Importance Of Side Hustles And Saving
Apart from the main earnings we get from our daily jobs we find that in many cases we need extra money to run our errands to our satisfaction. The fact that all this money cannot come from our jobs means that there has to be another source from which it can be sourced. With things getting this hard it means that there has to be a side hustle to be able to acquire this extra cash. Side hustles can be described as the various activities in which we involve ourselves in order to earn other earnings. Having savings acts as a guarantee that there will be an extra source of cash in the case of occurrence of an emergency.
Salaries are at times an unreliable source of quick money as it has become common phenomena to have the salaries delayed. With the delayed salaries it doesn’t mean that other life activities stop at that since we have to feed and dress as always and there are other bills to be settled as well. In the eventual course we have to know how we will serve the other expenses as we need to settle the bills for someone else who earns a living from them as well. This saves us having bad debts which we are unable to settle when they accrue. In the making of our budgets there are those needs that we, later on, realize that we have not accounted for and which need us to service as well and this is where the side hustles become of utmost importance. Our savings could also be used to settle this debt.
Even in our employment at times we find ourselves in positions in which we need to acquire some assets and these assets demand a lot of cash for them. In most cases, they lead us to look out for loans for which we can use for this purpose. In the process of repaying back a loan, it becomes very strenuous at some point and the financial state of one is also greatly affected.
This is because they are deducted from our earnings leaving us with a very minimal amount of money. This means that we have to find another way of acquiring money to cater for our daily expenses. Alternatively, this money is found in our side hustles which we will depend upon to provide the extra cash needed whose need has been given rise to by the loan we are servicing at the moment.
The important use of the savings is to ensure that in times of crisis one doesn’t suffer. Function cannot in some cases be fixed within our budgets since they would mean that the whole budget will no longer be workable.
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