MoneyLife

Why a Side Hustle for Women Is Important

By Kaitlyn Wolf
side hustle for women

Life is unpredictable, you never know what’s around the corner and that’s why having a side hustle for women is crucial. Side hustles for women are on the rise because no one wants to find themselves in a job they hate or in an uncomfortable situation where they are always trying to make ends meet. A side hustle can help you reach financial freedom and create peace of mind in your life. 

Whether you unexpectedly get fired from your job, lose a partner, need to pay off debt, or want to make extra cash so you can live more comfortably, a side hustle can get you where you want to be. From driving for Uber to grocery shopping for others or becoming a personal assistant, it’s time to find the perfect side hustle to start bringing in that extra cash.  

1. Making a career change

Multiple income streams are important, especially when unexpected things happen. In fact, the coronavirus pandemic has taught us that nothing is absolute. If you lose your job but you have another decent stream of income to fall back on, you won’t find yourself in a desperate situation. This way, you can choose your next move without making decisions out of stress.

Maybe you’re choosing to make a career change. Or you simply want to make a change in your life like leaving the corporate world. No matter your reason for wanting a side hustle, side hustles give you options. You can start by taking time off from a 9-to-5 job to find something that truly fulfills you, or you can ultimately choose to pursue your side gig full-time!

2. Losing shared financial responsibility 

If you share finances with a partner, it’s important to have a backup plan if your financial situation changes. You might not plan to unexpectedly lose your partner, but it could happen. No one can predict the future. Don’t rely on life insurance policies or pre-nuptial agreements to bring in the money you need. It’s empowering to take care of yourself!

3. Building a financial safety net

Having a financial safety net will help protect you and your family if you or your spouse lose your job, acquire debt from an accident, face a disastrous illness, or run into unexpected bills. Setting money aside in an emergency fund will give you financial security and keep you on track to hit your long-term financial goals. 

4. Planning for retirement

When it comes to planning for retirement, being proactive with your savings and investments can make a huge difference and ultimately give you more control over your life. You don’t want to have to depend on Social Security, Medicaid, Medicare, or your family to take care of you when it comes time to retire. There’s nothing more stressful than having unreliable sources of income. A side hustle will allow you to put more money into your retirement fund to create a comfortable lifestyle for yourself, and it might even allow you to retire early!

5. Get out of debt

Credit cards and other debts will take a toll on your mental health, causing anxiety and uneasiness. Not to mention how much money you’ll end up paying on interest over time. Having an additional source of income will let you pay off debt faster and save money on interest payments. Even if you don’t have credit card debt, you could pay off high-interest loans, car loans, student debt, and your mortgage. There’s no reason to let debt weigh you down when you can tackle it head on instead!

6. Gain more out of life

Even if you love your job, it might not make it possible for you to have the vacation money you want or the ability to fund your passion projects. You have one life, so why not get the most out of it? With a side hustle, you can make enough cash to travel, take spa days, and do things just because you want to! You can set up one bank account to save your fun money or open multiple accounts to allocate funds to different areas like travel, going out with friends, and massages.

7. Be an example to your kids

By working a side gig, you can teach your kids about the fundamentals of money, business ownership, and financial management. It will also show them that if they want something in life, they can go after it and live life on their terms. Even busy women can take on side hustles. They don’t have to consume your whole life. Even taking surveys on your phone  in your spare time can bring in a few extra bucks. 

8. Build your investments

Use your extra cash to invest. It doesn’t just have to be for retirement. You can give money to charity, take care of an elderly parent, or put money into a college fund for your kids. The options are limitless. If you want to invest but aren’t quite sure where to start, we’re here to help. Open a MoneyLion investment account and turn $20 per week into $1,000 per year! You’ll have access to a fully-managed investment portfolio, and you can add or withdraw funds whenever you want.

Hustle your way to financial security

Life happens, so it’s best to be prepared for whatever comes your way. Even if you’re making $35k per year at your job, it might not be enough for you to live the way you want to. You never know where your side hustle will lead you. It might stay a part-time gig, or it could become your full-time career!  

Whatever route you choose, having a side hustle grants you more personal freedom and protection for when things don’t go as planned. Get going on your side hustle and start setting yourself up for a successful financial future!

When you’re strapped for cash, being patient in between paydays and waiting for payouts can mean paying bills late or missing out on life’s pleasures. When you download the MoneyLion app, you’ll be able to get the cash you need whenever you need it thanks to Instacash cash advances. You can get up to $250 with 0% APR for those times when you need cash right away!

Sign Up
Sign Up

Get cash fast, pay no interest

Enjoy Instacash advances up to $250. No credit check, no monthly fee, no interest. Just cash.

Sign Up