If you want to earn extra money, you need to make sure that it will not burn you out. Sometimes, the effort you make to work longer will take its toll on you. After all, working involves mental and physical effort. Instead of resting after working in your day job, you have to work on something else so you can earn more money.
But why do you have to go through the extra effort? Well, the reality for some people is not financially appealing. Some need to pay off their debt. Their current income is not enough to cover all their basic necessities and debt payments. The problem is that Americans seem to be stuck in a borrowing mood. It is believed that consumer debt can possibly reach $4 trillion when 2018 ends. That is a huge amount to pay off. It is not surprising that Americans are struggling with their finances each month.
While the debt situation is bad, it is not the only reason why Americans need to earn extra money. Sometimes, the need to save more is also a great motivation to start earning more money. It can be for the down payment of a new house, a vacation in a couple of months, or even your emergency fund. Regardless of the reason, having a lot of savings is always a good thing. If you have more than enough, you can use it to invest your money. That way, your money will start working for you – earning you more without having to lift a finger.
Tips to earn extra money without stressing too much
Admittedly, it is hard to earn extra money. But it is not impossible to do it without adding too much stress to your life. If you are already feeling the same financial stress that is bugging Americans, the additional stress from work will only make you feel miserable. Since it is a must for you to earn more money, you just have to find ways to ensure that it will not put too much strain in your life.
Here are some of the tips that you can use to make this possible.
Find the right source of income
Start by finding the right source of income. There are ways to earn extra money without burning yourself out – you just have to tap into the right options. Your choice will primarily be influenced by a couple of things. One is your knowledge and skills. Some people would choose to do something that they are good at because it will take less effort to do it. For instance, a teacher can earn extra by tutoring. A graphic artist can do the same by working online and getting projects through an outsourcing site. Others will look for passive income options. Make sure you explore various possibilities so you can make the right choice.
Live with a schedule
Since you will be doing more work, you need to live with a schedule. Your free time will be very limited. Having a schedule will help you make the most out of your free time. Even if you choose the right second job, things will feel overwhelming. If you have a schedule, you can easily reorient yourself and figure out what you should be doing. Just because you are working two jobs, the household chores will not cease. Your responsibilities to your family will not change. If you want to earn extra money and still have time to spend quality time with your loved ones, you need to set a schedule for everything. It will make your life more organized and efficient.
Look after yourself
With all the added responsibilities, it is easy to let yourself go. This is a mistake. You should still consider your own health and make sure that you are not working yourself to death. According to statistics, healthcare spending continues to rise in the country. In 2017, the spending rose by 5.4%. It is a known fact that healthcare costs in the country are higher than what the average American can afford. In fact, there are times when people would forego getting medical attention because they cannot afford it. Do not put yourself in that position. Do not allow the extra money that you earned to just go to healthcare expenses. That would have defeated the purpose of earning more.
Learn to pace yourself and give enough time for yourself to rest. Do not stress yourself too much that it will trigger ailments that will send you to the hospital. Sleep is the top thing that you need to always get enough of. You should also eat healthy meals. That way, your mind and body are conditioned to take on the extra load that you have to work on.
Use the extra money wisely
Finally, you need to determine how to use the money you will earn. There are those who end up spending the money on unnecessary things. When they realize that their debt or saving goals are not met, they feel stressed and discouraged. They would start to feel like their extra effort is not working – when in truth they were just not using the money they earned correctly. Make sure you use the money wisely. When you see your financial goals progressing, you will feel motivated. Any stress that you feel will be lessened because you know that it is all worth it. You can set up the money to be deposited automatically to an account that is a bit harder to access. That way, you will not be tempted to use it on expenses that are not as planned.
Best options to earn extra money without burning out
Now that you know how to earn extra money without burning yourself out, it is time for you to find the right source of income. According to statistics in 2017, 4.9% of workers hold more than one job at a time. This proves that it is possible for you to juggle two jobs and that there are options for you to do so. The question is, what kind of job should you get?
Here are some options that will help you earn extra without stressing yourself out too much.
Your first option is to work online. There are several outsourcing websites that will help connect you to businesses that are willing to work with you online. You can find clients that are willing to hire you on a project basis. The great thing about this type of job is you do not have to leave your house to work. You just need a sturdy laptop and a stable Internet connection to make it work. What is great about this is that you can do it once you get home. You can also choose to go outside, where you are most relaxed, and work there.
Capitalize on your hobby
Another thing that you can use to earn extra money is to use your hobby. This is something that you love to do and you are naturally good at. Using it to earn money will not be as effortless as you would think. Not only that, you will get a lot of practice. For instance, if you know how to play the piano or any other musical instrument, you can opt to teach kids for a price. If you love gardening, you can choose to take on landscaping projects on the side.
Find a passive source of income
Finally, you can earn extra money without feeling too much stress if you opt to open passive sources of income. This means you only have to work on it in the beginning and it should continue to earn you money even without you doing anything. There are a couple of options to do this. You can renovate your garage or basement and turn it into a studio or one bedroom unit. Have it rented. You can also convert one of the rooms and have it rented through Airbnb. You can also invest your money.
These are only a few of the things that will help you earn extra money without driving your sanity off the wall.