Due to mounting financial pressures and student loan debt, 51% of millennials report having at least one side hustle that they rely on for income outside their primary job. Among the many pieces of advice that debt relief professionals give to individuals looking to relieve or diminish their debt is to find unique ways to put more money towards paying off your debt, and a side hustle is one of them. While this might include taking on additional hours at work, it can also include seeking other job opportunities on the side or, even better, signing up with an agency who will find you work when you need it.
Benefits of Agency Work
Aside from being a great way to expand your professional abilities and learn something new, deciding to work for an agency allows you to work pretty much as much as you like. This provides you with more flexibility, meaning you can make it work around your existing work schedule or within the hours that you need according to your lifestyle. While agencies sometimes take a portion of your pay for their services, you will often find yourself working fewer hours for better pay, which is great when you’re trying to save money in order to increase your debt payments. By working fewer hours for, generally, more pay, you will be able to make more than the minimum payment on your debt, which has actually been shown to only prolong a debt payoff strategy.
Think About What You Love
Generating income from a hobby is everybody’s dream, and it’s a dream that is easier to reach than you might think. If you are going to try and monetize a hobby or gain income from a side hustle, it’s important to first figure out what exactly you’d like to do. The work will be easier and more engaging if you are pursuing something you love to do or are already making a career out of. This is easy to do as agencies exist for pretty much every industry nowadays and can even specialize in particular areas, such as agencies that help travel nurses find the right fit or ones that will pitch you to potential employers according to your particular skill set.
Pay Off Your Debt Wisely
Assuming you have already created a budget and know how much you need to save in order to increase your debt payments, you will want to be smart about how you spend the extra savings. One strategy is to increase the frequency of your payments to weekly or bi-weekly in order to immediately put it towards debt instead of leaving it in your bank account where you might be tempted to spend it. Another strategy is to put all of your bonuses towards paying off debt, and if you are freelancing, working with an agency or earning money from any type of side hustle, it’s smart to consider this “bonus” money. Ensure you are able to meet your basic needs with your normal job’s income and use all of the additional money for debt payments.
Working Smarter Not Harder
Finding work through an agency that specializes in your career path, or even with one who will find general, temporary work for you, is a great way to increase your cash flow in order to pay off debt faster. Agency work provides you with flexibility while also ensuring you’re developing your professional skills in a way that will help you long after your debt is paid off. Be sure to budget wisely and make more than the minimum payments and you’ll find yourself progressing professionally while also reducing your debt. It’s a win-win for you and your career.