What does it mean to diversify your income in order to save money? If you are new to the idea of multiple income streams or multiple revenue streams, you might wonder why it pays to have more than one job. At least that’s true until you establish a financial goal you want to reach in as short an amount of time possible.
A traditional American way of life involves having one “main job” and many choose to work a part-time gig to help make ends meet.
That’s the simplest version of multiple income streams and a pretty effective one, too–especially if you choose a side hustle that pays well. Many choose gig-based work such as freelance writing, content creation, social media management, etc. while others may choose jobs that pay tips and reward good customer service.
But no matter what you choose, the outcome is the same–you have more than one revenue stream and if you plan your budget carefully you could find the extra money has the potential to pile up.
How To Diversify Your Income To Save Money
It’s not that you need any special coaching to apply for a second job–far from it. But what some people don’t realize about working more than one gig or adding a side hustle to help them save money? Being proactive to avoid burnout, job fatigue, quitting because of stress, etc. How do people who work all day at one job turn right around and report to ANOTHER job for part of all of their evening?
One way is to be smart about the side gigs you choose. Some people try to avoid getting a second job that is too similar to their main work. Do you work on your feet all day? A side gig that does NOT require you to keep standing a few hours more makes a LOT of sense.
Do you spend all your time answering calls, performing support work, or processing orders? Chances are good that a side hustle to help you get your financial goals accomplished should not feature any of these things.
Finding An At-Home Gig
Sometimes being able to work from home is the best, but some people simply don’t think to give themselves permission to look for such work. There are many customer service jobs that allow you to answer calls from your own home provided you have the appropriate computer/internet equipment to handle the work.
Other types of stay-at-home jobs involve writing, proofreading, editing, writing whitepapers or doing research, or even acting as a personal assistant.
The key to finding such work lies in your ability to research local job posts, national calls for applications, etc. online using resources such as LinkedIn, Indeed, etc. But you can also find job-specific support groups and job boards. Have you looked in your local Facebook Marketplace?
Turn A Hobby Into Income
Musicians, photographers, artists, woodworkers, and people good at crafting all find additional income opportunities by selling their wares or their skills online via Etsy, Patreon, and other platforms. You can diversify your income in this way, but it takes getting to know the various platforms and building a following there using best practices (NO SPAM!!).
While “turn your hobby into a diverse revenue stream” is fairly generalized advice, here’s one very specific thing you can do to see if you can turn your skills into income locally–look into local farmer’s markets, artist collectives, event spaces, and annual maker fairs to see if other people are vending or selling in ways you’re tempted to try yourself.
Don’t let the presence of “competition” worry you–this simply means there’s a real market for what’s being sold and you have a shot at that, too!