If it seems like the side hustle culture has taken off in recent years, you’re not imagining it. Runaway inflation has forced many people to take steps to increase their income so they can pay their bills and stop relying on credit cards to make ends meet.
If you believe you would be much better off with an extra $100 a month, you may be motivated to get a side hustle. Even if your earnings are limited to $10 or $12 an hour, it is possible to make $100 a month if you are willing to put in the time necessary.
But juggling a side hustle and a full-time job can be challenging—especially if you have pets or children to care for on top of work and housework. Even if you’re willing to take on the extra work, it’s not necessarily the best idea for your mental or physical health.
The good news, however, is that there may be a better way to increase your income by $100 a month. And while it may require some effort on your part at first, you may be able to reap the benefits for a long time afterward.
Don’t settle for a part-time job
Some people will tell you that instead of working a side hustle to make $100 a month, you could try building passive income. This is a good idea in theory, but harder to do in practice.
It takes a surprising amount of money to earn $100 in extra income each month. For example, you might earn 5% interest on a certificate of deposit (CD) based on today’s CD interest rates. But to earn $100 a month on that CD, you’d have to open a 12-month CD with 5% interest and $24,000. And if you’re sitting on $24,000 in savings, you’re probably not that desperate to earn an extra $100 a month.
That’s why taking steps to get a better job might be a better solution. Whether it’s a promotion within your company or a move to a new employer, it’s conceivable that a new position could come with a $1,200 annual raise. And that way, you’ll only have one job to worry about, rather than scrambling to fit a second one into your schedule.
How to get a better job
There are a number of steps you can take to advance your career and land a better-paying job. First, evaluate your options with your current employer. Is there room for growth? If not, that’s a sign you should look elsewhere.
But if it Is If you still have room for advancement at your current employer, ask those at a higher level if you can shadow them occasionally to learn from their work. Or ask someone to be your mentor. You can do this even if your company doesn’t have a formal mentoring program (if it does, it’s a good idea to sign up).
You can also use sites like LinkedIn to network and make contacts. Getting to know different people in your field can open up new opportunities for you.
And speaking of LinkedIn, like other job websites, LinkedIn offers free online courses that can help you improve various skills. You can also invest a little money in a course that teaches specific skills that are likely to help you get a better job. For example, if you’re in IT and want to move up a level, it might make sense to pay for a course that teaches you a new programming language.
A side hustle isn’t the only way to increase your income. If you have the time and can find a job you enjoy on the side, then by all means go for it. If not, ultimately, working on your career and getting a better job might be a better use of your time.
Attention: Our top-rated cashback card now has 0% introductory APR until 2025
This credit card isn’t just good – it’s so exceptional that our experts use it personally. It offers a long introductory period with 0% APR, a cash back rate of up to 5%, and all with no annual fee! Click here to read our full review for free and apply in just 2 minutes.
