Why side hustles are important

It’s been a while since our last blog post, so today I thought that I would look at something close to my heart; side hustles.

If you have been following us on Instagram, you will know that I set myself a target of £500 income per month from side hustles in 2021 and so far I am surpassing this goal.

I think that to understand why side hustles are necessary we need to look at your most valuable asset; your time.

The barrage of lockdowns over the last year has caused many different feelings amongst office workers, but for many like me, it has proven that time is priceless. Personally, I have gone from 3 hours of commuting every day to having spare time.

I used this time to build this whole website, an Instagram community, study for ACCA exams, and build side hustle income streams and still had some spare.

The important thing to consider is that there are 168 hours in the week, let’s assume you have a similar routine to me:

Work = 37.5 hours

Sleep = 56 hours

Breaks = 12 hours

Own time = 30 hours

Study = 2 hours

Socialising = 4 hours (hopefully sometime soon)

How many hours do I have left? 26.5 hours - that’s over a day every single week that I can put towards boosting my income and pushing my future.

Even spending 30 minutes a day working on a new income stream can pay you massively. I have learned this in the form of matched betting which I have done on average 30 minutes per day since 5 January 2021 and earned nearly £700 (tax-free).

I can almost guarantee that is a better return than slaving away doing overtime at your workplace, I sure know that is the case for me!

So use any spare time that you have at the weekends, or during your weeks, to focus on building additional income streams. You can then use this money to invest in the stock market, pay for insurance, book holidays, or anything else!

We have gone through a lot of our favourite side hustles and put them into a step-by-step guide in the form of ‘The Grand Guide to a Grand’ which you can find here.

If you have any questions on side hustles please drop us a message on Instagram.

Thomas

The Bank Engine