Finance

Should you get the new Side Hustle 2023?

Person flips through papers on home table with phone and laptop.

Image source: Getty Images

Maybe it’s time to move on to another gig.


Key points

  • Keeping a side hustle can be a great thing for your finances.
  • If your current gig isn’t working out, it might be time to cut ties and explore new opportunities.
  • Consider your satisfaction with the job, its flexibility and salary.

There’s a reason why side hustles have become a popular thing in recent years. Working another job could make it possible to meet a number of financial goals, whether it’s saving money, paying off credit cards, or having the funds to invest in a home.

But just because you have a side hustle doesn’t mean it’s right for you. In fact, now that the new year has begun, it might be time to quit your current gig and find yourself a new one. And you can go through these questions to see if it makes sense.

1. Do I enjoy my work?

It’s one thing to sit in boring meetings at your main job and spend hours crunching the same old data to bring home a steady paycheck and benefits like health insurance. But your side gig shouldn’t be boring and miserable.

Remember, you’re giving up downtime to take on that extra work, and you’re going beyond your normal work week. So the work you do on the side should be somewhat fulfilling. Or, at the very least, you shouldn’t hate him. If you do, it’s probably time to make a change.

2. Is the gig as flexible as I need it to be?

Some side hustles are more flexible than others. If you’re tired of committing to a pre-set schedule, then maybe it’s time to take on a gig that lets you set your own hours and work at your own pace.

Let’s say that the current rush is waiting for you at the tables at a local restaurant every Tuesday, Wednesday and Thursday evening from 6:00 pm to midnight. This means you can’t say yes to social plans on those nights, and you can’t make medical appointments or run errands during that time.

You might be able to handle it. But if that becomes a problem, you can try to find a gig that doesn’t have pre-set hours, like driving for a trucking company or editing content or writing from home.

3. Am I satisfied with my earnings?

If you’re going to give up what could be hours of free time each week, then it should be worth your while. And if you’re not satisfied with earning on the side, then that’s reason enough to move on to a more lucrative gig.

However, before you give up on parties because of dissatisfaction with the earnings, ask yourself if it is possible to make it more profitable. For example, you may be able to raise your prices or use different tricks to be more efficient at the job at hand. But if you’re not seeing your earnings increase, then it pays to look for a gig that will put more money in your pocket.

Working on the side means making sacrifices. That’s why it’s important to land a gig that’s interesting, reasonably lucrative, and easy enough to fit into your schedule. If your current side hustle doesn’t fit that bill, it might be time to get out and explore different opportunities.

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