Your Tax Shop understands that being strapped for cash is becoming increasingly common, with studies showing that many Brits are picking up an extra job on the side to get by each month. Which is why we have collaborated with Peter Watton from matched betting site OddsMonkey this week, where he shares the biggest benefits that you can gain from when taking on a side hustle…

Do you struggle to make your money last the whole month? You’re not alone. A recent OddsMonkey survey found that one in three Brits find it difficult to make ends meet, with one in four revealing that they have a side hustle to give their monthly income an extra boost.

These additional jobs can have many advantages including increased opportunities for networking, as well as the chance to develop existing skillsets. Here, I will be sharing some of the best benefits that a side hustle can bring you.

You can increase your skillset
It only makes sense for your side hustle to be something that you’re already good at, as the end goal is to make money off whatever you’re doing. And, while you might already have an impressive set of skills, having more time to practise something you love will further boost your knowledge about it. For example, if web design is your passion, having more time to work on it can introduce you to new ways of doing things and introduce you to software that can significantly improve the look of the sites you’re designing.

Developing what you already know might even mean that you can charge to teach others in the future. However, don’t get put off by trying something new. Side hustles are a risk-free way to build up your skillset and CV as you’ll still have your full-time job to fall back on if things don’t work out.

You will experience personal growth
Even if your job offers good perks and flexibility, there’s still likely to be some rules and regulations you’re expected to follow such as contracted work hours and workloads. When you take on the role as your own boss, you’ll get complete autonomy over these things and will have the freedom to work as you see fit.

As well as learning key entrepreneurial skills, a side hustle will require you to think outside of the box which can have a positive impact on your main career. This can give you a competitive advantage over your other colleagues as you’ll be able to bring fresh, innovative thinking to your full-time work role. All of this can help you to grow personally by learning core skills and will also help to develop your business acumen.

You will make new connections
Networking is important to any job, giving you access to useful contacts that might benefit you in future. Not only will this open an opportunity for you to get help and advice from likeminded individuals, but it is also sure to benefit you in your full-time job, too. This is because networking builds on your communication skills, which is crucial for getting things done efficiently.

Meeting a range of people from varied backgrounds might even inspire you to try a new career path and they may even have the power to put you in these positions. Plus, it’s always interesting to see if anybody in your circle of contacts has a side hustle, what they do and how fruitful it is for them.

Your life may feel more balanced
Not everybody can come home after work and switch off, and a side hustle will allow you to feel productive while taking the edge off if you’ve had a stressful day at your full-time job.

Although it might appear like you’re shifting more tasks and deadlines on to yourself, doing something you enjoy as a side hustle ultimately won’t feel like work and can also ensure you’re not overworking yourself in your main job. As well as reducing stress, this can also make sure that you remain passionate about the work you do rather than feel resentful for not earning enough money from it.

You can reach financial goals quicker
While some people may use the income from their side hustle to put towards their daily expenses like petrol or the food shop, you can also use it to achieve your financial goals. Putting away the money you make each week from your side hustle can get you and your family to that dream holiday destination or put you in your ideal car quicker.

As you’ll have an extra bit of money coming in, it’ll also reduce the need for credit cards or loans, meaning you’re also less likely to get yourself into debt.

If you’re find yourself strapped for cash, more often than not, a side hustle can give you more control over your finances, as well a better life work-life balance and the opportunity to develop on your existing skillset.

How Your Tax Shop can help
If you’re side hustle leads you to require filing a self-assessment tax return (see HMRC’s guidance here), Your Tax Shop can advise you the most time effective way of keeping a track of your income and expenditure, as well as putting our years of experience and know-how into practice, making sure you’re compliant and up to date with the most recent tax legislation changes, and finally, helping you declare your additional earnings by making tax simple and easy to understand! Get in touch with us today to see how we can help you on 0161 339 5689 or book an appointment.