

Add Funds to an Investment Account

Investing can help you live a richer life. Consider putting a portion of your side hustle money directly into investing accounts — investing even small amounts can go a long way.

Day 16: Join us tomorrow for our Living Richer series when we look at how to find a new job that fits your life.

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    Last updated: July 15, 2021

    About the Author

    Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and People.com. Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert. 

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