How to get out of debt with a side hustle - Bayport Financial Services
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Bayport Blog

How to get out of debt with a side hustle

Published: August 16, 2021
Categories: Financial wellness
Tags: Clear Debt, Debt Advice

Whether you are a single parent, a woman working with your partner to make ends meet, or a single woman wanting money for fun, a side hustle can help you achieve debt relief.

Women still earn less than men for the same jobs, and we spend a lot of our time doing unpaid work, both in our homes and when it comes to caring for, eg, elderly family members. Many women who raise their children on their own don’t receive financial support from their ex-partners, and even nuclear families where both partners work, sometimes can’t pay all their bills.

There are many reasons why women could end up struggling to earn enough money in their main jobs. Fortunately, we live in the age of the side hustle. Here are some ideas for you to consider.

Solve a problem you know and understand

If you are a single mother, you know what the challenges are. Therefore, when you look around for a side hustle, ‘find a way to help other single mothers. For instance, offer a grocery-buying service. Or pack school lunchboxes that other busy mothers can collect from you. Or how about a meal-preparation service?

Develop your hobby

If you love doing yoga or Pilates, train to become an instructor and start giving classes. If you love baking, offer home-baked birthday cakes or teatime treats for offices and businesses in your area. If you are keen gardener, sell your flowers or vegetables. If you love photography, look at ways to have your images included in online image libraries where people pay to download and use them. Spending more time doing something you love, and earning money from it, is a real win-win.

Respond to what’s happening

Sometimes a specific situation or event presents a side-hustle opportunity. For instance, with schools closed due to Covid-19 restrictions, parents working from home are struggling to keep up with home-schooling as well. This is an opportunity for teachers unable to work to offer tutoring services, or run a small home school for the children of one or two families who live close by. If you are not a teacher, you can provide childcare services for a few hours a day.

Teach what you know

People love learning from others who have practical experience. Run small, informal classes to help others manage a personal budget, or set up a small chicken farm, or cook good food on a tight budget. Find out what people you know would like to learn and see where you can help out.

Go online

The training we spoke about above, can easily be done online. Record your classes and package the content in electronic booklets. This will increase your reach and your content can earn you an income even while you sleep. Other online ideas are blogging, renting items like designer handbags for special occasions, and being a virtual assistant for a busy person or a small company.

Buy and sell

If you are a natural salesperson with an eye for a bargain, you can earn a handy income by buying household items for a good price, restore or repurpose them, and sell them on, either at a physical market or online. Speaking of selling: find useful items in your own closets or cupboards that you no longer use and find buyers for them.

Extend your day job

If necessary, get permission from your employer to freelance after hours. If you are an accountant or bookkeeper, you can help individuals or small businesses with their tax returns. As a graphic designer, you can do small after-hours jobs such as designing invitations or building simple websites.

Use your assets

If your house has a bedroom you don’t use, consider renting it to a student or other single person who needs safe, low-cost accommodation. Your car can earn you extra income if you join a delivery service or offer ride-share opportunities to other women specifically. And how about letting others use your fancy kitchen gadgets or gardening equipment for a small fee?

Hopefully these few ideas are enough to get your creative juices flowing. Apart from earning you extra cash and showing you how to get out of debt, a side hustle can be great fun and a way to meet people and discover even more opportunities. And who knows: your hustle could very well turn into a successful business and not only a debt relief measure.

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