There’s never been a better time to start a side hustle, ask for a raise or switch careers to make extra money. There are many stories in the media and in blogland about people who have worked extra jobs to pay off debt, but I wanted to explore some other reasons why having more money can truly improve your life.
Some people think that it’s immoral to want more money, but I disagree. The more money you have, the more opportunities you have to give and create a better life for your family and of course, you too!
Below are some reasons why I believe everyone needs to hustle to earn some extra money.
It Helps You to Give
When you have extra money, it helps you to give. Harvard Business School did a study that showed giving really does make you happier, even if the amount is very small.
So, if you’ve always wanted to do a random act of kindness, donate more to your church or simply buy a teacher a few extra school supplies for the new school year, it’s time to make extra money.
When things are tight and you’re living paycheck-to-paycheck like many Americans, you may not be able to give to others. Something as simple as buying the coffee for the person behind you in the checkout line can truly put a pep in your step for the entire day.
It Helps You to Manage your Money Better
Having more money can make it easier to manage your budget, spending and savings.
I know this might seem obvious, but to the person who has to decide which bills to pay on time and which bill to pay late each month, having extra money is everything.
When you have a surplus or breathing room, you can make pay all your bills on time, have a full emergency fund and have a financial cushion in case an extra expense pops up.
It’s easy to start saving extra money each month in an online savings account like Ally or Barclays Savings; these banks in particular pay you interest on your money, which helps it to grow faster, and they make it very easy to access your money whenever you need it.
When you have extra money, even if it’s $100, you don’t have to tell your child no when they ask if they can see the latest Cars movie or when they want blueberries at the grocery store.
Every day, families have to make hard choices about what they buy and what they don’t. Some extra money in the bank can relieve this pressure and allow for a few niceties in life.
extra money helps you Achieve personal Goals
Think of some of the goals you have right now. Have you always wanted to take a trip to the Bahamas? How about taking an adult art class or going back to school at night to get your master’s degree?
When you have a surplus of extra money, you can do these things without going into debt. You can plan a trip and look forward to it for months. You can slowly pay for one class at a time at night until you learn a new skill.
It increases your Happiness
An Ally Bank survey from a few years ago showed that as your level of savings increases, your happiness does too. In fact, of the people who have $20,000-$100,000 saved, 43 percent are happy compared to only only 23 percent of people with zero savings.
Of course, I don’t need a survey to tell me this. I know from my own experience that I feel much more secure and therefore, happy, when I have money in the bank.
Earlier this year, I got a much larger tax bill than expected and ended up having to sell some mutual funds to cover the difference. I was so stressed out about it that I started looking for things to sell in my basement and randomly found $231 in cash!
So yes, a big reason you should save is because when you have money, especially a nice big cushion of money, you feel much less stressed.
Of course, all of these reasons point to the best part about making extra money: freedom. When you have the freedom of a few extra dollars in the bank, you can travel, give, enjoy life and manage your budget better.
After all, life is much more pleasant when you don’t have to struggle financially, so go out there and start hustling. You’ll enjoy all the rewards that come with it!
What are some of the reasons you like to make extra money? What are some of your favorite ways to earn extra cash? Do you feel bad or ‘wrong’ for wanting to make extra money? Have others made you feel like you’re greedy for trying to make more money? What goals would extra money make possible?
Source: Frugal Rules