As a South African, it’s likely that you’re living from paycheque to paycheque.
Even though you try and follow every rule financial experts throw your way, for example, the 50-30-20 budgeting rule, it doesn’t get any easier. Instead, the cost of living keeps increasing. On top of that, you might still have personal loans to pay off. This makes it challenging for you to pay for your living expenses and still be able to sustain yourself.
Perhaps a side hustle is the answer to generate an additional income. Keep reading to learn more about what side gigs are and how they can help you achieve financial independence.
What is a side hustle?
A side hustle is an additional job to help supplement your full-time income from your day job. It’s meant to provide you with extra cash to put towards paying debts, living expenses, an emergency fund, savings plans, an early retirement plan or a travelling plan. Whatever your financial needs are, you can direct the money you’ll get from your side hustle towards your goals.
How do they work?
The answer to this is simple; you take on an extra job where you can, outside of your full-time job. That way, you don’t clash with your work, and you don’t breach your contract. The last thing you need is to jeopardise your main income. Plus, side gigs are flexible enough to give you room to schedule accordingly.
How to get a side hustle and make a success out of it
To be successful at side hustling, you need to choose a job that you’ll enjoy. You can’t simply choose a job because you see it as a lucrative opportunity. If you do that, the job won’t be sustainable because you won’t be consistent, which will become frustrating. And, you might grow impatient as you won’t be seeing a return on investment. When you think about side hustle ideas, keep in mind that a side hustle is not a passive income. This means that while you’ll need to work hard, the extra gig shouldn’t require a lot of effort from you.
So, choose one that you’ll have the capacity to do on a long-term basis. A few examples of sustainable side gigs include freelance writing, photography or graphic design, blogging, vlogging, being a virtual assistant, online tutoring, and becoming an influencer. If for example, you love photography, but you don’t have the required equipment, you can apply for a DirectAxis personal loan which will give you the necessary capital to buy the equipment you need to get started. Whichever option you choose, always remember that it’s up to you to make a success out of it. The more consistent you are, the more money you’ll make, and that money adds up in the end.
Work your way towards financial independence
Financially, things are tough for many people. But there are other options available to you.
DirectAxis can help you get out of a bad financial situation, and inspire you to find a new approach to gaining financial independence. With us, your life can change significantly, if you do it correctly. Your budget will start to make sense, and you can look at it without feeling overwhelmed. This can also have a positive effect on your credit score. If you don’t already know your credit rating, visit DirectAxis Pulse where you can view your credit score rating for free. It will also provide personalised insights into how you can improve your credit score rating.