I am a big advocate of doing side hustles for extra income, whether you want to break free of your boring day job and need income replacement or you just want to make a little extra cash. The thing with side hustles though is that you never really know if you’ll actually earn any monies from your efforts.
You could earn nothing. You could earn a little. Or, you could earn a substantial amount.
That last one describes my side hustle efforts with niche websites for March. For me, substantial is anything over $500 and last month I managed to make a crazy impressive $800 from my collection of little niche websites. I am on talking a bit more about those and my process in some upcoming posts. But what I’m thinking about is the best course of action for that money.
Do I make extra payments on the car loan? Do I make extra payments on the student loans? Do I make extra payments on the few remaining credit cards that I have carrying a balance? Or, do I take a weekend trip with the extra surprise money?
I can tell you right now that it won’t be the last one! In fact, when I saw my month-end figures, I did the little “paying off extra credit cards” dance that you do when you’re super duper excited by paying stuff off 🙂
I already had some stuff marked for payoff next month, and now a considerable chunk will be paid down on another card. Woot!
The hardest part for me is the waiting since the affiliate money from the niche sites isn’t paid out for 60 days. Yup, I have to wait until the end of May to make that lump sum payment to a credit card company. Coincidentally, I plan on paying off the auto loan in May as well. That was planned before this little side hustle windfall.
For me, I do side hustles as a way to earn extra money that can immediately go toward debt pay offs. I know that some people do side hustles for vacation money or fun money. I love that idea and once all my debt is paid off, that is exactly what I will do too. Don’t get me wrong – the thought of using that $800 for a weekend trip is very tempting. BUT – paying stuff off and lowering the amount that I have to pay out each month to creditors is even MORE tempting.
I think that the purpose of that side hustle money really varies from one person to the next. And deciding what you will do with it BEFORE you start earning is the best way to not get tempted by the thoughts of spending it on yourself. Y’know, unless that’s the whole point for you!