Ah yes, the topic of money - one that is a very touchy subject indeed. So, we see loads of people posting that they're doing this and doing that and travelling here and holidaying there and you just think to yourself "How?" Or you see all of those posts and you wonder if you're the only person in your twenties who is, well, broke. The answer is very simple, you are not the only one, we are all probably in the same boat save for the odd few but here is the thing: there is so much you can do about it. I am not saying you will wake up one day and be rich (I wish), but having several different little streams of income can make a big difference.
Getting a job right now is not easy, and I don't think anyone is out here pretending otherwise. If you have a job and a secure salary that's great, you're doing really well and you should be able to acknowledge that and be proud of yourself. If you are currently just travelling and living off your savings, that's also great and you should also be proud of yourself for working to get to the point where you are able to do that. And if you're studying and surviving thanks to student loans, you're doing just as well as everyone else. All three of these scenarios can all benefit from the same thing - extra income.
A side hustle is just that, a side hustle. It is not designed to carry the weight of your complete expenses, that is still the job of your main form of income. A side hustle is designed to help you get ahead per say through providing you with extra money to save (or to spend on wants rather than needs). These are forms of generating extra funds through less time-consuming measures BUT the cash which can be made is not thousands of pounds/dollars and it is important to understand that. Rather these are simply beneficial in allowing yourself to top up your savings account when it begins to look a bit empty or if you have a month of extra spending with events, they may be able to provide you with some more pocket money.
The best ones which I have used or come across are below:
- Paid Surveys: these allow you to make roughly AUS$100.00 extra per month if you are willing to put in the time and do them daily
- Freelance Writing: you can set your own price with the average being around AUS$24.00 an hour however with experience and qualifications, you would be able to increase your price
- Freelance Photography: much the same as writing, you are able to set your own price with the average being around AUS$30 - AUS$50 per hour depending on expertise and experience
- Investing: stocks generally return around 7-10% per year however if you are going to participate in investing, it is important to do thorough research beforehand and to continuously monitor your shares
- Sales: this one is not something to fall back on regularly but rather after every few months, have a clear out of your room or apartment including clothes, furniture, storage items, or anything that you find you don't use and sell them on Facebook marketplace (you would be surprised how much stuff you gather that you don't need)
Remember though that none of this is worth anything if you aren't using it sensibly - monitor your spending, set yourself budgets and spending limits monthly, have savings that you don't touch unless it's an emergency. Be money smart, but don't let it stop you from having experiences - money does come back, but being in your twenties doesn't.
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